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₹539.05 21.5  4.2%

Last Trade - 13/08/20

Sector
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 - Half-year Results

Mon 5th November, 2018 2:15pm
RNS Number : 3789G
Tata Global Beverages Limited
05 November 2018
 

 

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 six months ended September 30, 2018

                 Rs. In Crores

Particulars

Three months ended

Year to Date ended

Year ended

 

 September 30

June 30

 September 30

September 30

September 30

March 31

 

2018

2018

2017

2018

2017

2018

 

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Audited

Revenue from Operations

                847.28

908.60

794.80

1755.88

1654.24

3217.32

Other Income

                  74.15

59.90

52.17

        134.05

               97.19

147.58

Total Income

                921.43

968.50

846.97

1889.93

1751.43

3364.90

Cost of materials consumed

                535.67

456.77

              452.38

992.44

907.40

1871.55

Purchase of stock-in-trade

                    4.68

5.91

                  7.62

              10.59

               16.32

33.00

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

               (19.96)

           78.56

                20.55

              58.60

               68.28

           (1.67)

Employees benefits expense

                  56.14

55.05

                50.48

            111.19

             101.48

208.13

Finance costs

                    2.69

3.69

                  3.50

                6.38

                 6.62

13.65

Depreciation and amortisation expense

                    7.72

7.32

                  6.61

              15.04

               12.89

27.20

Advertisement and sales charges

                  67.73

41.35

                54.18

            109.08

             102.11

216.12

Other expenses

                104.74

104.01

                87.09

            208.75

             175.94

388.81

Total Expenses

                759.41

752.66

682.41

1512.07

1391.04

2756.79

Profit before Exceptional Items and Tax

                162.02

215.84

164.56

            377.86

             360.39

608.11

Exceptional Items (Net)

                        -  

                -  

                     -  

                    -  

               18.77

          115.36

Profit before Tax

  162.02

        215.84

           164.56

            377.86

             379.16

     723.47

Tax Expense

   (41.72)

       (68.13)

              (44.31)

          (109.85)

            (106.43)

        (189.15)

Net Profit after Tax (A)

 120.30

             147.71

          120.25

         268.01

272.73

534.32

Other Comprehensive Income

 

 

 

 

 

 

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

 

 

 

 

 

 

Remeasurement of defined benefit plans

                 (0.52)

             5.31

              (0.90)

              4.79

             (0.90)

            12.58

Changes in fair valuation of equity instruments

                 (2.02)

             2.73

                42.51

                0.71

               51.43

            53.31

 

                 (2.54)

            8.04

                41.61

                5.50

               50.53

            65.89

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

 

 

 

 

 

 

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

                 (1.94)

          (1.58)

                (1.07)

              (3.52)

               (1.61)

           (1.76)

Other Comprehensive Income (Net of tax) (B)

                 (4.48)

             6.46

                40.54

                1.98

               48.92

            64.13

Total Comprehensive Income (A+B)

                115.82

         154.17

              160.79

            269.99

             321.65

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.

                    1.90

                2.35

                  1.90

                4.25

                 4.32

              8.47

 

 

Notes:

1.  For the quarter, Revenue from operations at Rs 847 crores increased by 7% over corresponding quarter of the previous year. Profit before exceptional items at Rs 162 crores for the quarter is marginally lower as compared to corresponding quarter of previous year, on account of higher commodity costs and higher spends on advertisement and sales charges partly offset by increase in other income attributable to reversal of provisions. Tax charge for the current quarter is net of reversal of earlier years of Rs 10 crores.

2.  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.

3.  Effective April 1, 2018, the Company has adopted Ind AS 115 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.

4.  Statement of Assets and Liabilities as at September 30, 2018 is annexed.

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 October 30, 2018 and subsequently taken on record by the Board of Directors at its meeting held on October 30, 2018. 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: October 30, 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

Unaudited Statement of Assets and Liabilities as at September 30, 2018

Rs. In Crores

 

As at September 30 2018

As at March 31 2018

ASSETS

 

 

Non-Current Assets

 

 

Property, Plant and Equipment

                          218.82

207.59

Capital work-in-progress

                              4.64

11.49

Investment Property

                              0.66

0.67

Intangible Assets

                            16.65

19.21

Intangible Assets under development

                              1.81

1.16

Financial Assets

 

 

Investments

2303.68

2284.28

Loans

                            18.69

20.44

Other Financial Assets

                            22.58

22.05

Deferred Tax Assets (Net)

                            55.96

99.01

Non-Current Tax Assets (Net)

