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

Tata Global Bev.Ltd - Half-year Results

Thu 7th November, 2019 7:00am
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RNS Number : 6117S
Tata Global Beverages Limited
07 November 2019
 
 
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, 2019
Rs. In Crores
 Particulars                                                                    Three months ended                                        Year to Date ended                      Year Ended
                                                                                September 30, 2019     June 30, 2019  September 30, 2018  September 30, 2019  September 30, 2018  March 31, 2019
                                                                                Unaudited              Unaudited      Unaudited           Unaudited           Unaudited           Audited
  Revenue from Operations                                                       1834.06                1897.13        1760.87             3731.19             3563.46             7251.50
  Other Income                                                                  25.29                  30.53          70.79               55.82               99.31               157.13
  Total Income                                                                  1859.35                1927.66        1831.66             3787.01             3662.77             7408.63
  Cost of Materials Consumed                                                    857.27                 832.48         842.00              1689.75             1619.36             3294.18
  Purchase of stock in trade                                                    174.62                 164.13         174.86              338.75              389.55              727.87
 Changes in inventories of finished goods, work in progress and stock in trade  (21.63)                60.66          (18.85)             39.03               (30.54)             (14.41)
  Employee Benefits Expense                                                     199.00                 202.10         194.95              401.10              398.15              806.30
  Finance Costs                                                                 20.07                  18.24          11.47               38.31               24.04               52.47
  Depreciation and Amortisation Expense                                         46.82                  46.00          30.48               92.82               59.97               122.57
  Advertisement and Sales charges                                               136.69                 108.36         144.65              245.05              262.70              547.52
  Other Expenses                                                                253.46                 264.60         256.61              518.06              508.82              1104.13
  Total Expenses                                                                1666.30                1696.57        1636.17             3362.87             3232.05             6640.63
  Profit before Exceptional Items and Tax                                       193.05                 231.09         195.49              424.14              430.72              768.00
  Exceptional Items (Net)                                                               (1.50)         (8.06)         (6.72)              (9.56)              (24.90)             (33.29)
  Profit before Tax                                                             191.55                 223.03         188.77              414.58              405.82              734.71
  Tax Expense
  Current tax                                                                   (32.17)                (72.78)        (54.56)             (104.95)            (134.82)            (256.03)
  Deferred tax                                                                  (16.15)                (1.14)         (9.12)              (17.29)             (12.31)             (4.85)
  Total Tax Expense (Net)                                                       (48.32)                (73.92)        (63.68)             (122.24)            (147.13)            (260.88)
  Net Profit after Tax                                                          143.23                 149.11         125.09              292.34              258.69              473.83
  Share of net profit/(loss) in Associates and Joint Ventures using equity      9.24                   (7.43)         58.87               1.81                53.41               (16.85)
 method
  Group Consolidated Net Profit (A)                                             152.47                 141.68         183.96              294.15              312.10              456.98
  Attributable to :
  Owners of the Parent                                                          137.74                 125.33         169.73              263.07              285.97              408.19
  Non Controlling Interest                                                      14.73                  16.35          14.23               31.08               26.13               48.79
  Other Comprehensive Income
  i) Items that will not be reclassified to profit or loss
  Remeasurement of the defined benefit plans                                    20.75                  (3.86)         20.00               16.89               52.80               86.47
  Changes in fair valuation of equity instruments                               (4.25)                 4.04           (2.11)              (0.21)              0.95                (5.20)
                                                                                16.50                  0.18           17.89               16.68               53.75               81.27
  Tax impact on above items                                                     (4.78)                 2.61           (3.12)              (2.17)              (10.04)             (13.27)
                                                                                11.72                  2.79           14.77               14.51               43.71               68.00
  ii) Items that will be reclassified to profit or loss
  Exchange differences on translation of foreign operations                     30.88                  (90.61)        267.83              (59.73)             267.70              17.04
  Gains/(loss) on effective portion of cash flow hedges                         (24.06)                22.92          (21.81)             (1.14)              (20.98)             (12.06)
                                                                                6.82                   (67.69)        246.02              (60.87)             246.72              4.98
  Tax impact on above items                                                     4.63                   (5.67)         6.01                (1.04)              7.38                0.88
                                                                                11.45                  (73.36)        252.03              (61.91)             254.10              5.86
  Total Other Comprehensive Income (B)                                          23.17                  (70.57)        266.80              (47.40)             297.81              73.86
  Attributable to :
  Owners of the Parent                                                          21.40                  (57.80)        227.33              (36.40)             258.96              70.58
  Non Controlling Interest                                                      1.77                   (12.77)        39.47               (11.00)             38.85               3.28
  Total Comprehensive Income (A+B)                                              175.64                 71.11          450.76              246.75              609.91              530.84
  Attributable to :
  Owners of the Parent                                                          159.14                 67.53          397.06              226.67              544.93              478.77
  Non Controlling Interest                                                      16.50                  3.58           53.70               20.08               64.98               52.07
  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                                                                                                                                          7246.72
  Earnings per share (Basic & Diluted) (not annualised for the period) -        2.18                   1.99           2.69                4.17                4.53                6.47
 Rs
 
