REG - Tata Global Bev.Ltd - 3rd Quarter Results
RNS Number : 2187PTata Global Beverages Limited06 February 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 Standalone Financial Results for the quarter and nine months ended December 31, 2018
Rs. in Crores
Particulars
Three months ended
Year to date ended
Year ended
December 31, 2018
September
30, 2018December
31, 2017December 31, 2018
December
31, 2017March 31, 2018
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Audited
Revenue from Operations
889.73
847.28
848.43
2645.61
2502.67
3217.32
Other Income
21.85
74.15
26.29
155.90
123.48
147.58
Total Income
911.58
921.43
874.72
2801.51
2626.15
3364.90
Cost of materials consumed
562.67
535.67
505.69
1555.11
1413.09
1871.55
Purchase of stock-in-trade
4.81
4.68
9.03
15.40
25.35
33.00
Changes in inventories of finished goods, work-in-progress & stock-in-trade
(27.59)
(19.96)
(20.02)
31.01
48.26
(1.67)
Employees benefits expense
55.99
56.14
56.55
167.18
158.03
208.13
Finance costs
3.56
2.69
3.51
9.94
10.13
13.65
Depreciation and amortisation expense
7.91
7.72
6.99
22.95
19.88
27.20
Advertisement and sales charges
54.62
67.73
52.62
163.70
154.73
216.12
Other expenses
125.25
104.74
96.08
334.00
272.02
388.81
Total Expenses
787.22
759.41
710.45
2299.29
2101.49
2756.79
Profit before Exceptional Items and Tax
124.36
162.02
164.27
502.22
524.66
608.11
Exceptional Items (Net)
-
-
102.08
-
120.85
115.36
Profit before Tax
124.36
162.02
266.35
502.22
645.51
723.47
Tax Expense (Net of reversal)
(34.70)
(41.72)
(57.92)
(144.55)
(164.35)
(189.15)
Net Profit after Tax (A)
89.66
120.30
208.43
357.67
481.16
534.32
Other Comprehensive Income
i) Items that will not be reclassified to profit or loss (net of tax)
Remeasurement of defined benefit plans
(8.75)
(0.52)
7.89
(3.96)
6.99
12.58
Changes in fair valuation of equity instruments
3.92
(2.02)
6.96
4.63
58.39
53.31
(4.83)
(2.54)
14.85
0.67
65.38
65.89
ii) Items that will be reclassified to profit or loss (net of tax)
Gains/(loss) on effective portion of cash flow hedges
5.28
(1.94)
0.70
1.76
(0.91)
(1.76)
Other Comprehensive Income (Net of tax) (B)
0.45
(4.48)
15.55
2.43
64.47
64.13
Total Comprehensive Income (A+B)
90.11
115.82
223.98
360.10
545.63
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.
1.42
1.90
3.30
5.67
7.62
8.47
Notes:
1. For the quarter, Revenue from operations at Rs 890 crores increased by 5% over corresponding quarter of the previous year. Profit before tax at Rs 124 crores is lower as compared to corresponding quarter of previous year on account of higher commodity costs and discretionary/one off items. Consequently Profit after tax at Rs 90 crores is lower.
2. Exceptional item for the corresponding quarter of the previous year mainly represents profit on divestment of stake in an Associate of Rs 105 crores.
3. The Company has organized its business into Branded Segment and Non Branded Segment. Branded Segment is further categorized as Branded Tea, Branded Coffee and the residual as Branded Others. As per the threshold limits prescribed under Indian Accounting Standard (Ind AS-108) on "Segment Reporting", the Company's reportable activity falls within a single business segment and hence, the segment disclosure requirements are not applicable.
4. Effective April 1, 2018, the Company has adopted Ind AS 115 - Revenue from Contracts with Customers, 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.
