REG - Tata Global Bev.Ltd - Final Results
RNS Number : 9789NTata Global Beverages Limited14 May 2018
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 year ended March 31, 2018
Rs. in Crores
Particulars
Three months ended
Year ended
Year ended
March 31, 2018
December 31, 2017
March 31, 2017
March 31, 2018
March 31, 2017
Refer Note 5
Unaudited
Refer Note 5
Audited
Audited
Revenue from Operations
714.65
848.43
696.57
3217.32
3063.89
Other Income
24.10
26.29
14.37
147.58
96.34
Total Income
738.75
874.72
710.94
3364.90
3160.23
Cost of materials consumed
458.46
505.69
464.52
1871.55
1867.72
Purchase of stock-in-trade
7.65
9.03
8.41
33.00
23.03
Changes in inventories of finished goods, work-in-progress & stock-in-trade
(49.93)
(20.02)
(60.98)
(1.67)
(1.79)
Employees benefits expense
50.10
56.55
45.41
208.13
187.82
Finance costs
3.52
3.51
9.70
13.65
49.10
Depreciation and amortisation expense
7.32
6.99
6.32
27.20
23.70
Advertisement and sales charges
61.39
52.62
66.43
216.12
221.37
Other expenses
116.79
96.08
107.98
388.81
403.09
Total Expenses
655.30
710.45
647.79
2756.79
2774.04
Profit before Exceptional Items and Tax
83.45
164.27
63.15
608.11
386.19
Exceptional Items (Net)
(5.49)
102.08
-
115.36
-
Profit before Tax
77.96
266.35
63.15
723.47
386.19
Tax Expense
(24.80)
(57.92)
(19.19)
(189.15)
(110.19)
Net Profit after Tax (A)
53.16
208.43
43.96
534.32
276.00
Other Comprehensive Income
i) Items that will not be reclassified to profit or loss
Remeasurement of defined benefit plans
5.59
7.89
(3.39)
12.58
(17.58)
Changes in fair valuation of equity instruments
(5.08)
6.96
110.57
53.31
255.55
0.51
14.85
107.18
65.89
237.97
ii) Items that will be reclassified to profit or loss
Gains/(loss) on effective portion of cash flow hedges
(0.85)
0.70
0.81
(1.76)
2.21
Other Comprehensive Income (Net of tax) (B)
(0.34)
15.55
107.99
64.13
240.18
Total Comprehensive Income (A+B)
52.82
223.98
151.95
598.45
516.18
Paid-up equity share capital (Face value of Re. 1 each)
63.11
63.11
63.11
63.11
63.11
Reserves excluding Revaluation Reserves
4128.38
3699.58
Earnings per share (Basic & Diluted) (not annualised for the quarter) - Rs.
0.84
3.30
0.70
8.47
4.37
Notes:
1. For the year, Revenue from operations at Rs.3217 crores increased by 5% over previous year reflecting improved performance in the branded tea operations. Profit before exceptional item at Rs. 608 crores is higher by 57% as compared to previous year reflecting improved operating performance, higher other income, lower finance costs and non-recurring items. Consequently after exceptional income, Profit after tax at Rs. 534 crores for the year is higher by 94% as compared to previous year.
2. For the quarter, Revenue from operations at Rs 715 crores increased by 3% over corresponding quarter of the previous year reflecting improved performance in the branded tea operations. Profit before exceptional items at Rs 83 crores is higher by 32% as compared to corresponding quarter of previous year reflecting improved operating performance, lower finance costs and higher other Income. Resultantly, Profit after tax at Rs 53 crores for the current quarter is higher by 21% as compared to corresponding quarter of previous year.
3. Exceptional item for the current year mainly represents profit on divestment of stake held in an Associate/ Subsidiary of Rs 124 crores.
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. Figures of the quarter ended March 31, 2018 and March 31, 2017 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. Statement of Assets and Liabilities as at March 31, 2018 along with comparatives is annexed.
7. The Board of Directors has recommended a dividend payment of Rs. 2.50 per share (Face value Re. 1 each) for the year ended March 31, 2018.
8. The aforementioned results were reviewed by the Audit Committee of the Board on May 11, 2018 and subsequently taken on record by the Board of Directors at its meeting held on May 11, 2018. The Statutory Auditors of the Company have audited these results.
