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Last Trade - 07/08/20

Sector
Consumer Defensives
Size
Large Cap
Market Cap £4.85bn
Enterprise Value £4.85bn
Revenue £1.06bn
Position in Universe 61st / 3003

Tata Global Bev.Ltd - 3rd Quarter Results

Wed 6th February, 2019 7:20am
RNS Number : 2187P
Tata Global Beverages Limited
06 February 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 Standalone Financial Results for the quarter and nine months ended December 31, 2018

 

Rs. in Crores

Particulars

 

 

 

Three months ended

Year to date ended

Year ended

December 31, 2018

September
30, 2018

December
31, 2017

December 31, 2018

December
31, 2017

March 31, 2018

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Audited

Revenue from Operations

 889.73

847.28

848.43

2645.61

2502.67

3217.32

Other Income

       21.85

74.15

26.29

          155.90

        123.48

147.58

Total Income

     911.58

921.43

874.72

2801.51

2626.15

3364.90

Cost of materials consumed

     562.67

535.67

             505.69

1555.11

1413.09

1871.55

Purchase of stock-in-trade

         4.81

4.68

                 9.03

            15.40

              25.35

33.00

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

     (27.59)

            (19.96)

            (20.02)

            31.01

              48.26

        (1.67)

Employees benefits expense

       55.99

56.14

               56.55

          167.18

            158.03

208.13

Finance costs

         3.56

2.69

                 3.51

              9.94

              10.13

13.65

Depreciation and amortisation expense

          7.91

7.72

                 6.99

            22.95

              19.88

27.20

Advertisement and sales charges

        54.62

67.73

               52.62

          163.70

            154.73

216.12

Other expenses

      125.25

104.74

               96.08

          334.00

            272.02

388.81

Total Expenses

      787.22

759.41

710.45

2299.29

2101.49

2756.79

Profit before Exceptional Items and Tax

      124.36

162.02

164.27

          502.22

            524.66

608.11

Exceptional Items (Net)

                -  

                   -  

             102.08

                    -  

            120.85

       115.36

Profit before Tax

     124.36

             162.02

           266.35

        502.22

            645.51

       723.47

Tax Expense (Net of reversal)

(34.70)

           (41.72)

            (57.92)

       (144.55)

         (164.35)

     (189.15)

Net Profit after Tax (A)

       89.66

             120.30

            208.43

          357.67

            481.16

       534.32

Other Comprehensive Income

 

 

 

 

 

 

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

 

 

 

 

 

 

Remeasurement of defined benefit plans

       (8.75)

              (0.52)

                 7.89

           (3.96)

                6.99

         12.58

Changes in fair valuation of equity instruments

          3.92

              (2.02)

                 6.96

              4.63

              58.39

         53.31

 

      (4.83)

              (2.54)

               14.85

              0.67

              65.38

         65.89

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

 

 

 

 

 

 

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

         5.28

              (1.94)

      0.70

              1.76

             (0.91)

        (1.76)

Other Comprehensive Income (Net of tax) (B)

         0.45

              (4.48)

               15.55

              2.43

              64.47

         64.13

Total Comprehensive Income (A+B)

       90.11

             115.82

             223.98

          360.10

            545.63

598.45

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 Reserves

 

 

 

 

 

4128.38

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

                    1.42

                1.90

                  3.30

                5.67

                 7.62

               8.47

 

 

 

 

 

 

 

 

Notes:

 

 

1.  For the quarter, Revenue from operations at Rs 890 crores increased by 5% over corresponding quarter of the previous year. Profit before tax at Rs 124 crores is lower as compared to corresponding quarter of previous year on account of higher commodity costs and discretionary/one off items. Consequently Profit after tax at Rs 90 crores is lower. 

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

3.  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.

4.  Effective April 1, 2018, the Company has adopted Ind AS 115 - Revenue from Contracts with Customers, using the cumulative effect method and the comparative information is not restated. The adoption of the standard did not have any material impact on the results of the Company.