                            45.31

42.90

Other Non-Current Assets

                            81.97

82.94

 

2770.77

2791.74

Current assets

 

 

Inventories

                          898.62

744.40

Financial Assets

 

 

Investments

                          270.30

536.98

Trade Receivables

                          301.16

136.66

Cash and Cash Equivalents

                          409.28

232.80

Other Bank Balances

                            83.52

302.47

Loans

                            59.09

8.10

Other Financial Assets

                            51.87

34.09

Other Current Assets

                          154.73

104.93

 

2228.57

2100.43

TOTAL ASSETS

4999.34

4892.17

EQUITY AND LIABILITIES

 

 

Equity

 

 

Equity share capital

                            63.11

63.11

Other Equity

4237.78

4150.24

TOTAL EQUITY

4300.89

4213.35

Non-Current Liabilities

 

 

Provisions

111.84

                    109.65

 

111.84

109.65

Current Liabilities

 

 

Financial Liabilities

 

 

Borrowings

35.00

                       84.25

Trade Payables

 

 

Due to Micro and Small Enterprises

1.98

4.17

Due to Others

331.93

                    244.29

Other Financial Liabilities

                            85.93

                       91.33

Other Current Liabilities

                            63.35

                       71.88

Provisions

20.35

                       47.30

Current Tax Liabilities (Net)

48.07

                       25.95

 

586.61

569.17

TOTAL EQUITY AND LIABILITIES

4999.34

4892.17

 

 

 

 

 

 

 

 

 

 

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 six months ended September 30, 2018

                 Rs. In Crores

Particulars

Three months ended

Year to Date ended

Year Ended

September 30, 2018

June 30, 2018

September 30, 2017

September 30, 2018

September 30, 2017

March 31, 2018

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Audited

 Revenue from Operations

1760.87

1802.59

1692.14

3563.46

3396.56

6815.35

 Other Income

70.79

28.52

33.54

99.31

47.88

94.15

 Total Income

1831.66

1831.11

1725.68

3662.77

3444.44

6909.50

 Cost of Materials Consumed

842.00

777.36

777.08

1619.36

1568.74

3203.22

 Purchase of stock in trade

174.86

214.69

105.93

389.55

233.91

542.89

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

(18.85)

(11.69)

39.50

(30.54)

29.37

(46.80)

 Employee Benefits Expense

194.95

203.20

200.74

398.15

403.96

821.37

 Finance Costs

11.47

12.57

9.62

24.04

20.68

42.76

 Depreciation and Amortisation Expense

30.48

29.49

29.47

59.97

58.52

116.04

 Advertisement and Sales charges

144.65

118.05

128.76

262.70

246.95

508.91

 Other Expenses

256.61

252.21

226.17

508.82

455.50

946.85

 Total Expenses

1636.17

1595.88

1517.27

3232.05

3017.63

6135.24

 Profit before Exceptional Items and Tax

195.49

235.23

208.41

430.72

426.81

774.26

 Exceptional Items (Net)

(6.72)

(18.18)

(12.18)

(24.90)

(7.07)

(21.13)

 Profit before Tax

188.77

217.05

196.23

405.82

419.74

753.13

 Tax Expense

(63.68)

(83.45)

(72.75)

(147.13)

(153.29)

(185.87)

 Net Profit after Tax

125.09

133.60

123.48

258.69

266.45

567.26

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

58.87

(5.46)

31.01

53.41

29.85

(10.76)

 Group Consolidated Net Profit (A)

183.96

128.14

154.49

312.10

296.30

556.50

 Attributable to :

 

 

 

 

 

 

 Owners of the Parent

169.73

116.24

143.80

285.97

268.24

495.56

 Non Controlling Interest

14.23

11.90

10.69

26.13

28.06

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

16.88

25.88

6.28

42.76

23.30

59.97

 Changes in fair valuation of equity instruments

(2.11)

3.06

43.10

0.95

52.08

59.40

  

14.77

28.94

49.38

43.71

75.38

119.37

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

 

 

 

 

 

 

 Exchange differences on translation of foreign operations

267.83

(0.13)

163.62

267.70

274.85

407.80

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

(15.80)

2.20

(4.27)

(13.60)

(15.60)

(21.86)

  

252.03

2.07

159.35

254.10

259.25

385.94

 Total Other Comprehensive Income, net of tax  (B)

266.80

31.01

208.73

297.81

334.63

505.31

 Attributable to :

 

 

 

 

 

 

 Owners of the Parent

227.33

31.63

181.49

258.96

291.37

436.30

 Non Controlling Interest

39.47

(0.62)

