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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 - Final Results

Mon 14th May, 2018 11:35am
RNS Number : 9789N
Tata Global Beverages Limited
14 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






                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,
2017

Refer 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 RNS
The company news service from the London Stock Exchange
 
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