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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 - 3rd Quarter Results

Mon 5th February, 2018 12:27pm
RNS Number : 9387D
Tata Global Beverages Limited
05 February 2018

Tata Global Beverages Limited

Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020

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

Consolidated Financial Results for the quarter and nine months ended December 31, 2017

Rs in Crores

Particulars

Three months ended

Year to Date ended

Year ended

December 31, 2017

September 30, 2017

December 31, 2016

December 31, 2017

December 31, 2016

March 31, 2017

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Audited

Revenue from Operations

1730.39

1692.14

1740.82

5126.95

5097.58

6779.55

Other Income

20.55

33.54

16.81

68.43

72.83

83.10

Total Income

1750.94

1725.68

1757.63

5195.38

5170.41

6862.65

Cost of materials consumed

836.92

777.08

848.47

2405.66

2414.30

3205.82

Purchase of stock in trade

110.63

105.93

114.26

344.54

239.26

356.44

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

(20.04)

39.50

(28.18)

9.33

76.76

(0.69)

Employee benefits expense

206.71

200.74

204.33

610.67

621.74

834.95

Finance costs

8.50

9.62

21.57

29.18

66.76

91.53

Depreciation and amortisation expense

29.05

29.47

31.08

87.57

94.84

126.04

Advertisement and sales charges

126.68

128.76

179.10

373.63

418.79

584.65

Other expenses

234.41

226.17

241.36

689.91

721.06

1007.25

Total Expenses

1532.86

1517.27

1611.99

4550.49

4653.51

6205.99

Profit before Exceptional Items and Tax

218.08

208.41

145.64

644.89

516.90

656.66

Exceptional Items (Net)

(12.41)

(12.18)

49.54

(19.48)

47.80

5.30

Profit before Tax

205.67

196.23

195.18

625.41

564.70

661.96

Tax Expense

(19.56)

(72.75)

(50.32)

(172.85)

(185.41)

(198.31)

Net Profit after Tax

186.11

123.48

144.86

452.56

379.29

463.65

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

2.53

31.01

(0.32)

32.38

24.39

(8.85)

Group Consolidated Net Profit (A)

188.64

154.49

144.54

484.94

403.68

454.80

Attributable to :







Owners of the Parent

167.87

143.80

127.63

436.11

358.03

389.44

Non Controlling Interest

20.77

10.69

16.91

48.83

45.65

65.36

Other Comprehensive Income







i) Items that will not be reclassified to profit or loss







Remeasurement of the defined benefit plan

20.34

6.28

15.52

43.64

(20.72)

10.24

Changes in fair valuation of equity instruments

8.31

43.10

(26.62)

60.39

146.91

259.37

28.65

49.38

(11.10)

104.03

126.19

269.61

ii) Items that will be reclassified to profit or loss







Exchange differences on translation of foreign operations

(75.74)

163.62

66.12

199.11

(422.38)

(567.36)

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

2.75

(4.27)

(18.70)

(12.85)

11.42

19.78

(72.99)

159.35

47.42

186.26

(410.96)

(547.58)

Total Other Comprehensive Income, net of tax (B)

(44.34)

208.73

36.32

290.29

(284.77)

(277.97)

Attributable to :







Owners of the Parent

(36.12)

181.49

42.23

255.25

(219.41)

(198.83)

Non Controlling Interest

(8.22)

27.24

(5.91)

35.04

(65.36)

(79.14)

Total Comprehensive Income (A+B)

144.30

363.22

180.86

775.23

118.91

176.83

Attributable to :







Owners of the Parent

131.75

325.29

169.86

691.36

138.62

190.61

Non Controlling Interest

12.55

37.93

11.00

83.87

(19.71)

(13.78)

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

63.11

63.11

63.11

63.11

63.11

63.11

Reserves excluding Revaluation Reserve






6180.53

Earnings per share (Basic & Diluted) (not annualised for the quarter and year to date) - Rs

2.66

2.28

2.02

6.91

5.67

6.17

Notes:

1. For the quarter, after excluding the impact of sale of the company's business in Russia, the underlying Revenue from operations increased by 3%. Profit before exceptional items at Rs 218 Crores is higher by 50% as compared to the corresponding quarter of the previous year due to improved operating performance, good cost management, phasing of advertisement spends and lower finance costs. Group Consolidated net profit for the quarter at Rs 189 crores is higher by 31% as compared to the corresponding quarter of the previous year reflecting higher profit before exceptional items coupled with lower tax expense partly offset by higher exceptional expenditure.