 
Notes:
1. (a) For the quarter, Revenue from operations increased by 4% driven by
improvements in both branded and non-branded business. At constant currency
revenue growth is 5%. Profit before taxes, excluding one-off items included
under Other Income in the prior year, is higher by 28%. Improvement is driven
by branded business, both India and International, coupled with stable
performance in non-branded businesses. Further, during the quarter, tax has
been provided for, wherever applicable, at the reduced rate in accordance with
the Taxation Laws (Amendment) Ordinance, 2019. The one time impact of the tax
rate change on the Group Consolidated Net Profit of the current quarter is a
charge of Rs 9 Crores, arising mainly on account of reversal of opening net
deferred tax assets (inclusive of impact referred to in note b below).
(b) Share of profits in Associates and JV's for the current quarter includes a
charge of Rs 14 Crores due to reversal of opening deferred tax assets as a
result of reduced tax rate whereas the quarter ended 30th September 2018 had a
credit of Rs 37 Crores on recognition of deferred tax assets in a Joint
Venture.
(c) Group Consolidation Net Profit, excluding the impact of one off items as
explained above, is higher by 45% as compared to corresponding quarter of the
previous year.
 2. a) The Board of Directors of the Holding Company in its meeting held on
May 15, 2019, as a part of business reorganisation, had approved the scheme of
merger of consumer product business of Tata Chemicals Limited with the Company
in terms of a scheme of arrangement under Section 230-232 and other applicable
provisions of the Companies Act, 2013. The appointed date of the scheme is
April 1, 2019. The Scheme would become effective after receipt of all
requisite statutory and NCLT approvals, including shareholders' approval. The
results of the said business will be included in the consolidated results,
with effect from the appointed date, on receipt of all requisite approvals.
 b) The Holding Company during the current quarter completed the acquisition
of the branded tea business of Dhunseri Tea and Industries Limited.
 3. Exceptional item for the current quarter represent costs relating to the
proposed scheme of merger and acquisition (Refer Note 2). Exceptional items
for the corresponding quarter of the previous year represent redundancy costs
relating to internal restructure.
4.  Share of profits/(loss) in Associates and Joint Ventures include the
profits of an Associate operating in North India plantations, which are
seasonal in nature.
5. Effective April 1, 2019, the Group has adopted Ind AS 116 - Leases and
applied the revised standard to all lease contracts thereby capitalising
assets taken on operating lease existing on April 1, 2019, using the modified
retrospective method, with the cumulative adjustment to retained earnings.
Accordingly, comparatives for the year ended March 31, 2019 have not been
restated. On transition, the cumulative effect of applying the standard
resulted in Rs 63 Crores being debited to retained earnings, net of taxes.
6.  The Consolidated Statement of Assets and Liabilities as at September 30,
2019 and Consolidated Cash Flow Statement for the period ended September 30,
2019 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 29, 2019 and subsequently taken on record by the Board of
Directors at its Meeting held on October 30, 2019. 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, 2019 are available on the BSE website (URL: www.bseindia.com),
the National Stock Exchange website (URL: www.nseindia.com) and on the
Company's website (URL: www.tataglobalbeverages.com
(http://www.tataglobalbeverages.com) ).
 