27.24

38.85

43.26

69.01

 Total Comprehensive Income (A+B)

450.76

159.15

363.22

609.91

630.93

1061.81

 Attributable to :

 

 

 

 

 

 

 Owners of the Parent

397.06

147.87

325.29

544.93

559.61

931.86

 Non Controlling Interest

53.70

11.28

37.93

64.98

71.32

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

2.69

1.84

2.28

4.53

4.25

7.85

 

Notes:

1.  For the quarter, Revenue from operations increased by 7% after excluding the impact of business exit as compared to the corresponding quarter of the previous year. At constant currency revenue growth is 4%. Profit before exceptional items at Rs 195 Crores is lower as compared to corresponding quarter of the previous year mainly due to higher commodity cost and higher spends behind brands and listings partly offset by higher other income attributable to reversal of provisions and profit on sale of property. The Group net profit for the quarter is higher by 19% mainly on account of lower tax and higher share of profits from Associates and Joint Ventures.

2.  Exceptional items for the current quarter represent redundancy costs relating to business restructure. Exceptional items for the corresponding quarter of the previous year represents cost relating to restructuring of operating model in certain markets.

3.  Share of profits in Associates and Joint Ventures include a credit of Rs 37 Crores on account of recognition of deferred tax assets. Further, share of profits include results of an Associate, relating to North India plantations which are seasonal in nature. In respect of a subsidiary, the Madras High Court has, during the quarter, passed a judgement, on a stamp duty matter relating to certain tea and coffee estates acquired by the subsidiary in an earlier year, remanding the matter to the jurisdictional officer for due consideration and assessment in accordance with law. The assessment is to commence and the amount of stamp duty payable is indeterminate.   

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 to date ended

Year ended

Sep 30, 2018

Jun 30, 2018

Sep 30, 2017

Sep 30, 2018

Sep 30, 2017

March 31, 2018

Total Income 

921.43

968.50

846.97

1889.93

1751.43

3364.90

Profit before Tax

162.02

215.84

164.56

377.86

379.16

723.47

Profit after Tax

120.30

147.71

120.25

268.01

272.73

534.32

Total Comprehensive Income

115.82

154.17

160.79

269.99

321.65

598.45

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

1.90

2.35

1.90

4.25

4.32

8.47

 

5.  Effective April 1, 2018, the Group has adopted Ind AS 115 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.

6.  The Consolidated Statement of Assets and Liabilities as at September 30, 2018 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 October 30, 2018 and subsequently taken on record by the Board of Directors at its Meeting held on October 30, 2018. The Statutory Auditors of the Company have conducted limited review on these results.

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

Consolidated Segment wise Revenue, Results, Assets and Liabilities

 for the quarter and six months ended September 30, 2018

                 Rs. In Crores

Particulars

  Three months ended

  Year to Date ended

 Year ended

September 30, 2018

June 30, 2018

September 30, 2017

September 30, 2018

September 30, 2017

 March 31, 2018

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Audited

Segment Revenue

 

 

 

 

 

 

Branded Business

 

 

 

 

 

 

(a) Tea

1248.22

1314.31

1208.42

2562.53

2454.08

4922.79

(b) Coffee

303.47

291.66

290.00

595.13

539.85

1079.52

(c) Others

6.36

10.16

8.97

16.52

17.84

35.73

Total Branded Business

1558.05

1616.13

1507.39

3174.18

3011.77

6038.04

Non Branded Business

209.66

192.85

197.37

402.51

406.73

815.17

Total Segment Revenue

1767.71

1808.98

1704.76

3576.69

3418.50

6853.21

Less: Inter segment Sales

(6.84)

(6.39)

(12.62)

(13.23)

(21.94)

(37.86)

Revenue from Operations

1760.87

1802.59

1692.14

3563.46

3396.56

6815.35

Segment Results

 

 

 

 

 

 

Branded Business

 

 

 

 

 

 

(a) Tea

165.01

210.02

166.22

375.03

349.34

689.72

(b) Coffee

38.14

43.50

51.12

81.64

91.22

197.63

(c) Others

(6.51)

(3.75)

(2.31)

(10.26)

(5.48)

(18.24)

Total Branded Business

196.64

249.77

215.03

446.41

435.08

869.11

Non Branded Business

10.06

17.70

15.26

27.76

45.99

41.71

Total Segment Results

206.70

267.47

230.29

474.17

481.07

910.82

Add/Less

 

 

 

 

 

 

Finance Cost

(11.47)

(12.57)

(9.62)