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 February 4, 2019 and subsequently taken on record by the Board of Directors at its meeting held on February 5, 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
Firm's Registration No. 117366W/W-100018
Sanjiv V. Pilgaonkar
Partner
Membership No. 039826
Mumbai: February 5, 2019
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 Consolidated Financial Results for the quarter and nine months ended December 31, 2018
Rs. in Crores
Particulars
Three months ended
Year to Date ended
Year Ended
December
31, 2018September 30, 2018
December 31, 2017
December 31, 2018
December 31, 2017
March 31, 2018
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Audited
Revenue from Operations
1912.58
1760.87
1730.39
5476.04
5126.95
6815.35
Other Income
22.59
70.79
20.55
121.90
68.43
94.15
Total Income
1935.17
1831.66
1750.94
5597.94
5195.38
6909.50
Cost of Materials Consumed
861.77
842.00
836.92
2481.13
2405.66
3203.22
Purchase of stock in trade
148.69
174.86
110.63
538.24
344.54
542.89
Changes in inventories of finished goods, work in progress and stock in trade
46.47
(18.85)
(20.04)
15.93
9.33
(46.80)
Employee Benefits Expense
205.14
194.95
206.71
603.29
610.67
821.37
Finance Costs
12.95
11.47
8.50
36.99
29.18
42.76
Depreciation and Amortisation Expense
29.62
30.48
29.05
89.59
87.57
116.04
Advertisement and Sales charges
155.23
144.65
126.68
417.93
373.63
508.91
Other Expenses
299.06
256.61
234.41
807.88
689.91
946.85
Total Expenses
1758.93
1636.17
1532.86
4990.98
4550.49
6135.24
Profit before Exceptional Items and Tax
176.24
195.49
218.08
606.96
644.89
774.26
Exceptional Items (Net)
-
(6.72)
(12.41)
(24.90)
(19.48)
(21.13)
Profit before Tax
176.24
188.77
205.67
582.06
625.41
753.13
Tax Expense (Net of reversal)
(54.92)
(63.68)
(19.56)
(202.05)
(172.85)
(185.87)
Net Profit after Tax
121.32
125.09
186.11
380.01
452.56
567.26
Share of net profit/(loss) in Associates and Joint Ventures using equity method
(12.43)
58.87
2.53
40.98
32.38
(10.76)
Group Consolidated Net Profit (A)
108.89
183.96
188.64
420.99
484.94
556.50
Attributable to :
Owners of the Parent
99.32
169.73
167.87
385.29
436.11
495.56
Non Controlling Interest
9.57
14.23
20.77
35.70
48.83
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
(13.19)
16.88
20.34
29.57
43.64
59.97
Changes in fair valuation of equity instruments
4.15
(2.11)
8.31
5.10
60.39
59.40
(9.04)
14.77
28.65
34.67
104.03
119.37
ii) Items that will be reclassified to profit or loss (Net of tax)
Exchange differences on translation of foreign operations
(288.81)
267.83
(75.74)
(21.11)
199.11
407.80
Gains/(loss) on Effective portion of cash flow hedges
7.02
(15.80)
2.75
(6.58)
(12.85)
(21.86)
(281.79)
252.03
(72.99)
(27.69)
186.26
385.94
Total Other Comprehensive Income, net of tax (B)
(290.83)
266.80
(44.34)
6.98
290.29
505.31
Attributable to :
Owners of the Parent
(248.06)
227.33
(36.12)
10.90
255.25
436.30
Non Controlling Interest
(42.77)
39.47
(8.22)
(3.92)
35.04
69.01
Total Comprehensive Income (A+B)
(181.94)
450.76
144.30
427.97
775.23
1061.81
Attributable to :
Owners of the Parent
(148.74)
397.06
131.75
396.19
691.36
931.86
Non Controlling Interest
(33.20)
53.70
12.55
31.78
83.87
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
1.57
2.69
2.66
6.10
6.91
7.85
Notes:
1. For the quarter, Revenue from operations increased by 12% after excluding the impact of business exit as compared to the corresponding quarter of the previous year. At constant currency revenue growth is 7%. Profit before tax at Rs 176 Crores is lower as compared to corresponding quarter of the previous year mainly due to higher commodity cost, increased spends behind brands and discretionary/one off items. The Group net profit for the quarter is lower mainly on account of deferred tax credit of Rs 53 Crores recognised in corresponding quarter of the previous year arising on account of changes in US tax legislation reducing the tax rates, and lower share of profits from Associates and Joint Ventures.