 In terms of our report attached
 For DELOITTE HASKINS & SELLS LLP
 Chartered Accountants                      Ajoy Misra
 Firm's Registration No. 117366W/W-100018   Managing Director and CEO
 Sanjiv V. Pilgaonkar
 Partner
 Membership No. 039826
 Mumbai: October 30, 2019
 
 
 
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 Segment wise Revenue, Results, Assets and Liabilities
 for the quarter and six months ended September 30, 2019
Rs. In Crores
 Particulars                            Three months                                           Year to Date                             Year
ended
                                      ended                                                  ended
                                      September 30, 2019  June 30, 2019  September 30, 2018  September 30, 2019   September 30, 2018    March 31, 2019
                                      Unaudited           Unaudited      Unaudited           Unaudited           Unaudited             Audited
 Segment Revenue
  Branded Business
  (a) Tea                             1299.72             1372.63        1248.22             2672.35             2562.53               5202.59
  (b) Coffee                          292.53              283.02         303.47              575.55              595.13                1202.84
  (c) Others                          7.00                6.04           6.36                13.04               16.52                 30.77
  Total Branded Business              1599.25             1661.69        1558.05             3260.94             3174.18               6436.20
  Non Branded Business                242.23              242.92         209.66              485.15              402.51                842.47
  Total Segment Revenue               1841.48             1904.61        1767.71             3746.09             3576.69               7278.67
  Less: Inter segment Sales           (7.42)              (7.48)         (6.84)              (14.90)             (13.23)               (27.17)
  Revenue from Operations             1834.06             1897.13        1760.87             3731.19             3563.46               7251.50
  Segment Results
  Branded Business
  (a) Tea                             163.52              197.63         165.01              361.15              375.03                694.38
  (b) Coffee                          57.81               50.89          38.14               108.70              81.64                 178.33
  (c) Others                          (3.61)              (3.30)         (6.51)              (6.91)              (10.26)               (21.22)
  Total Branded Business              217.72              245.22         196.64              462.94              446.41                851.49
  Non Branded Business                15.18               20.55          10.06               35.73               27.76                 41.58
  Total Segment Results               232.90              265.77         206.70              498.67              474.17                893.07
  Add/Less
  Finance Cost                        (20.07)             (18.24)        (11.47)             (38.31)             (24.04)               (52.47)
  Unallocable items                   (21.28)             (24.50)        (6.46)              (45.78)             (44.31)               (105.89)
  Profit Before Tax                   191.55              223.03         188.77              414.58              405.82                734.71
  Segment Assets
  Branded Business
  (a) Tea                             5013.36             4606.71        4965.22             5013.36             4965.22               4683.26
  (b) Coffee                          1948.23             1907.18        2022.07             1948.23             2022.07               1846.10
  (c) Others                          41.44               36.10          41.39               41.44               41.39                 30.31
  Total Branded Business              7003.03             6549.99        7028.68             7003.03             7028.68               6559.67
  Non Branded Business                1540.06             1541.49        1426.49             1540.06             1426.49               1483.92
  Total Segment Assets                8543.09             8091.48        8455.17             8543.09             8455.17               8043.59
  Unallocable Corporate Assets        2851.39             2968.15        2890.27             2851.39             2890.27               2895.13
  Total Assets                        11394.48            11059.63       11345.44            11394.48            11345.44              10938.72
  Segment Liabilities
  Branded Business
  (a) Tea                             977.30              913.28         811.48              977.30              811.48                722.98
  (b) Coffee                          274.42              230.01         216.17              274.42              216.17                155.39
  (c) Others                          14.02               12.57          11.05               14.02               11.05                 7.87
  Total Branded Business              1265.74             1155.86        1038.70             1265.74             1038.70               886.24
  Non Branded Business                161.29              155.34         183.22              161.29              183.22                169.88
  Total Segment Liabilities           1427.03             1311.20        1221.92             1427.03             1221.92               1056.12
  Unallocable Corporate Liabilities   1645.48             1595.83        1689.02             1645.48             1689.02               1523.23
  Total Liabilities                   3072.51             2907.03        2910.94             3072.51             2910.94               2579.35
 