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

6.  The aforementioned results were reviewed by the Audit Committee of the Board on February 4, 2019 and subsequently taken on record by the Board of Directors at its meeting held on February 5, 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: February 5, 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

Unaudited Consolidated Financial Results for the quarter and nine months ended December 31, 2018

                                                                                                                                                                                                                                                           Rs. in Crores

Particulars

Three months ended

Year to Date ended

Year Ended

December
31, 2018

September 30, 2018

December 31, 2017

December 31, 2018

December 31, 2017

March 31, 2018

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Audited

 Revenue from Operations

1912.58

1760.87

1730.39

5476.04

5126.95

6815.35

 Other Income

22.59

70.79

20.55

121.90

68.43

94.15

 Total Income

1935.17

1831.66

1750.94

5597.94

5195.38

6909.50

 Cost of Materials Consumed

861.77

842.00

836.92

2481.13

2405.66

3203.22

 Purchase of stock in trade

148.69

174.86

110.63

538.24

344.54

542.89

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

46.47

(18.85)

(20.04)

15.93

9.33

(46.80)

 Employee Benefits Expense

205.14

194.95

206.71

603.29

610.67

821.37

 Finance Costs

12.95

11.47

8.50

36.99

29.18

42.76

 Depreciation and Amortisation Expense

29.62

30.48

29.05

89.59

87.57

116.04

 Advertisement and Sales charges

155.23

144.65

126.68

417.93

373.63

508.91

 Other Expenses

299.06

256.61

234.41

807.88

689.91

946.85

 Total Expenses

1758.93

1636.17

1532.86

4990.98

4550.49

6135.24

 Profit before Exceptional Items and Tax

176.24

195.49

218.08

606.96

644.89

774.26

 Exceptional Items (Net)

                -  

(6.72)

(12.41)

(24.90)

(19.48)

(21.13)

 Profit before Tax

176.24

188.77

205.67

582.06

625.41

753.13

 Tax Expense (Net of reversal)

(54.92)

(63.68)

(19.56)

(202.05)

(172.85)

(185.87)

 Net Profit after Tax

121.32

125.09

186.11

380.01

452.56

567.26

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

(12.43)

58.87

2.53

40.98

32.38

(10.76)

 Group Consolidated Net Profit (A)

108.89

183.96

188.64

420.99

484.94

556.50

 Attributable to :

 

 

 

 

 

 

 Owners of the Parent

99.32

169.73

167.87

385.29

436.11

495.56

 Non Controlling Interest

9.57

14.23

20.77

35.70

48.83

60.94

 Other Comprehensive Income

 

 

 

 

 

 

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

 

 

 

 

 

 

 Remeasurement of the defined benefit plans

(13.19)

16.88

20.34

29.57

43.64

59.97

 Changes in fair valuation of equity instruments

4.15

(2.11)

8.31

5.10

60.39

59.40

  

(9.04)

14.77

28.65

34.67

104.03

119.37

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

 

 

 

 

 

 

 Exchange differences on translation of foreign operations

(288.81)

267.83

(75.74)

(21.11)

199.11

407.80

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

7.02

(15.80)

2.75

(6.58)

(12.85)

(21.86)

  

(281.79)

252.03

(72.99)

(27.69)

186.26

385.94

 Total Other Comprehensive Income, net of tax (B)

(290.83)

266.80

(44.34)

6.98

290.29

505.31

 Attributable to :

 

 

 

 

 

 

 Owners of the Parent

(248.06)

227.33

(36.12)

10.90

255.25

436.30

 Non Controlling Interest

(42.77)

39.47

(8.22)

(3.92)

35.04

69.01

 Total Comprehensive Income (A+B)

(181.94)

450.76

144.30

427.97

775.23

1061.81

 Attributable to :

 

 

 

 

 

 

 Owners of the Parent

(148.74)

397.06

131.75

396.19

691.36

931.86

 Non Controlling Interest

(33.20)

53.70

12.55

31.78

83.87

129.95

 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

 

 

 

 

 

6946.63

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

1.57

2.69

2.66

6.10

6.91

7.85

 

 

 

 

 

Notes:

1.       For the quarter, Revenue from operations increased by 12% after excluding the impact of business exit as compared to the corresponding quarter of the previous year. At constant currency revenue growth is 7%. Profit before tax at Rs 176 Crores is lower as compared to corresponding quarter of the previous year mainly due to higher commodity cost, increased spends behind brands and discretionary/one off items. The Group net profit for the quarter is lower mainly on account of deferred tax credit of Rs 53 Crores recognised in corresponding quarter of the previous year arising on account of changes in US tax legislation reducing the tax rates, and lower share of profits from Associates and Joint Ventures.

2.       Exceptional items for the corresponding quarter of the previous year represents redundancy and restructuring expenditure of Rs 41 Crores partly offset by profit on disposal of an Associate of Rs 29 Crores.

