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Consumer Defensives
Size
Large Cap
Market Cap £4.08bn
Enterprise Value £4.09bn
Revenue £982.9m
Position in Universe 75th / 2996

Tata Global Bev.Ltd - Half-year Report

Thu 16th November, 2017 7:00am
RNS Number : 6785W
Tata Global Beverages Limited
16 November 2017

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 six months ended September 30, 2017

Rs. In Crores

Particulars

Three months ended

Year to date ended

Year ended

Sep 30

2017

June 30

2017

Sep 30

2016

Sep 30

2017

Sep 30

2016

March 31

2017


Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Audited

Revenue from Operations

794.80

859.44

759.12

1654.24

1580.89

3063.89

Other Income

52.17

45.02

50.99

97.19

63.73

96.34

Total Income

846.97

904.46

810.11

1751.43

1644.62

3160.23

Cost of materials consumed

452.38

455.02

458.51

907.40

923.24

1867.72

Purchase of stock-in-trade

7.62

8.70

5.25

16.32

6.56

23.03

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

20.55

47.73

3.31

68.28

69.67

(1.79)

Employees benefits expense

50.48

51.00

47.48

101.48

93.58

187.82

Finance costs

3.50

3.12

14.79

6.62

26.97

49.10

Depreciation and amortisation expense

6.61

6.28

5.83

12.89

11.39

23.70

Advertisement and sales charges

54.18

47.93

56.33

102.11

92.64

221.37

Other expenses

87.09

88.85

103.42

175.94

194.29

403.09

Total Expenses

682.41

708.63

694.92

1391.04

1418.34

2774.04

Profit before Exceptional Items and Tax

164.56

195.83

115.19

360.39

226.28

386.19

Exceptional Items (Net)

-

18.77

-

18.77

-

-

Profit before Tax

164.56

214.60

115.19

379.16

226.28

386.19

Tax Expense

(44.31)

(62.12)

(28.87)

(106.43)

(66.70)

(110.19)

Net Profit after Tax (A)

120.25

152.48

86.32

272.73

159.58

276.00

Other Comprehensive Income







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







Remeasurement of defined benefit plans

(0.90)

-

(9.02)

(0.90)

(9.91)

(17.58)

Changes in fair valuation of equity instruments

42.51

8.92

105.69

51.43

171.12

255.55


41.61

8.92

96.67

50.53

161.21

237.97

ii) Items that will be reclassified to profit or loss







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

(1.07)

(0.54)

(0.92)

(1.61)

(1.45)

2.21

Other Comprehensive Income (Net of tax) (B)

40.54

8.38

95.75

48.92

159.76

240.18

Total Comprehensive Income (A+B)

160.79

160.86

182.07

321.65

319.34

516.18

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






3699.58

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

1.90

2.42

1.37

4.32

2.53

4.37

Notes:

1. For the quarter, Revenue from operations at Rs 795 crores increased over corresponding quarter of the previous year reflecting improved performance in the branded tea operations.Profit before exceptional items at Rs 165 crores is higher by 43% as compared to corresponding quarter of previous year reflecting improved operating performance and lower finance costs. Resultantly, Profit after tax at Rs 120 crores is higher by 39%.

2. During the quarter, the Company had sold a significant portion of its holding in Tata Chemicals Limited. Realised gain arising on the transaction amounting to Rs 625 crores has been directly accounted under retained earnings.

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 activity falls within a single reportable business segment and hence, the segment disclosure requirements are not applicable.

4. Statement of Assets and Liabilities as at September 30, 2017 is annexed.

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 November 13, 2017 and subsequently taken on record by the Board of Directors at its meeting held on November 14, 2017. The Statutory Auditors of the Company have conducted limited review on these results.