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, 2019
                          (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,
2019
Rs. In Crores
                                                                             As at September 30, 2019  As at March 31, 2019
                                                                             Unaudited                 Audited
 ASSETS
 Non-Current Assets
 Property Plant and Equipment                                                1174.02                   808.80
 Capital Work in Progress                                                    61.94                     413.30
 Investment Property                                                         51.15                     51.60
 Right of Use Assets                                                         253.98                                        -
 Goodwill                                                                    3799.33                   3785.07
 Other Intangible Assets                                                     350.74                    267.84
 Intangible Assets under Development                                         6.08                      11.11
 Investments accounted for using Equity method                               307.93                    287.60
 Financial Assets
 Investments                                                                 316.27                    316.90
 Loans                                                                       20.11                     17.09
 Other Financial Assets                                                      28.46                     28.62
 Deferred Tax Assets (Net)                                                   60.78                     58.04
 Non-current Tax Assets (net)                                                52.77                     86.26
 Other Non Current Assets                                                    266.84                    258.52
                                                                             6750.40                   6390.75
 Current Assets
 Inventories                                                                 1628.55                   1609.86
 Financial Assets
 Investments                                                                 280.93                    583.16
 Trade Receivables                                                           848.21                    680.55
 Cash and Cash Equivalent                                                    934.89                    967.02
 Other Bank balances                                                         355.28                    66.59
 Loans                                                                       162.06                    245.01
 Other Financial Assets                                                      139.21                    131.40
 Current Tax Assets (net)                                                    2.55                      2.38
 Other Current Assets                                                        257.60                    224.83
                                                                             4609.28                   4510.80
 Assets of disposal group                                                    34.80                     37.17
  TOTAL ASSETS                                                               11394.48                  10938.72
  EQUITY AND LIABILITIES
  Equity
 Equity Share Capital                                                        63.11                     63.11
 Other Equity                                                                7241.75                   7268.58
 Equity attributable to the equity holders of the company                    7304.86                   7331.69
 Non Controlling Interest                                                    1017.11                   1027.68
 Total Equity                                                                8321.97                   8359.37
 Non-Current Liabilities
 Financial Liabilities
 Borrowings                                                                  804.46                    787.24
 Lease Liability                                                             233.46                                        -
 Other Financial Liabilities                                                 8.75                      7.61
 Provisions                                                                  163.32                    152.21
 Deferred Tax Liabilities (Net)                                              158.48                    145.45
 Non Current Tax Liabilities                                                 15.52                                    16.90
                                                                             1383.99                   1109.41
 Current Liabilities
 Financial Liabilities
 Borrowings                                                                  417.40                    329.66
 Lease Liability                                                             47.60                                         -
 Trade Payables
 Total outstanding dues of Micro enterprises and Small enterprises           3.23                      4.23
 Total outstanding dues of creditors other than Micro enterprises and Small  757.39                    660.67
 enterprises
 Other Financial Liabilities                                                 287.31                    304.77
 Other Current Liabilities                                                   85.74                     81.38
 Provisions                                                                  49.44                     49.51
 Current Tax Liabilities (net)                                               26.05                     27.95
                                                                             1674.16                   1458.17
 Liabilities of disposal group                                               14.36                     11.77
 TOTAL EQUITY AND LIABILITIES                                                11394.48                  10938.72
 
 
 
 
 
