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Consumer Defensives
Size
Large Cap
Market Cap £5.10bn
Enterprise Value £5.09bn
Revenue £1.07bn
Position in Universe 57th / 2999

Tata Global Bev.Ltd - 1st Quarter Results

Tue 6th August, 2019 9:58am
RNS Number : 0710I
Tata Global Beverages Limited
06 August 2019
 

 

Tata Global Beverages Limited

Registered Office: 1 Bishop Lefroy Road  Kolkata-700020

 

CIN - L15491WB1962PLC031425, Email : investor.relations@tgbl.com

Website : www.tataglobalbeverages.com

 

Unaudited Consolidated Financial Results for the quarter ended June 30, 2019

Rs. in Crores

 

Particulars

Three months ended

Year ended

June 30,

2019

March 31,

2019

June 30,

2018

March 31,

2019

Unaudited

Refer Note 6

Unaudited

Audited

Revenue from Operations

1897.13

1775.46

1802.59

7251.50

Other Income

30.53

35.23

28.52

157.13

Total Income

1927.66

1810.69

1831.11

7408.63

Cost of Materials Consumed

832.48

813.05

777.36

3294.18

Purchase of stock in trade

164.13

189.63

214.69

727.87

Changes in inventories of finished goods, work in progress and stock in trade

60.66

(30.34)

(11.69)

(14.41)

Employee Benefits Expense

202.10

203.01

203.20

806.30

Finance Costs

18.24

15.48

12.57

52.47

Depreciation and Amortisation Expense

46.00

32.98

29.49

122.57

Advertisement and Sales charges

108.36

129.59

118.05

547.52

Other Expenses

264.60

296.25

252.21

1104.13

Total Expenses

1696.57

1649.65

1595.88

6640.63

Profit before Exceptional Items and Tax

231.09

161.04

235.23

768.00

Exceptional Items (Net)

           (8.06)

(8.39)

(18.18)

(33.29)

Profit before Tax

223.03

152.65

217.05

734.71

Tax Expense

(73.92)

(58.83)

(83.45)

(260.88)

Net Profit after Tax

149.11

93.82

473.83

Share of net profit/(loss) in Associates and Joint Ventures using equity method

(7.43)

(57.83)

(5.46)

(16.85)

Group Consolidated Net Profit (A)

141.68

35.99

128.14

456.98

Attributable to :




Owners of the Parent

125.33

22.90

116.24

408.19

Non Controlling Interest

16.35

13.09

11.90

48.79

Other Comprehensive Income





i) Items that will not be reclassified to profit or loss (Net of tax)





Remeasurement of the defined benefit plans

(1.25)

43.80

25.88

73.37

Changes in fair valuation of equity instruments

4.04

(10.47)

3.06

(5.37)


2.79

33.33

28.94

68.00

ii) Items that will be reclassified to profit or loss (Net of tax)





Exchange differences on translation of foreign operations

(90.61)

38.15

(0.13)

17.04

Gains/(loss) on Effective portion of cash flow hedges

17.25

(4.60)

2.20

(11.18)


(73.36)

33.55

2.07

5.86

Total Other Comprehensive Income, net of tax  (B)

(70.57)

66.88

31.01

73.86

Attributable to :





Owners of the Parent

(57.80)

59.68

31.63

70.58

Non Controlling Interest

(12.77)

7.20

(0.62)

3.28

Total Comprehensive Income (A+B)

71.11

102.87

159.15

530.84

Attributable to :





Owners of the Parent

67.53

82.58

147.87

478.77

Non Controlling Interest

3.58

20.29

11.28

52.07

Paid-up equity share capital (Face value of Re 1 each)

63.11

63.11

63.11

63.11

Reserves excluding Revaluation Reserve




7246.72

Earnings per share (Basic & Diluted) (not annualised for the quarter) - Rs

1.99

0.36

1.84

6.47

 

Notes:

 

1.   For the quarter Revenue from operations increased by 5% driven by improvements in both branded and non-branded business. Profit before taxes increased by 3%. While profits of international and non-branded businesses were higher, profits in India were lower due to higher commodity costs and increased spends behind brands.      