In terms of our report attached
For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
Firm's Registration No. 117366W/W-10018
Sanjiv V. Pilgaonkar
Partner
Membership No. 039826
Mumbai: May 11, 2018
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
Audited Statement of Assets and Liabilities as at March 31, 2018
Rs. in Crores
As at March 31 2018
As at March 31 2017
ASSETS
Non-Current Assets
Property, Plant and Equipment
207.58
197.76
Capital work-in-progress
11.49
7.38
Investment Property
0.67
0.69
Intangible Assets
19.21
16.03
Intangible Assets under development
1.16
4.12
Financial Assets
Investments
2284.28
2903.97
Loans
20.44
24.73
Other Financial Assets
22.05
21.07
Deferred Tax Assets (Net)
99.01
38.86
Non-Current Tax Assets (Net)
42.90
79.95
Other Non-Current Assets
82.94
84.23
2791.74
3378.79
Current assets
Inventories
744.40
764.19
Financial Assets
Investments
536.98
67.70
Trade Receivables
136.66
99.62
Cash and Cash Equivalents
232.80
13.76
Other Bank Balances
302.47
7.02
Loans
8.10
11.97
Other Financial Assets
34.09
26.80
Other Current Assets
104.93
45.69
2100.43
1036.75
TOTAL ASSETS
4892.17
4415.54
EQUITY AND LIABILITIES
Equity
Equity share capital
63.11
63.11
Other Equity
4150.24
3721.44
TOTAL EQUITY
4213.35
3784.55
Non-Current Liabilities
Provisions
109.65
119.91
109.65
119.91
Current Liabilities
Financial Liabilities
Borrowings
84.25
32.26
Trade Payables
248.46
244.33
Other Financial Liabilities
91.33
88.06
Other Current Liabilities
71.88
72.32
Provisions
47.30
57.05
Current Tax Liabilities (Net)
25.95
17.06
569.17
511.08
TOTAL EQUITY AND LIABILITIES
4892.17
4415.54
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 year ended March 31, 2018
Rs. in Crores
Particulars
Three months ended
Year ended
March 31, 2018
December 31, 2017
March 31, 2017
March 31, 2018
March 31, 2017
Refer Note 5
Unaudited
Refer Note 5
Audited
Audited
Revenue from Operations
1688.40
1730.39
1681.97
6815.35
6779.55
Other Income
25.72
20.55
10.27
94.15
83.10
Total Income
1714.12
1750.94
1692.24
6909.50
6862.65
Cost of Materials Consumed
797.56
836.92
791.52
3203.22
3205.82
Purchase of stock in trade
198.35
110.63
117.18
542.89
356.44
Changes in inventories of finished goods, work in progress and stock in trade
(56.13)
(20.04)
(77.45)
(46.80)
(0.69)
Employee Benefits Expense
210.70
206.71
213.21
821.37
834.95
Finance Costs
13.58
8.50
24.77
42.76
91.53
Depreciation and Amortisation Expenses
28.47
29.05
31.20
116.04
126.04
Advertisement and Sales charges
135.28
126.68
165.86
508.91
584.65
Other Expenses
256.94
234.41
286.19
946.85
1007.25
Total Expenses
1584.75
1532.86
1552.48
6135.24
6205.99
Profit before Exceptional Items and Tax
129.37
218.08
139.76
774.26
656.66
Exceptional Items (Net)
(1.65)
(12.41)
(42.50)
(21.13)
5.30
Profit before Tax
127.72
205.67
97.26
753.13
661.96
Tax Expense
(13.02)
(19.56)
(12.90)
(185.87)
(198.31)
Net Profit after Tax
114.70
186.11
84.36
567.26
463.65
Share of net profit/(loss) in Associates and Joint Ventures using equity method
(43.14)
2.53
(33.24)
(10.76)
(8.85)
Group Consolidated Net Profit (A)
71.56
188.64
51.12
556.50
454.80
Attributable to :
Owners of the Parent
59.45
167.87
31.41
495.56
389.44
Non Controlling Interest
12.11
20.77
19.71
60.94
65.36
Other Comprehensive Income
i) Items that will not be reclassified to profit and loss
Remeasurement of the defined benefit plan
16.33
20.34
30.96
59.97
10.24
Changes in fair valuation of equity instruments
(0.99)
8.31
112.46
59.40
259.37
15.34
28.65
143.42
119.37
269.61
ii) Items that will be reclassified to profit and loss
Exchange differences on translation of foreign operations
208.69
(75.74)
(144.98)
407.80
(567.36)
Gains/(loss) on Effective portion of cash flow hedges
(9.01)
2.75
8.36
(21.86)
19.78
199.68
(72.99)
(136.62)
385.94
(547.58)
Total Other Comprehensive Income, net of tax (B)
215.02
(44.34)
6.80
505.31
(277.97)
Attributable to :
Owners of the Parent
181.05
(36.12)
20.59
436.30
(198.83)
Non Controlling Interest
33.97
(8.22)
(13.79)
69.01
(79.14)
Total Comprehensive Income (A+B)
286.58
144.30
57.92
1061.81
176.83
Attributable to :
Owners of the Parent
240.50
131.75
52.00
931.86
190.61