 
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 Cash Flows for the six months ended
September 30, 2019
Rs. In Crores
  Particulars                                                                   September 30,                                       September 30,
2019
2018
 A.   Cash Flow from Operating Activities
      Net Profit before Tax                                                     414.58                                              405.82
       Adjusted  for  :
  Depreciation and amortisation                                                 92.82                                               59.97
  Finance Cost                                                                  38.31                                               24.04
  Dividend Income                                                               (3.24)                                              (3.89)
  Profit on sale of current investments (net)                                   (18.06)                                             (11.84)
  Fair value movement in Financial instruments at fair value through profit     (1.24)                                              (11.40)
 and loss
  Interest Income                                                               (27.81)                                             (27.13)
  Unrealised foreign exchange (gain) / loss                                     (1.83)                                              (3.49)
  Impairment loss recognised in trade receivables                               0.12                                                0.44
  Other non operating income                                                    (1.83)                                              (25.21)
  (Profit) / Loss on sale of Property, Plant & Equipment including              0.03                                                (13.96)
 investment property (net)
  Rental Income from Investment Property                                        (1.21)                                              (1.02)
  Operating Profit before working capital changes                               490.64                                              392.33
      Adjustments for:
      Trade Receivables & Other Assets                                          (159.58)                                            (274.77)
      Inventories                                                               (21.96)                                             (208.21)
 Trade payables & Other Liabilities                                             22.37                                               42.21
  Cash generated from /(used in) operations                                     331.47                                              (48.44)
      Direct taxes paid                                                         (73.39)                                             (55.68)
  Net Cash from /(used in) Operating Activities                                 258.08                                              (104.12)
 B.  Cash Flow from Investing Activities
      Payment for  Property, Plant and Equipment including Intangibles          (89.67)                                             (164.09)
      Sale of Property, Plant and Equipment                                     1.75                                                22.03
      Acquisition of Business                                                   (101.01)                                            -
      Rental Income from Investment Property                                    1.21                                                1.02
      Purchase of Non-Current Investments                                       (0.16)                                              -
      Investments in Joint Ventures                                             (53.00)                                             (17.00)
      (Purchase) / Sale of Current Investments (net)                            321.27                                              258.78
      Dividend Income received (including dividend from associates &        4.73                                                5.14
 JVs)
      Interest Income received                                                  15.01                                               23.27
      (Placement) / Redemption Fixed deposits (net)                             (288.00)                                            220.00
      Inter Corporate Loans and Deposits (net)                                  86.04                                               (23.26)
  Net cash from /(used in) Investing Activities                                 (101.83)                                            325.89
 C.   Cash Flow from Financing Activities
      Proceeds / (Repayment) from Long term borrowings (net)                    (2.24)                                              89.23
      Availment / (Repayment) of short term borrowings (net)                    76.24                                               (3.01)
      Payment of Lease Liabilities                                              (19.10)                                             -
      Dividend & Dividend Tax paid                                              (216.06)                                            (215.33)
      Finance Cost paid                                                         (34.28)                                             (20.44)
  Net Cash used in Financing Activities                                         (195.44)                                            (149.55)
  Net increase / (decrease) in Cash and Cash Equivalents  (A+B+C)               (39.19)                                             72.22
  Opening balance of Cash & Cash Equivalent                                     737.48                                              698.17
       Exchange Gain/ (Loss) on translation of foreign currency cash/cash       (8.13)                                              8.19
 equivalents
  Closing Cash & Cash Equivalent                                                690.16                                              778.58
  Reconciliation with Balance Sheet
      Cash  and  Cash  Equivalents                                                             690.16                                            778.58
      Add : Bank Overdraft                                                                     244.73                                            242.27
      Less : Cash  and  Cash  Equivalents relating to disposal group                                   -                                                  -
  Balance at the end of the period                                              934.89                                              1020.85
 
 
 
