REG - Tata Global Bev.Ltd - Half-year Report <Origin Href="QuoteRef">TAGL.NS</Origin>

Tata Consumer ProductsAnnouncement

16/11/2017 07:05

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 
56.02 
83.10 
 Total Income
1725.68 
1718.76 
1656.34 
3444.44 
3412.78 
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
  END
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