REG - Tata Global Bev.Ltd - Half-year Results
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
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.ENDIR DMMGMFKVGRZM
Recent news on Tata Consumer Products
See all newsREG - Stock Exch Notice Tata Cnsmr Prod-TGBA - Cancellation - Tata Consumer Products Limited
AnnouncementREG - Tata Consumer Prod. - Intention to cancel listing from the official list
AnnouncementREG - Tata Consumer Prod. - Intention to cancel listing from the Official List
AnnouncementREG - Tata Consumer Prod. - Notice of AGM
AnnouncementREG - Tata Consumer Prod. - Grant of fourth tranche of PSU
Announcement