2. Exceptional items for the current quarter represent redundancy and restructuring expenditure of Rs 41 Crores partly offset by profit on disposal of an Associate of Rs 29 Crores (refer Note 4 below). Exceptional item for the corresponding quarter of the previous year represents a gain of Rs 50 Crores arising out of the conversion of an overseas joint venture to a subsidiary pursuant to amendments in the operating agreement.

3. Tax expense for the quarter is after a deferred tax credit of Rs 53 Crores arising on account of the re-statement of deferred tax assets/ liabilities due to reduction in the US tax rates.

4. During the quarter, the Holding Company has divested its holding in its overseas Associate, Estate Management Services Private Limited (EMSPL). Consequently, EMSPL ceases to be an associate of the Holding Company with effect from December 28, 2017.

5. The significant part of the Holding Company's business arises from operations outside India and through its subsidiaries. In view of this the Company has opted to publish only consolidated results for the year as permitted under SEBI guidelines. The Total Income, Profit before tax and Profit after tax of the Holding Company's standalone financial results are given below :

In Rs Crores

Three months ended

Year to date ended

Year ended

December

31, 2017

September

30, 2017

December 31, 2016

December

31, 2017

December

31, 2016

March

31, 2017

Total Income

874.72

846.97

804.67

2626.15

2449.29

3160.23

Profit before Tax

266.35

164.56

96.76

645.51

323.04

386.19

Net Profit after Tax

208.43

120.25

72.46

481.16

232.04

276.00

Total Comprehensive Income

223.98

160.79

44.89

545.63

364.23

516.18

Earnings per share - Rs (not annualised for the quarter and year to date)

3.30

1.90

1.15

7.62

3.68

4.37



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 February 02, 2018 and subsequently taken on record by the Board of Directors at its Meeting held on February 02, 2018. The Statutory Auditors of the Company have conducted limited review of these results.

8. The Consolidated and Standalone result for the quarter and nine months ended December 31, 2017 are available on the Bombay Stock Exchange website (URL: www.bseindia.com), the National Stock Exchange website (URL: www.nseindia.com) and on the Company's website (URL: www.tataglobalbeverages.com).

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 and nine months ended December 31, 2017

Rs in Crores

Particulars

Three months ended

Year to Date ended

Year ended

December 31, 2017

September 30, 2017

December 31, 2016

December 31, 2017

December 31, 2016

March
31, 2017

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Audited

Segment Revenue



Branded Business



(a) Tea

1238.73

3619.88

(b) Coffee

289.82

847.20

(c) Others

9.05

23.43

Total Branded Business

1537.60

4490.51

Non Branded Business

222.50

657.92

Total Segment Revenue

1760.10

5148.43

Less: Inter segment Sales

(19.28)

(50.85)

Revenue from Operations

1730.39

1692.14

1740.82

5126.95

5097.58

6779.55

Segment Results



Branded Business



(a) Tea

143.55

464.76

(b) Coffee

30.85

129.96

(c) Others

(6.23)

(14.43)

Total Branded Business

168.17

580.29

Non Branded Business

22.10

80.28

Total Segment Results

256.53

230.29

190.27

737.60

660.57

871.50

Add/Less



Finance Cost

(8.50)

(9.62)

(21.57)

(66.76)

Other Unallocable items, Other Income & Exceptional Items

(42.36)

(24.44)

26.48

(29.11)

Profit Before Tax

205.67

196.23

195.18

625.41

564.70

661.96

Segment Assets



Branded Business



(a) Tea

4652.28

4652.28

(b) Coffee

1876.60

1876.60

(c) Others

44.03

44.03

Total Branded Business

6572.91

6572.91

Non Branded Business

913.43

913.43

Total Segment Assets

7486.34

7486.34

Unallocable Corporate Assets

2799.06

2799.06

Total Assets

10257.30

10138.51

10285.40

10257.30

10285.40

9595.98

Segment Liabilities



Branded Business



(a) Tea

832.61

832.61

(b) Coffee

209.16

209.16

(c) Others

7.96

12.26

24.20

7.96

24.20

Total Branded Business

1065.97

1065.97

Non Branded Business

116.14

116.14

Total Segment Liabilities

1182.11

1182.11

Unallocable Corporate Liabilities

1953.80

1953.80

Total Liabilities

2500.71

2530.99

3135.91

2500.71

3135.91

2410.98



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, other income and exceptional items.