 

2.   a)                                                                                                                                           The Board of Directors of the Holding Company in its meeting held on May 15, 2019, as a part of business reorganisation, had approved the scheme of merger of consumer product business of Tata Chemicals Limited with the Company in terms of a scheme of arrangement under Section 230-232 and other applicable provisions of the Companies Act, 2013. The appointed date of the scheme is April 1, 2019. The Scheme would become effective after receipt of all requisite statutory and NCLT approvals, including shareholders' approval. The results of the said business will be included in the consolidated results, with effect from the appointed date, on receipt of all requisite approvals. The costs incurred during the quarter in relation to the proposed scheme of merger have been disclosed as exceptional items.

 

b)      The Holding Company had in April, 2019 entered into a non-binding term sheet to acquire the branded tea business of Dhunseri Tea & Industries Limited. The Board of Directors in its meeting held on July 31, 2019 approved entering into binding agreements.

 

3.   Exceptional item for the current quarter represent costs relating to the proposed scheme of merger (Refer Note 2.a). Exceptional items for the corresponding quarter of the previous year represent redundancy costs relating to internal restructure.

 

4.   Share of profits/(loss) in Associates and Joint Ventures include the losses of an Associate operating in North India plantations, which are seasonal in nature.

 

5.   Effective April 1, 2019, the Group has adopted Ind AS 116 - Leases and applied the revised standard to all lease contracts thereby capitalising assets taken on operating lease existing on April 1, 2019, using the modified retrospective method, with the cumulative adjustment to retained earnings. Accordingly, comparatives for the year ended March 31, 2019 have not been restated. On transition, the cumulative effect of applying the standard resulted in Rs 63 Crores being debited to retained earnings, net of taxes. The effect of this adoption is insignificant on the profit for the period.

 

 

6.   Figures for the quarter ended March 31, 2019 are the balancing figures between audited figures in respect of the full financial year and published year to date figures up to the third quarter of the relevant financial year.

 

7.   Previous period's figures have been regrouped / rearranged, to the extent necessary, to conform to current period's classifications.

 

8.   The aforementioned results were reviewed by the Audit Committee of the Board on July 30, 2019 and subsequently taken on record by the Board of Directors at its Meeting held on July 31, 2019. The Statutory Auditors of the Company have conducted limited review on these results.

 

9.   The Consolidated and Standalone result for the quarter ended June 30, 2019 are available on the BSE website (URL: www.bseindia.com), the National Stock Exchange website (URL: www.nseindia.com) and on the Company's website (URL: www.tataglobalbeverages.com).

 

 

In terms of our report attached

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants

Firm's Registration No. 117366W/W-100018

 

 

 

 

 

Sanjiv V. Pilgaonkar

Partner

Membership No. 039826

Mumbai: July 31, 2019 

 

 

 

 

 

 

 

 

   Ajoy Misra

Managing Director and CEO

 

 



 

Tata Global Beverages Limited

Registered Office: 1 Bishop Lefroy Road  Kolkata-700020

 

CIN - L15491WB1962PLC031425, Email : investor.relations@tgbl.com

Website : www.tataglobalbeverages.com

 

Consolidated Segment wise Revenue, Results, Assets and Liabilities for the quarter ended June 30, 2019

Rs. in Crores

 

Particulars

Three months ended

Year ended

June 30,

2019

March 31,

2019

June 30,

2018

March 31,

2019

Unaudited

Refer Note d

Unaudited

Audited

Segment Revenue





Branded Business





 (a) Tea

1372.63

1250.95

1314.31

5202.59

 (b) Coffee

283.02

281.46

291.66

1202.84

 (c) Others

6.04

7.30

10.16

30.77

Total Branded Business

1661.69

1539.71

1616.13

6436.20

Non Branded Business

242.92

241.21

192.85

842.47

Total Segment Revenue

1904.61

1780.92

1808.98

7278.67

Less: Inter segment Sales

(7.48)

(5.46)

(6.39)

(27.17)

Revenue from Operations

1897.13

1775.46

1802.59

7251.50

Segment Results





Branded Business





 (a) Tea

197.63

151.19

210.02

694.38

 (b) Coffee

50.89

52.63

43.50

178.33

 (c) Others

(3.30)

(6.22)

(3.75)

(21.22)