 
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, 2019
 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
                                                                                 2019            2019              2018               2019            2018                                      2019
                                                                                 Unaudited       Unaudited         Unaudited          Unaudited       Unaudited                                 Audited
 Revenue from Operations                                                         914.14          968.82            847.28             1882.96         1755.88                                   3429.66
 Other Income                                                                       32.53        38.40             74.15              70.93           134.05                                        182.51
 Total Income                                                                    946.67          1007.22           921.43             1953.89         1889.93                                   3612.17
 Cost of materials consumed                                                      547.20          532.14            535.67             1079.34          992.44                                   2055.97
 Purchase of stock-in-trade                                                      13.10           6.50              4.68               19.60           10.59                                               23.65
 Changes in inventories of finished goods, work-in-progress &                     (3.59)         66.03              (19.96)           62.44           58.60                                     0.16
 stock-in-trade
 Employees benefits expense                                                      57.75           56.23             56.14              113.98          111.19                                    216.85
 Finance costs                                                                   5.57            5.49              2.69               11.06           6.38                                      13.18
 Depreciation and amortisation expense                                           15.34           13.68             7.72               29.02           15.04                                     31.68
 Advertisement and sales charges                                                 70.66           49.73             67.73              120.39          109.08                                    226.55
 Other expenses                                                                  105.33          111.30            104.74             216.63          208.75                                    468.21
 Total Expenses                                                                  811.36          841.10            759.41             1652.46         1512.07                                   3036.25
 Profit before Exceptional Items and Tax                                         135.31          166.12            162.02             301.43          377.86                                    575.92
 Exceptional Items (Net)                                                          (1.50)          (8.06)           -                   (9.56)                           -                       -
 Profit before Tax                                                               133.81          158.06            162.02             291.87          377.86                                    575.92
 Tax Expense
 Current Tax                                                                      (13.28)         (54.51)           (33.65)            (67.79)         (101.91)                                  (160.57)
 Deferred Tax                                                                     (20.83)        2.55               (8.07)             (18.28)         (7.94)                                    (4.42)
 Total Tax Expense ( net of reversals)                                            (34.11)         (51.96)          (41.72)             (86.07)         (109.85)                                  (164.99)
 Net Profit after Tax (A)                                                        99.70             106.10                120.30       205.80          268.01                                    410.93
 Other Comprehensive Income
 i) Items that will not be reclassified to profit or loss
 Remeasurement of defined benefit plans                                           (5.47)              (10.59)       (0.80)             (16.06)        7.36                                                  4.67
 Changes in fair valuation of equity instruments                                  (3.69)               3.48         (2.02)             (0.21)         0.71                                               (3.77)
                                                                                  (9.16)          (7.11)            (2.82)             (16.27)        8.07                                      0.90
 Tax impact of above items                                                        (0.31)         3.70              0.28               3.39             (2.57)                                    (1.80)
                                                                                  (9.47)          (3.41)            (2.54)             (12.88)        5.50                                       (0.90)
 ii) Items that will be reclassified to profit or loss
 Gains/(loss) on effective portion of cash flow hedges                            (2.78)         0.12               (2.99)             (2.66)          (5.41)                                   4.23
 Tax impact of above item                                                        0.92             (0.04)           1.05               0.88            1.89                                       (1.48)
                                                                                  (1.86)         0.08               (1.94)             (1.78)          (3.52)                                   2.75
 Other Comprehensive Income (B)                                                   (11.33)         (3.33)            (4.48)             (14.66)        1.98                                      1.85
 Total Comprehensive Income (A+B)                                                88.37           102.77            115.82             191.14          269.99                                    412.78
 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 Reserves                                                                                                                                                        4358.71
 Earnings per share (Basic & Diluted) (not annualised for the period) - Rs.      1.58            1.68              1.91               3.26            4.25                                      6.51
 
 
Notes:
 
