REG - Tata Global Bev.Ltd - 3rd Quarter Results <Origin Href="QuoteRef">TAGL.NS</Origin>

Tata Consumer ProductsAnnouncement

05/02/2018 12:30

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
1291.47 
1208.42 
1238.73 
3745.55 
3619.88 
4803.48 
(b) Coffee
253.23 
290.00 
289.82 
793.08 
847.20 
1117.84 
(c) Others
8.22 
8.97 
9.05 
26.06 
23.43 
35.96 
Total Branded Business
1552.92 
1507.39 
1537.60 
4564.69 
4490.51 
5957.28 
Non Branded Business
188.97 
197.37 
222.50 
595.70 
657.92 
890.05 
Total Segment Revenue
1741.89 
1704.76 
1760.10 
5160.39 
5148.43 
6847.33 
Less: Inter segment Sales
(11.50)
(12.62)
(19.28)
(33.44)
(50.85)
(67.78)
Revenue from Operations
1730.39 
1692.14 
1740.82 
5126.95 
5097.58 
6779.55 
Segment Results






Branded Business 






(a) Tea
193.32 
166.22 
143.55 
542.66 
464.76 
577.72 
(b) Coffee
63.08 
51.12 
30.85 
154.30 
129.96 
178.92 
(c) Others
(5.89)
(2.31)
(6.23)
(11.37)
(14.43)
(22.11)
Total Branded Business
250.51 
215.03 
168.17 
685.59 
580.29 
734.53 
Non Branded Business
6.02 
15.26 
22.10 
52.01 
80.28 
136.97 
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)
(29.18)
(66.76)
(91.53)
Other Unallocable items, Other Income & Exceptional Items
(42.36)
(24.44)
26.48 
(83.01)
(29.11)
(118.01)
Profit Before Tax
205.67 
196.23 
195.18 
625.41 
564.70 
661.96 
Segment Assets






Branded Business 






(a) Tea
4730.62 
4468.09 
4652.28 
4730.62 
4652.28 
4145.91 
(b) Coffee
1655.87 
1778.84 
1876.60 
1655.87 
1876.60 
1763.13 
(c) Others
41.09 
39.39 
44.03 
41.09 
44.03 
44.81 
Total Branded Business
6427.58 
6286.32 
6572.91 
6427.58 
6572.91 
5953.85 
Non Branded Business
1157.09 
1075.01 
913.43 
1157.09 
913.43 
965.55 
Total Segment Assets
7584.67 
7361.33 
7486.34 
7584.67 
7486.34 
6919.40 
Unallocable Corporate Assets
2672.63 
2777.18 
2799.06 
2672.63 
2799.06 
2676.58 
Total Assets
10257.30 
10138.51 
10285.40 
10257.30 
10285.40 
9595.98 
Segment Liabilities






Branded Business 






(a) Tea
852.30 
826.90 
832.61 
852.30 
832.61 
795.74 
(b) Coffee
129.77 
165.46 
209.16 
129.77 
209.16 
178.62 
(c) Others
7.96 
12.26 
24.20 
7.96 
24.20 
40.42 
Total Branded Business
990.03 
1004.62 
1065.97 
990.03 
1065.97 
1014.78 
Non Branded Business
120.11 
125.09 
116.14 
120.11 
116.14 
111.25 
Total Segment Liabilities
1110.14 
1129.71 
1182.11 
1110.14 
1182.11 
1126.03 
Unallocable Corporate Liabilities
1390.57 
1401.28 
1953.80 
1390.57 
1953.80 
1284.95 
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
  END
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