Ajoy Misra

Mumbai: November 14, 2017(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 Statement of Assets and Liabilities as at September 30, 2017

Rs. In Crores

Particulars

As at September 30, 2017

As at March 31, 2017

ASSETS


Non-Current Assets



Property, Plant and Equipment

202.66

197.76

Capital work-in-progress

6.20

7.38

Investment Property

0.69

0.69

Intangible Assets

19.58

16.03

Intangible Assets under development

0.72

4.12

Financial Assets



Investments

2285.87

2903.97

Loans

21.01

24.73

Other Financial Assets

21.04

21.07

Deferred Tax Assets (Net)

98.94

38.86

Non-Current Tax Assets (Net)

62.89

62.89

Other Non-Current Assets

73.94

76.69


2793.54

3354.19




Current assets



Inventories

694.39

764.19

Financial Assets



Investments

659.61

67.70

Trade Receivables

282.83

99.62

Cash and Cash Equivalents

133.89

13.76

Other Bank Balances

57.97

7.02

Loans

9.85

11.97

Other Financial Assets

37.34

26.80

Other Current Assets

63.65

53.23


1939.53

1044.29

TOTAL ASSETS

4733.07

4398.48

EQUITY AND LIABILITIES



Equity



Equity share capital

63.11

63.11

Other Equity

3873.44

3721.44

TOTAL EQUITY

3936.55

3784.55

Non-Current Liabilities



Provisions

138.69

130.87


138.69

130.87

Current Liabilities



Financial Liabilities



Borrowings

57.89

32.26

Trade Payables

310.24

244.33

Other Financial Liabilities

77.41

88.06

Other Current Liabilities

63.58

72.32

Provisions

34.49

46.09

Current Tax Liabilities (Net)

114.22

-


657.83

483.06

TOTAL EQUITY AND LIABILITIES

4733.07

4398.48

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 six months ended September 30, 2017

Rs. In Crores

Particulars

Three months ended

Year to date ended

Year ended

Sep 30

2017

June 30

2017

Sep 30

2016

Sep 30

2017

Sep 30

2016

March 31

2017


Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Audited

Revenue from Operations

1692.14

1704.42

1621.64

3396.56

3356.76

6779.55

Other Income

33.54

14.34

34.70

47.88

83.10

Total Income

1725.68

1718.76

1656.34

3444.44

6862.65

Cost of materials consumed

777.08

791.66

783.86

1568.74

1565.83

3205.82

Purchase of stock in trade

105.93

127.98

57.12

233.91

125.00

356.44

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

39.50

(10.13)

2.97

29.37

104.94

(0.69)

Employee benefits expense

200.74

203.22

208.71

403.96

417.41

834.95

Finance costs

9.62

11.06

23.15

20.68

45.19

91.53

Depreciation and amortisation expense

29.47

29.05

27.51

58.52

63.76

126.04

Advertisement and sales charges

128.76

118.19

135.75

246.95

239.69

584.65

Other expenses

226.17

229.33

247.25

455.50

479.70

1007.25

Total Expenses

1517.27

1500.36

1486.32

3017.63

3041.52

6205.99

Profit before Exceptional Items and Tax

208.41

218.40

170.02

426.81

371.26

656.66

Exceptional Items (Net)

(12.18)

5.11

-

(7.07)

(1.74)

5.30

Profit before Tax

196.23

223.51

170.02

419.74

369.52

661.96

Tax Expense

(72.75)

(80.54)

(61.88)

(153.29)

(135.09)

(198.31)

Net Profit after Tax

123.48

142.97

108.14

266.45

234.43

463.65

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

31.01

(1.16)

31.48

29.85

24.71

(8.85)

Group Consolidated Net Profit (A)

154.49

141.81

139.62

296.30

259.14

454.80

Attributable to :







Owners of the Parent

143.80

124.44

126.75

268.24

230.40

389.44

Non Controlling Interest

10.69

17.37

12.87

28.06

28.74

65.36

Other Comprehensive Income







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







Remeasurement of the defined benefit plan

6.28

17.02

(23.94)

23.30

(36.24)

10.24

Changes in fair valuation of equity instruments

43.10

8.98

106.40

52.08

173.53

259.37


49.38

26.00

82.46

75.38

137.29

269.61

ii) Items that will be reclassified to profit or loss







Ex Exchange differences on translation of foreign operations

163.62

111.23

(244.82)

274.85

(488.50)

(567.36)

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

(4.27)

(11.33)

(9.84)

(15.60)

30.12

19.78


159.35

99.90

(254.66)

259.25

(458.38)

(547.58)

Total Other Comprehensive Income, net of tax (B)

208.73

125.90

(172.20)

334.63

(321.09)

(277.97)

Attributable to :







Owners of the Parent

181.49

109.88

(138.67)