Non Controlling Interest
46.08
12.55
5.92
129.95
(13.78)
Paid-up equity share capital (Face value of Re 1 each)
63.11
63.11
63.11
63.11
63.11
Reserves excluding Revaluation Reserve
6946.63
6180.53
Earnings per share (Basic & Diluted) (not annualised for the quarter) - Rs
0.94
2.66
0.50
7.85
6.17
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 year ended March 31, 2018
Rs. in Crores
Particulars
Three months ended
Year ended
March 31, 2018
December 31, 2017
March 31, 2017
March 31, 2018
March 31,
2017Refer Note 5
Unaudited
Refer Note 5
Audited
Audited
Segment Revenue
Branded Business
(a) Tea
1177.24
1291.47
1183.60
4922.79
4803.48
(b) Coffee
286.44
253.23
270.64
1079.52
1117.84
(c) Others
9.67
8.22
12.53
35.73
35.96
Total Branded Business
1473.35
1552.92
1466.77
6038.04
5957.28
Non Branded Business
219.47
188.97
232.13
815.17
890.05
Total Segment Revenue
1692.82
1741.89
1698.90
6853.21
6847.33
Less: Inter segment Sales
(4.42)
(11.50)
(16.93)
(37.86)
(67.78)
Revenue from Operations
1688.40
1730.39
1681.97
6815.35
6779.55
Segment Results
Branded Business
(a) Tea
147.06
193.32
112.96
689.72
577.72
(b) Coffee
43.33
63.08
48.96
197.63
178.92
(c) Others
(6.87)
(5.89)
(7.68)
(18.24)
(22.11)
Total Branded Business
183.52
250.51
154.24
869.11
734.53
Non Branded Business
(10.30)
6.02
56.69
41.71
136.97
Total Segment Results
173.22
256.53
210.93
910.82
871.50
Add/Less
Finance Cost
(13.58)
(8.50)
(24.77)
(42.76)
(91.53)
Other Unallocable items, Other Income & Exceptional Items
(31.92)
(42.36)
(88.90)
(114.93)
(118.01)
Profit Before Tax
127.72
205.67
97.26
753.13
661.96
Segment Assets
Branded Business
(a) Tea
4420.96
4730.62
4145.91
4420.96
4145.91
(b) Coffee
1772.84
1655.87
1763.13
1772.84
1763.13
(c) Others
47.41
41.09
44.81
47.41
44.81
Total Branded Business
6241.21
6427.58
5953.85
6241.21
5953.85
Non Branded Business
1255.68
1157.09
965.55
1255.68
965.55
Total Segment Assets
7496.89
7584.67
6919.40
7496.89
6919.40
Unallocable Corporate Assets
3095.32
2672.63
2693.99
3095.32
2693.99
Total Assets
10592.21
10257.30
9613.39
10592.21
9613.39
Segment Liabilities
Branded Business
(a) Tea
794.52
852.30
795.74
794.52
795.74
(b) Coffee
163.78
129.77
178.62
163.78
178.62
(c) Others
18.18
7.96
40.42
18.18
40.42
Total Branded Business
976.48
990.03
1014.78
976.48
1014.78
Non Branded Business
140.35
120.11
111.25
140.35
111.25
Total Segment Liabilities
1116.83
1110.14
1126.03
1116.83
1126.03
Unallocable Corporate Liabilities
1434.74
1390.57
1302.36
1434.74
1302.36
Total Liabilities
2551.57
2500.71
2428.39
2551.57
2428.39
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: May 11, 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
Audited Consolidated Statement of Assets and Liabilities as at March 31, 2018
Rs. in Crores
2018
2017
ASSETS
Non-Current Assets
Property Plant and Equipment
739.71
698.17
Capital Work in Progress
129.52
56.24
Investment Property
50.33
68.66
Goodwill
3723.50
3497.91
Other Intangible Assets
284.64
307.85
Intangible Assets under Development
5.64
6.95
Investments accounted for using Equity method
262.84
345.36
Financial Assets
Investments
329.96
939.33
Loans
21.02
58.70
Other Financial Assets
40.22
37.67
Deferred Tax Assets (Net)
131.77
61.98
Non-current Tax Assets (net)
56.48
91.40
Other Non Current Assets
281.57
89.23
6057.20
6259.45
Current Assets
Inventories
1448.31
1452.96
Financial Assets
Investments
568.53
166.35
Trade Receivables
648.28
592.45
Cash and Cash Equivalent
933.49
565.72
Other Bank balances
304.65
9.10
Loans
272.25
277.57
Other Financial Assets
107.22
82.51
Current Tax Assets (net)
40.64
13.98
Other Current Assets
173.78
141.47
4497.15
3302.11
Assets of disposal group
37.86
51.83
TOTAL ASSETS
10592.21
9613.39
EQUITY AND LIABILITIES
Equity
Equity Share Capital
63.11
63.11
Other Equity
6968.49
6202.39
Equity attributable to the equity holders of the company
7031.60
6265.50
Non Controlling Interest
1009.04
919.50
Total Equity
8040.64
7185.00
Non-Current Liabilities
Financial Liabilities
Borrowings
655.99
450.10
Other Financial Liabilities
6.37
6.71
Provisions
144.22
198.92
Deferred Tax Liabilities (Net)
131.45
207.36
Non Current Tax Liabilities
16.97