1.  For the quarter, Revenue from operations at Rs. 914 crores increased by
8% over corresponding quarter of the previous year mainly on account of
branded business. Profit before exceptional items at Rs. 135 crores is lower
as compared to corresponding quarter of previous year on account of phasing of
dividend Income and due to one-time credits in the corresponding quarter of
the previous year. Consequently Profit before tax is lower than corresponding
quarter of the previous year. Further, during the quarter, tax has been
provided for at the reduced rate in accordance with the Taxation Laws
(Amendment) Ordinance, 2019. The impact of the reduced rate has been
recognised in the current quarter.
2.  a) The Board of Directors of the Company in its meeting held on May 15,
2019, as a part of business reorganisation, had approved the scheme of merger
of consumer product business of Tata Chemicals Limited with the Company in
terms of a scheme of arrangement under Section 230-232 and other applicable
provisions of the Companies Act, 2013. The appointed date of the scheme is
April 1, 2019. The Scheme would become effective after receipt of all
requisite statutory and NCLT approvals, including Shareholders approval. The
results of the said business will be included in the standalone results, with
effect from the appointed date, on receipt of all requisite approvals.
b) The Company during the current quarter completed the acquisition of the
branded tea business of Dhunseri Tea and Industries Limited.
3.  Exceptional item for the quarter represents costs incurred in relation to
the proposed scheme of merger and acquisition (Refer note 2).
4.  The Company has organised its business into Branded Segment and Non
Branded Segment. Branded Segment is further categorised 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.  Effective April 1, 2019, the Company has adopted Ind AS 116 - Leases and
applied the revised standard to all lease contracts thereby capitalising
assets taken on operating lease existing on April 1, 2019, using the modified
retrospective method, with the cumulative adjustments to retained earnings.
Accordingly, comparatives for the year ended March, 31 2019 have not been
restated. On transition, the cumulative effect of applying the standard
resulted in Rs 15 cores being debited to retained earnings, net of taxes.
6.  Statement of Assets and Liabilities as at September 30, 2019 along with
Cash flow statement for the period ended September 30, 2019 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 29, 2019 and subsequently taken on record by the Board of
Directors at its meeting held on October 30, 2019. 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                      Ajoy Misra
 Firm's Registration No. 117366W/W-100018   Managing Director and CEO
 Sanjiv V. Pilgaonkar
 Partner
 Membership No. 039826
 Mumbai: October 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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, 2019
 Rs. In Crores
                                                                             As at September 30, 2019                       As at March 31, 2019
                                                                             Unaudited                                      Audited
 ASSETS
 Non-Current Assets
 Property, Plant and Equipment                                                                222.65                        223.84
 Capital work-in-progress                                                                         5.00                      10.52
 Investment Property                                                                              0.65                      0.65
 Right of Use Assets                                                                            80.08                                                   -
 Goodwill                                                                                       16.10                                                   -
 Other Intangible Assets                                                                      106.61                        18.06
 Intangible Assets under development                                                              3.75                      6.73
 Financial Assets
 Investments                                                                 2343.30                                        2318.59
 Loans                                                                                          19.25                       16.77
 Other Financial Assets                                                                         47.92                       20.41
 Deferred Tax Assets (Net)                                                                      28.18                       33.86
 Non-Current Tax Assets (Net)                                                                   35.58                       63.38
 Other Non-Current Assets                                                                       80.76                       83.49
                                                                             2989.83                                        2796.30
 Current assets
 Inventories                                                                                  850.30                        846.91
 Financial Assets
 Investments                                                                                  214.18                        497.74
 Trade Receivables                                                                            358.33                        181.92
 Cash and Cash Equivalents                                                                    240.04                        408.96
 Other Bank Balances                                                                          352.74                        63.99
 Loans                                                                                            3.99                      8.13
 Other Financial Assets                                                                         45.62                       37.42
                                                                                                                            0.00
 Other Current Assets                                                                         178.73                        163.08
                                                                             2243.93                                        2208.15
 TOTAL ASSETS                                                                5233.76                                        5004.45
 EQUITY AND LIABILITIES
 Equity
 Equity Share Capital                                                                           63.11                       63.11
 Other Equity                                                                4369.95                                        4380.57
 TOTAL EQUITY                                                                4433.06                                        4443.68
 Non-Current Liabilities
 Financial Liabilities
 Lease Liability                                                                                73.70                                                   -
 Provisions                                                                  124.51                                                              115.25
                                                                             198.21                                         115.25
 Current Liabilities
 Financial Liabilities
 Borrowings                                                                  35.88                                                                   4.53
 Lease Liability                                                             28.39                                                                      -
 Trade Payables
 Total outstanding dues of Micro enterprises and Small enterprises           2.61                                                                    3.50
 Total outstanding dues of creditors other than Micro enterprises and Small  338.89                                                              235.92
 enterprises
 Other Financial Liabilities                                                                    84.37                                              99.17
 Other Current Liabilities                                                                      61.69                                              65.31
 Provisions                                                                  29.68                                                                 20.65
 Current Tax Liabilities (Net)                                               20.98                                                                 16.44
                                                                             602.49                                         445.52
 TOTAL EQUITY AND LIABILITIES                                                5233.76                                        5004.45
 