291.37

(261.64)

(198.83)

Non Controlling Interest

27.24

16.02

(33.53)

43.26

(59.45)

(79.14)

Total Comprehensive Income (A+B)

363.22

267.71

(32.58)

630.93

(61.95)

176.83

Attributable to :







Owners of the Parent

325.29

234.32

(11.92)

559.61

(31.24)

190.61

Non Controlling Interest

37.93

33.39

(20.66)

71.32

(30.71)

(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

2.28

1.97

2.01

4.25

3.65

6.17

Notes:

1. For the quarter, Revenue from operations at Rs 1692 Crores grew by 6% in underlying terms. Profit before exceptional items at Rs 208 Crores is higher by 23% as compared to the corresponding quarter of the previous year due to improved operating performance, good cost management and lower finance costs. Group Consolidated net profit for the quarter at Rs 154 crores is higher by 11% as compared to the corresponding quarter of the previous year reflecting higher profit before exceptional items partly offset by exceptional expenditure.

2. Exceptional item for the current quarter represents cost relating to restructuring of operating model in certain markets.

3. During the quarter, the holding company has sold a significant portion of its holding in Tata Chemicals Limited. Realised gains arising from the transaction amounting to Rs 625 Crores has been directly accounted in retained earnings.

4. 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 :

Rs In Crores

Three months ended

Year to date ended

Year ended

Sep 30, 2017

June 30, 2017

Sep 30, 2016

Sep 30, 2017

Sep 30, 2016

March 31, 2017

Total Income

846.97

904.46

810.11

1751.43

1644.62

3160.23

Profit before Tax

164.56

214.60

115.19

379.16

226.28

386.19

Profit after Tax

120.25

152.48

86.32

272.73

159.58

276.00

Total Comprehensive Income

160.79

160.86

182.07

321.65

319.34

516.18

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

1.90

2.42

1.37

4.32

2.53

4.37

5. The Group has completed the restructuring of it's Russia operations, resulting in the sale of two of the company's overseas subsidiaries (Sunty LLC and Tea Trade LLC), as at November 3, 2017. The said operation has been disclosed as assets held for sale in the Consolidated Statement of Assets and Liabilities.

6. The Consolidated Statement of Assets and Liabilities as at September 30, 2017 is annexed.

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

8. The aforementioned results were reviewed by the Audit Committee of the Board on November 13, 2017 and subsequently taken on record by the Board of Directors at its Meeting held on November 14, 2017. The Statutory Auditors of the Company have conducted limited review of these results.

9. The Consolidated and Standalone result for the quarter and six months ended September 30, 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).

Ajoy Misra

Mumbai: November 14, 2017 (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 six months ended September 30, 2017

Rs. In Crores

Particulars

Three months ended

Year to date ended

Year ended

Sep 30 2017

June 30

2017

Sep 30

2016

Sep 30

2017

Sep 30

2016

March 31

2017

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Audited

Segment Revenue

Branded Business

(a) Tea

1208.42

1245.66

1166.37

2454.08

2381.15

4803.48

(b) Coffee

290.00

249.85

260.75

539.85

557.38

1117.84

(c) Others

8.97

8.87

7.61

17.84

14.38

35.96

Total Branded Business

1507.39

1504.38

1434.73

3011.77

2952.91

5957.28

Non Branded Business

197.37

209.36

204.07

406.73

435.42

890.05

Total Segment Revenue

1704.76

1713.74

1638.80

3418.50

3388.33

6847.33

Less: Inter segment Sales

(12.62)

(9.32)

(17.16)

(21.94)

(31.57)

(67.78)

Revenue from Operations

1692.14

1704.42

1621.64

3396.56

3356.76

6779.55

Segment Results







Branded Business







(a) Tea

166.22

183.12

157.14

349.34

321.21

577.72

(b) Coffee

51.12

40.10

43.89

91.22

99.11

178.92

(c) Others

(2.31)

(3.17)

(4.80)

(5.48)

(8.20)

(22.11)

Total Branded Business

215.03

220.05

196.23

435.08

412.12

734.53

Non Branded Business

15.26

30.73

19.16

45.99

58.18

136.97

Total Segment Results

230.29

250.78

215.39

481.07

470.30

871.50

Add/Less







Finance Cost

(9.62)