-
955.00
863.09
Current Liabilities
Financial Liabilities
Borrowings
400.19
320.23
Trade Payables
705.73
737.76
Other Financial Liabilities
261.75
244.08
Other Current Liabilities
88.98
78.57
Provisions
98.80
125.90
Current Tax Liabilities (net)
30.59
33.01
1586.04
1539.55
Liabilities of disposal group
10.53
25.75
TOTAL EQUITY AND LIABILITIES
10592.21
9613.39
Notes:
1. For the year, after excluding the impact of sale and restructuring of the Group's businesses Revenue from operations has increased by 2% in constant currency on a comparable basis. Profit before exceptional items at Rs 774 Crores is higher by 18% as compared to previous year due to better operating performance of the branded business, restructuring, good cost management and lower finance costs. Group Consolidated net profit for the year at Rs 556 crores is higher by 22% as compared to the previous year. While operating profits from the branded segment was 18% higher, profits from the non-branded segment were lower than the previous year. Performance of the non-branded business was adversely impacted by abnormal and extreme weather conditions resulting in substantially lower coffee crop harvested. This was further accentuated by lower commodity prices.
2. For the quarter, after excluding the impact of sale and restructuring of the Group's businesses, Revenue from operations increased by 4% in constant currency on a comparable basis. While the profit for the branded business segment grew by 19%, Profit before exceptional items at Rs 129 Crores is lower by 7% as compared to corresponding quarter of the previous year mainly due to the adverse performance of non-branded business as explained above. The Group net profit for the quarter grew by 40% as compared to the corresponding quarter of the previous year due to lower level of exceptional expenditure.
3. The financial results includes following under Exceptional items:
Rs in Crores
Particulars
Three months ended
Year ended
March 31, 2018
March 31,
2017
March 31, 2018
March 31, 2017
Gain on sale of Businesses*
-
-
34
-
Gain on conversion of a Joint Venture into a subsidiary
-
-
-
50
Reorganisation and Restructuring cost**
(12)
(9)
(65)
(11)
Gain / (Loss) on assets held for sale ***
10
(7)
10
(7)
Impairment of intangible / other assets
-
(27)
-
(27)
Income / (Expenditure) (net)
(2)
(43)
(21)
5
* Mainly represents gain on divestment of overseas Associate,
** Represents redundancy and restructuring expenditure in various markets.
*** Represent adjustment to net assets, relating to a business in East Europe, classified as held for sale.
4. 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 Company's standalone financial results are given below :
In Rs Crores
Three months ended
Year ended
March 31, 2018
December 31, 2017
March 31, 2017
March 31, 2018
March 31, 2017
Total Income
738.75
874.72
710.94
3364.90
3160.23
Profit before Tax
77.96
266.35
63.15
723.47
386.19
Profit after Tax
53.16
208.43
43.96
534.32
276.00
Total Comprehensive Income
52.82
223.98
151.95
598.45
516.18
Earnings per share - Rs (not annualised for the quarter)
0.84
3.30
0.70
8.47
4.37
5. Figures for the quarter ended March 31, 2018 and March 31, 2017 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. Consolidated Statement of Asset and Liabilities as at March 31, 2018 along with comparatives is annexed.
7. The Board of Directors has recommended a dividend payment of Rs. 2.50 per share (Face value Re. 1 each) for the year ended March 31, 2018.
8. The aforementioned results were reviewed by the Audit Committee of the Board on May 11, 2018 and subsequently taken on record by the Board of Directors at its Meeting held on May 11, 2018. The Statutory Auditors of the Company have audited the annual results.
9. The Consolidated and Standalone result for the year ended March 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-10018
Sanjiv V. Pilgaonkar
Partner
Membership No. 039826
Mumbai: May 11, 2018
Ajoy Misra
Managing Director and CEO
This information is provided by RNSThe company news service from the London Stock ExchangeENDFR FKQDBKBKDQPD
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