 
 
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 Cash Flows for the six months ended September 30, 2019
 Rs. In Crores
 Particulars                                                                  September 30,  September 30,
2019
2018
 A.     Cash  Flow  from  Operating  Activities
  Net Profit before Tax                                                       291.87         377.86
  Adjusted  for  :
  Depreciation and Amortisation                                               29.02          15.04
  Finance Cost                                                                11.06          6.38
  Dividend Income                                                             (32.89)        (67.38)
  Profit on sale of current investments (net)                                 (17.26)        (10.78)
  Fair value movement in Financial instruments at fair value through profit   (0.41)         (10.35)
 and loss
  Interest Income                                                             (18.11)        (20.38)
  Unrealised Exchange (Gain) / Loss                                           (0.02)         (1.33)
  Other Non Operating Income                                                  -              (25.21)
  (Profit) / Loss on sale of Property, Plant & Equipment (net)                0.01           0.12
  Operating Profit before working capital changes                             263.27         263.97
  Adjustments for:
     Trade Receivables & Other Assets                                         (197.23)       (229.68)
  Inventories                                                                 (3.39)         (154.22)
  Trade payables & Other Liabilities                                          80.58          66.44
  Cash generated from/(used in) Operations                                    143.23         (53.49)
  Direct Taxes paid (net)                                                     (35.45)        (47.19)
  Net  Cash  from/(used in)  Operating  Activities                            107.78         (100.68)
 B.   Cash  Flow  from  Investing  Activities
  Payment for  Property, Plant and Equipment and Intangibles                  (9.83)         (16.87)
  Sale of Property, Plant and Equipment                                       0.01           0.05
  Acquisition of Business                                                     (101.01)       -
  Investment in Joint Ventures                                                (53.00)        (17.00)
  (Purchase) / Sale of Current Investments (net)                              300.98         285.78
  Dividend Income received                                                    32.89          67.38
  Interest Income received                                                    12.80          20.33
  (Placement) / Redemption Fixed deposits (net)                               (288.00)       220.00
  Inter Corporate Deposits and Loans (net)                                    1.75           (48.25)
  Net  cash from / (used in) Investing  Activities                            (103.41)       511.42
 C.   Cash  Flow  from  Financing  Activities
 Availment/( Repayment) of short term borrowings (net)                        35.88          (25.00)
  Payment of Lease Liabilities                                                (11.08)        -
  Dividend & Dividend Tax paid                                                (186.90)       (182.45)
  Finance Cost paid                                                           (6.66)         (2.56)
  Net Cash from / (used in) Financing  Activities                             (168.76)       (210.01)
  Net increase / (decrease) in  Cash and Cash Equivalents  (A+B+C)            (164.39)       200.73
  Opening balance of Cash & Cash equivalent                                   404.43         208.55
  Closing Cash & Cash Equivalent                                              240.04         409.28
 
 
 
 
 
 
 
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