(11.06)

(23.15)

(20.68)

(45.19)

(91.53)

Other Unallocable items, Other Income & Exceptional Items

(24.44)

(16.21)

(22.22)

(40.65)

(55.59)

(118.01)

Profit Before Tax

196.23

223.51

170.02

419.74

369.52

661.96

Segment Assets







Branded Business







(a) Tea

4468.09

4172.69

4137.54

4468.09

4137.54

4145.91

(b) Coffee

1778.84

1764.16

1853.53

1778.84

1853.53

1763.13

(c) Others

39.39

40.56

30.33

39.39

30.33

44.81

Total Branded Business

6286.32

5977.41

6021.40

6286.32

6021.40

5953.85

Non Branded Business

1075.01

1021.10

865.92

1075.01

865.92

965.55

Total Segment Assets

7361.33

6998.51

6887.32

7361.33

6887.32

6919.40

Unallocable Corporate Assets

2777.18

2857.08

3126.99

2777.18

3126.99

2676.58

Total Assets

10138.51

9855.59

10014.31

10138.51

10014.31

9595.98

Segment Liabilities







Branded Business







(a) Tea

826.90

792.87

829.33

826.90

829.33

795.74

(b) Coffee

165.46

165.31

160.50

165.46

160.50

178.62

(c) Others

12.26

14.65

13.90

12.26

13.90

40.42

Total Branded Business

1004.62

972.83

1003.73

1004.62

1003.73

1014.78

Non Branded Business

125.09

130.38

118.16

125.09

118.16

111.25

Total Segment Liabilities

1129.71

1103.21

1121.89

1129.71

1121.89

1126.03

Unallocable Corporate Liabilities

1401.28

1315.20

2030.05

1401.28

2030.05

1284.95

Total Liabilities

2530.99

2418.41

3151.94

2530.99

3151.94

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: November 14, 2017 (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 Statement of Assets and Liabilities as at September 30, 2017

Rs. In Crores

Particulars

As at September 30, 2017

As at March 31, 2017

ASSETS

Non-Current Assets

Property Plant and Equipment

693.75

698.17

Capital Work in Progress

72.27

56.24

Investment Property

67.96

68.66

Goodwill

3666.44

3497.91

Other Intangible Assets

299.79

307.85

Intangible Assets under Development

4.61

6.95

Investments accounted for using Equity method

374.32

345.36

Financial Assets



Investments

322.52

939.33

Loans

21.65

58.70

Other Financial Assets

37.54

37.67

Deferred Tax Assets (Net)

112.40

61.98

Non-current Tax Assets (Net)

73.68

73.99

Other Non Current Assets

171.80

81.69


5918.73

6234.50

Current Assets



Inventories

1385.58

1452.96

Financial Assets



Investments

699.49

166.35

Trade Receivables

750.54

592.45

Cash and Cash Equivalent

636.18

565.72

Other Bank balances

60.15

9.10

Loans

274.22

277.57

Other Financial Assets

101.93

81.08

Current Tax Assets (Net)

23.58

13.98

Other Current Assets

154.57

150.44


4086.24

3309.65

Assets of disposal group

133.54

51.83

TOTAL ASSETS

10138.51

9595.98

EQUITY AND LIABILITIES



Equity



Equity Share Capital

63.11

63.11

Other Equity

6587.90

6202.39

Equity attributable to the equity holders of the company

6651.01

6265.50

Non Controlling Interest

956.51

919.50

Total Equity

7607.52

7185.00

Non-Current Liabilities



Financial Liabilities



Borrowings

439.89

450.10

Other Financial Liabilities

7.12

6.71

Provisions

175.45

208.97

Deferred Tax Liabilities (Net)

204.39

207.36


826.85

873.14

Current Liabilities



Financial Liabilities



Borrowings

428.07

320.23

Trade Payables

703.26

737.76

Other Financial Liabilities

250.09

244.08

Other Current Liabilities

69.90

78.57

Provisions

77.62

115.85

Current Tax Liabilities (net)

117.02

15.60


1645.96

1512.09

Liabilities of disposal group

58.18

25.75

TOTAL EQUITY AND LIABILITIES

10138.51

9595.98

Ajoy Misra

Mumbai: November 14, 2017 (Managing Director and CEO)


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