Ajoy Misra

Mumbai: February 2, 2018 (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 and nine months ended December 31, 2017

Rs in Crores

Particulars

Three months ended

Year to Date ended

December 31, 2017

September 30, 2017

December 31, 2016

December 31, 2017

December 31, 2016

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Revenue from Operations

848.43

794.80

786.43

2502.67

2367.32

Other Income

26.29

52.17

18.24

123.48

81.97

Total Income

874.72

846.97

804.67

2626.15

2449.29

Cost of materials consumed

505.69

452.38

479.96

1413.09

1403.20

Purchase of stock-in-trade

9.03

7.62

8.06

25.35

14.62

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

(20.02)

20.55

(10.48)

48.26

59.19

Employees benefits expense

56.55

50.48

48.83

158.03

142.41

Finance costs

3.51

3.50

12.43

10.13

39.40

Depreciation and amortisation expense

6.99

6.61

5.99

19.88

17.38

Advertisement and sales charges

52.62

54.18

62.30

154.73

154.94

Other expenses

96.08

87.09

100.82

272.02

295.11

Total Expenses

710.45

682.41

707.91

2101.49

2126.25

Profit before Exceptional Items and Tax

164.27

164.56

96.76

524.66

323.04

Exceptional Items (Net)

102.08

-

-

120.85

-

Profit before Tax

266.35

164.56

96.76

645.51

323.04

Tax Expense

(57.92)

(44.31)

(24.30)

(164.35)

(91.00)

Net Profit after Tax (A)

208.43

120.25

72.46

481.16

232.04

Other Comprehensive Income






i) Items that will not be reclassified to profit or loss






Remeasurement of defined benefit plans

7.89

(0.90)

(4.28)

6.99

(14.19)

Changes in fair valuation of equity instruments

6.96

42.51

(26.14)

58.39

144.98


14.85

41.61

(30.42)

65.38

130.79

ii) Items that will be reclassified to profit or loss






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

0.70

(1.07)

2.85

(0.91)

1.40

Other Comprehensive Income (Net of tax) (B)

15.55

40.54

(27.57)

64.47

132.19

Total Comprehensive Income (A+B)

223.98

160.79

44.89

545.63

364.23

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

63.11

63.11

63.11

63.11

63.11

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

3.30

1.90

1.15

7.62

3.68



Notes:

1. For the quarter, Revenue from operations at Rs 848 crores increased by 8% over corresponding quarter of the previous year reflecting improved performance in the branded tea operations.Profit before exceptional items at Rs 164 crores is higher by 70% as compared to corresponding quarter of previous year reflecting improved operating performance, lower finance costs and non-recurring items. Resultantly, coupled with exceptional income, Profit after tax at Rs 208 crores for the current quarter is significantly higher as compared to corresponding quarter of previous year.

2. Exceptional item for the current quarter mainly represents profit on divestment of stake in an Associate of Rs 105 crores.

3. During the quarter, the Company has divested its holding in its overseas Associate, Estate Management Services Private Limited (EMSPL). Consequently, EMSPL ceases to be an associate of the Company with effect from December 28, 2017.

4. The Company has organized its business into Branded Segment and Non Branded Segment. Branded Segment is further categorized 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.

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

6. The aforementioned results were reviewed by the Audit Committee of the Board on February 2, 2018 and subsequently taken on record by the Board of Directors at its meeting held on February 2, 2018. The Statutory Auditors of the Company have conducted limited review on these results.

Ajoy Misra

Mumbai: February 2, 2018 (Managing Director and CEO)


This information is provided by RNS
The company news service from the London Stock Exchange
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