Total Branded Business

245.22

197.60

249.77

851.49

Non Branded Business

20.55

7.86

17.70

41.58

Total Segment Results

265.77

205.46

267.47

893.07

Add/Less





Finance Cost

(18.24)

(15.48)

(12.57)

(52.47)

Unallocable items

(24.50)

(37.33)

(37.85)

(105.89)

Profit Before Tax

223.03

152.65

217.05

734.71

Segment Assets





Branded Business





 (a) Tea

4606.71

4683.26

4339.96

4683.26

 (b) Coffee

1907.18

1846.10

1909.08

1846.10

 (c) Others

36.10

30.31

34.92

30.31

Total Branded Business

6549.99

6559.67

6283.96

6559.67

Non Branded Business

1541.49

1483.92

1316.07

1483.92

Total Segment Assets

8091.48

8043.59

7600.03

8043.59

Unallocable Corporate Assets

2968.15

2895.13

3142.56

2895.13

Total Assets

11059.63

10938.72

10742.59

10938.72

Segment Liabilities





Branded Business





 (a) Tea

913.28

722.98

783.01

722.98

 (b) Coffee

230.01

155.39

177.96

155.39

 (c) Others

12.57

7.87

4.78

7.87

Total Branded Business

1155.86

886.24

965.75

886.24

Non Branded Business

155.34

169.88

132.57

169.88

Total Segment Liabilities

1311.20

1056.12

1098.32

1056.12

Unallocable Corporate Liabilities

1595.83

1523.23

1455.44

1523.23

Total Liabilities

2907.03

2579.35

2553.76

2579.35

 

Notes:

a.  The group has organised business into Branded Segment and Non Branded Segment. Branded Segment is further sub-categorised as Branded Tea, Branded Coffee and the residual as Branded Others. Accordingly, the group has reported its segment results for these segments. 

b.  Business Segments: The internal business segmentation and the activities encompassed therein are as follows:

i) Branded Business -

Branded Tea : Sale of branded tea and various value added forms

Branded Coffee : Sale of coffee in various value added forms

Branded Others : Sale of water products

ii) Non Branded Business -  Plantation and Extraction business for Tea, Coffee and other produce.

c.  The segment wise revenue, results, assets and liabilities figures relate to the respective amounts directly identifiable to each of the segments. Unallocable items includes expenses incurred on common services at the corporate level, unallocable other income and exceptional items.

d.  Figures for the quarter ended March 31, 2019 are the balancing figures between audited figures in respect of the full financial year and published year to date figures up to the third quarter of the relevant financial year.

 

 

 

 

 

 

 

Mumbai: July 31, 2019

 

                      Ajoy Misra

Managing Director and CEO

 



 

Tata Global Beverages Limited

Registered Office: 1 Bishop Lefroy Road  Kolkata-700020

 

CIN - L15491WB1962PLC031425, Email : investor.relations@tgbl.com

Website : www.tataglobalbeverages.com

Standalone Financial Results for the quarter ended June 30, 2019

Rs. in Crores

 

Particulars

Three months ended

Year ended

June 30,

2019

March 31,

2019

June 30,

2018

March 31,

2019

Unaudited

Refer Note 5

Unaudited

Audited

Revenue from Operations

 968.82

784.05

908.60

3429.66

Other Income

  38.40

26.61

59.90

            182.51

Total Income

1007.22

810.66

968.50

3612.17

Cost of materials consumed

             532.14

500.86

   456.77

2055.97

Purchase of stock-in-trade

 6.50

8.25

   5.91

               23.65

Changes in inventories of finished goods, work-in-progress & stock-in-trade

 66.03

        (30.85)

     78.56

                 0.16

Employees benefits expense

                56.23

49.67

              55.05

              216.85

Finance costs

                  5.49

3.24

               3.69

                13.18

Depreciation and amortisation expense

                13.68

8.73

               7.32

                31.68

Advertisement and sales charges

                49.73

62.85

             41.35

              226.55

Other expenses

              111.30

134.21

            104.01

              468.21

Total Expenses

              841.10

736.96

752.66

3036.25

Profit before Exceptional Items and Tax

              166.12

73.70

215.84

              575.92

Exceptional Items (Net)

               (8.06)

                   -  

                     -  

                       -  

Profit before Tax

             158.06

             73.70

            215.84

              575.92

Tax Expense (Net of reversals)