(24.04)

(20.68)

(42.76)

Unallocable items

(6.46)

(37.85)

(24.44)

(44.31)

(40.65)

(114.93)

Profit Before Tax

188.77

217.05

196.23

405.82

419.74

753.13

Segment Assets

 

 

 

 

 

 

Branded Business

 

 

 

 

 

 

(a) Tea

4965.22

4339.96

4468.09

4965.22

4468.09

4420.96

(b) Coffee

2022.07

1909.08

1778.84

2022.07

1778.84

1772.84

(c) Others

41.39

34.92

39.39

41.39

39.39

47.41

Total Branded Business

7028.68

6283.96

6286.32

7028.68

6286.32

6241.21

Non Branded Business

1426.49

1316.07

1075.01

1426.49

1075.01

1255.68

Total Segment Assets

8455.17

7600.03

7361.33

8455.17

7361.33

7496.89

Unallocable Corporate Assets

2890.27

3142.56

2777.18

2890.27

2777.18

3095.32

Total Assets

11345.44

10742.59

10138.51

11345.44

10138.51

10592.21

Segment Liabilities

 

 

 

 

 

 

Branded Business

 

 

 

 

 

 

(a) Tea

811.48

783.01

826.90

811.48

826.90

794.52

(b) Coffee

216.17

177.96

165.46

216.17

165.46

163.78

(c) Others

11.05

4.78

12.26

11.05

12.26

18.18

Total Branded Business

1038.70

965.75

1004.62

1038.70

1004.62

976.48

Non Branded Business

183.22

132.57

125.09

183.22

125.09

140.35

Total Segment Liabilities

1221.92

1098.32

1129.71

1221.92

1129.71

1116.83

Unallocable Corporate Liabilities

1689.02

1455.44

1401.28

1689.02

1401.28

1434.74

Total Liabilities

2910.94

2553.76

2530.99

2910.94

2530.99

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: October 30, 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

Unaudited Consolidated Statement of Assets and Liabilities as at September 30, 2018

                 Rs. In Crores

 

As at September 30, 2018

As at March 31, 2018

ASSETS

 

 

Non-Current Assets

 

 

Property Plant and Equipment

753.29

739.71

Capital Work in Progress

427.78

129.52

Investment Property

52.07

50.33

Goodwill

3978.99

3723.50

Other Intangible Assets

296.18

284.64

Intangible Assets under Development

4.60

5.64

Investments accounted for using Equity method

334.90

262.84

Financial Assets

 

 

Investments

332.74

329.96

Loans

19.28

21.02

Other Financial Assets

30.80

40.22

Deferred Tax Assets (Net)

89.01

131.77

Non-current Tax Assets (net)

56.22

56.48

Other Non Current Assets

247.85

281.57

 

6623.71

6057.20

Current Assets

 

 

Inventories

1689.27

1448.31

Financial Assets

 

 

Investments

330.96

568.53

Trade Receivables

815.78

648.28

Cash and Cash Equivalent

1020.85

933.49

Other Bank balances

85.69

304.65

Loans

321.08

272.25

Other Financial Assets

151.12

107.22

Current Tax Assets (net)

11.25

40.64

Other Current Assets

258.94

173.78

 

4684.94

4497.15

Assets of disposal group

36.79

37.86

TOTAL ASSETS

11345.44

10592.21

EQUITY AND LIABILITIES

 

 

Equity

 

 

Equity Share Capital

63.11

63.11

Other Equity

7327.35

6968.49

Equity attributable to the equity holders of the company

7390.46

7031.60

Non Controlling Interest

1044.04

1009.04

Total Equity

8434.50

8040.64

Non-Current Liabilities

 

 

Financial Liabilities

 

 

Borrowings

819.44

655.99

Other Financial Liabilities

6.46

6.37

Provisions

148.93

144.22

Deferred Tax Liabilities (Net)

139.01

131.45

Non Current Tax Liabilities

17.95

               16.97

 

1131.79

955.00

Current Liabilities

 

 

Financial Liabilities

 

 

Borrowings

401.80

400.19

Trade Payables

 

 

Due to Micro and Small Enterprises

2.52

4.75

Due to Others

823.27

700.98

Other Financial Liabilities

304.95

261.75

Other Current Liabilities

77.05

88.98

Provisions

102.94

98.80

Current Tax Liabilities (net)

54.57

30.59

 

1767.10

1586.04

   Liabilities of disposal group

12.05

10.53

TOTAL EQUITY AND LIABILITIES

11345.44

10592.21

 

 

 

 


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