3.       Share of profits in Associates and Joint Ventures include results of an Associate, operating in North India plantations which are seasonal in nature.

4.       Effective April 1, 2018, the Group has adopted Ind AS 115 - Revenue from Contracts with Customers, using the cumulative effect method and the comparative information is not restated. The adoption of the standard did not have any material impact on the results of the Group.

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 4, 2019 and subsequently taken on record by the Board of Directors at its Meeting held on February 5, 2019. The Statutory Auditors of the Company have conducted limited review on these results.

7.       The Consolidated and Standalone result for the quarter and nine months ended December 31, 2018 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).

 

 

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: February 5, 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 and nine months ended December 31, 2018

                 Rs. in Crores

Particulars

  Three months ended

  Year to Date ended

 Year ended

December 31, 2018

September 30, 2018

December 31, 2017

December 31, 2018

 December 31, 2017

 March 31, 2018

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Audited

Segment Revenue

 

 

 

 

 

 

Branded Business

 

 

 

 

 

 

(a) Tea

1389.11

1248.22

1291.47

3951.64

3745.55

4922.79

(b) Coffee

326.25

303.47

253.23

921.38

793.08

1079.52

(c) Others

6.95

6.36

8.22

23.47

26.06

35.73

Total Branded Business

1722.31

1558.05

1552.92

4896.49

4564.69

6038.04

Non Branded Business

198.75

209.66

188.97

601.26

595.70

815.17

Total Segment Revenue

1921.06

1767.71

1741.89

5497.75

5160.39

6853.21

Less: Inter segment Sales

(8.48)

(6.84)

(11.50)

(21.71)

(33.44)

(37.86)

Revenue from Operations

1912.58

1760.87

1730.39

5476.04

5126.95

6815.35

Segment Results

 

 

 

 

 

 

Branded Business

 

 

 

 

 

 

(a) Tea

168.16

165.01

193.32

543.19

542.66

689.72

(b) Coffee

44.06

38.14

63.08

125.70

154.30

197.63

(c) Others

(4.74)

(6.51)

(5.89)

(15.00)

(11.37)

(18.24)

Total Branded Business

207.48

196.64

250.51

653.89

685.59

869.11

Non Branded Business

5.96

10.06

6.02

33.72

52.01

41.71

Total Segment Results

213.44

206.70

256.53

687.61

737.60

910.82

Add/Less

 

 

 

 

 

 

Finance Cost

(12.95)

(11.47)

(8.50)

(36.99)

(29.18)

(42.76)

Unallocable items

(24.25)

(6.46)

(42.36)

(68.56)

(83.01)

(114.93)

Profit Before Tax

176.24

188.77

205.67

582.06

625.41

753.13

Segment Assets

 

 

 

 

 

 

Branded Business

 

 

 

 

 

 

(a) Tea

5048.26

4965.22

4730.62

5048.26

4730.62

4420.96

(b) Coffee

1880.21

2022.07

1655.87

1880.21

1655.87

1772.84

(c) Others

41.61

41.39

41.09

41.61

41.09

47.41

Total Branded Business

6970.08

7028.68

6427.58

6970.08

6427.58

6241.21

Non Branded Business

1430.23

1426.49

1157.09

1430.23

1157.09

1255.68

Total Segment Assets

8400.31

8455.17

7584.67

8400.31

7584.67

7496.89

Unallocable Corporate Assets

2631.17

2890.27

2672.63

2631.17

2672.63

3095.32

Total Assets

11031.48

11345.44

10257.30

11031.48

10257.30

10592.21

Segment Liabilities

 

 

 

 

 

 

Branded Business

 

 

 

 

 

 

(a) Tea

783.79

811.48

852.30

783.79

852.30

794.52

(b) Coffee

212.63

216.17

129.77

212.63

129.77

163.78

(c) Others

17.63

11.05

7.96

17.63

7.96

18.18

Total Branded Business

1014.05

1038.70

990.03

1014.05

990.03

976.48

Non Branded Business

189.33

183.22

120.11

189.33

120.11

140.35

Total Segment Liabilities

1203.38

1221.92

1110.14

1203.38

1110.14

1116.83

Unallocable Corporate Liabilities

1580.42

1689.02

1390.57

1580.42

1390.57

1434.74

Total Liabilities

2783.80

2910.94

2500.71

2783.80

2500.71

2551.57

 

 

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.

 

 

 

 

 

                                                      Ajoy Misra

 

Mumbai: February 5, 2019                                          (Managing Director and CEO)


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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