              (51.96)

          (20.44)

           (68.13)

            (164.99)

Net Profit after Tax (A)

              106.10

             53.26

            147.71

              410.93

Other Comprehensive Income





i) Items that will not be reclassified to profit or loss (net of tax)





Remeasurement of defined benefit plans

               (6.89)

              7.00

               5.31

                  3.04

Changes in fair valuation of equity instruments

                  3.48

            (8.57)

               2.73

               (3.94)


               (3.41)

            (1.57)

               8.04

               (0.90)

ii) Items that will be reclassified to profit or loss (net of tax)





Gains/(loss) on effective portion of cash flow hedges

                 0.08

               0.99

             (1.58)

                  2.75

Other Comprehensive Income (Net of tax) (B)

               (3.33)

            (0.58)

                6.46

                  1.85

Total Comprehensive Income (A+B)

              102.77

             52.68

            154.17

              412.78

Paid-up equity share capital (Face value of Re. 1 each)

                63.11

63.11

63.11

                63.11

Reserves excluding Revaluation Reserves




4358.71

Earnings per share (Basic & Diluted) (not annualised for the quarter) - Rs.

                 1.68

               0.84

                2.35

                  6.51

 

 

 

Notes:

 

1.    For the quarter, Revenue from operations at Rs 969 crores increased by 7% over corresponding quarter of the previous year due to improvements in branded sales. Profit before exceptional items at Rs 166 crores is lower as compared to corresponding quarter of previous year on account of higher commodity costs, higher spends on brands and lower dividend Income. Consequently Profit after tax is lower than corresponding quarter of previous year.

 

 

2.   a) The Board of Directors of the Company in its meeting held on May 15, 2019, as a part of business reorganisation, had approved the scheme of merger of consumer product business of Tata Chemicals Limited with the Company in terms of a scheme of arrangement under Section 230-232 and other applicable provisions of the Companies Act, 2013. The appointed date of the scheme is  April 1, 2019. The Scheme would become effective after receipt of all requisite statutory and NCLT approvals, including Shareholders approval. The results of the said business will be included in the standalone results, with effect from the appointed date, on receipt of all requisite approvals. The costs incurred during the quarter in relation to the proposed scheme of merger have been disclosed as exceptional items.

 

b) The Company had in April, 2019 entered into a non-binding term sheet to acquire the branded tea business of Dhunseri Tea & Industries Limited. The Board of Directors in its meeting held on July 31, 2019 approved entering into binding agreements.

 

 

3.    The Company has organised its business into Branded Segment and Non Branded Segment. Branded Segment is further categorised as Branded Tea, Branded Coffee and the residual as Branded Others. As per the threshold limits prescribed under Indian Accounting Standard (Ind AS-108) on "Segment Reporting", the Company's reportable activity falls within a single business segment and hence, the segment disclosure requirements are not applicable.

 

 

4.    Effective April 1, 2019, the Company has adopted Ind AS 116 - Leases and applied the revised standard to all lease contracts thereby capitalising assets taken on operating lease existing on April 1, 2019, using the modified retrospective method, with the cumulative adjustments to retained earnings. Accordingly, comparatives for the year ended March 31, 2019 have not been restated. On transition, the cumulative effect of applying the standard resulted in Rs 15 cores being debited to retained earnings, net of taxes. The effect of this adoption is insignificant on the profit for the period.

 

 

5.    Figures for the quarter ended March 31, 2019 are the balancing figures between audited figures in respect of the full financial year and published year to date figures up to the third quarter of the relevant financial year.

 

 

6.    Previous period's figures have been regrouped / rearranged, to the extent necessary, to conform to current period's classifications.

 

 



 

7.    The aforementioned results were reviewed by the Audit Committee of the Board on July 30, 2019 and subsequently taken on record by the Board of Directors at its meeting held on July 31, 2019. The Statutory Auditors of the Company have conducted limited review on these results.

 

 

In terms of our report attached

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants

Firm's Registration No. 117366W/W-100018

 

 

 

 

Sanjiv V. Pilgaonkar

Partner

Membership No. 039826

Mumbai: July 31, 2019

             

 

 

 

                Ajoy Misra

Managing Director and CEO

 

 


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