2. Exceptional items for the corresponding quarter of the previous year represents redundancy and restructuring expenditure of Rs 41 Crores partly offset by profit on disposal of an Associate of Rs 29 Crores.
3. Share of profits in Associates and Joint Ventures include results of an Associate, operating in North India plantations which are seasonal in nature.
4. Effective April 1, 2018, the Group has adopted Ind AS 115 - Revenue from Contracts with Customers, 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.
5. Previous period's figures have been regrouped / rearranged, to the extent necessary, to conform to current period's classifications.
6. The aforementioned results were reviewed by the Audit Committee of the Board on February 4, 2019 and subsequently taken on record by the Board of Directors at its Meeting held on February 5, 2019. The Statutory Auditors of the Company have conducted limited review on these results.
7. The Consolidated and Standalone result for the quarter and nine months ended December 31, 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: February 5, 2019
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 nine months ended December 31, 2018
Rs. in Crores
Particulars
Three months ended
Year to Date ended
Year ended
December 31, 2018
September 30, 2018
December 31, 2017
December 31, 2018
December 31, 2017
March 31, 2018
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Audited
Segment Revenue
Branded Business
(a) Tea
1389.11
1248.22
1291.47
3951.64
3745.55
4922.79
(b) Coffee
326.25
303.47
253.23
921.38
793.08
1079.52
(c) Others
6.95
6.36
8.22
23.47
26.06
35.73
Total Branded Business
1722.31
1558.05
1552.92
4896.49
4564.69
6038.04
Non Branded Business
198.75
209.66
188.97
601.26
595.70
815.17
Total Segment Revenue
1921.06
1767.71
1741.89
5497.75
5160.39
6853.21
Less: Inter segment Sales
(8.48)
(6.84)
(11.50)
(21.71)
(33.44)
(37.86)
Revenue from Operations
1912.58
1760.87
1730.39
5476.04
5126.95
6815.35
Segment Results
Branded Business
(a) Tea
168.16
165.01
193.32
543.19
542.66
689.72
(b) Coffee
44.06
38.14
63.08
125.70
154.30
197.63
(c) Others
(4.74)
(6.51)
(5.89)
(15.00)
(11.37)
(18.24)
Total Branded Business
207.48
196.64
250.51
653.89
685.59
869.11
Non Branded Business
5.96
10.06
6.02
33.72
52.01
41.71
Total Segment Results
213.44
206.70
256.53
687.61
737.60
910.82
Add/Less
Finance Cost
(12.95)
(11.47)
(8.50)
(36.99)
(29.18)
(42.76)
Unallocable items
(24.25)
(6.46)
(42.36)
(68.56)
(83.01)
(114.93)
Profit Before Tax
176.24
188.77
205.67
582.06
625.41
753.13
Segment Assets
Branded Business
(a) Tea
5048.26
4965.22
4730.62
5048.26
4730.62
4420.96
(b) Coffee
1880.21
2022.07
1655.87
1880.21
1655.87
1772.84
(c) Others
41.61
41.39
41.09
41.61
41.09
47.41
Total Branded Business
6970.08
7028.68
6427.58
6970.08
6427.58
6241.21
Non Branded Business
1430.23
1426.49
1157.09
1430.23
1157.09
1255.68
Total Segment Assets
8400.31
8455.17
7584.67
8400.31
7584.67
7496.89
Unallocable Corporate Assets
2631.17
2890.27
2672.63
2631.17
2672.63
3095.32
Total Assets
11031.48
11345.44
10257.30
11031.48
10257.30
10592.21
Segment Liabilities
Branded Business
(a) Tea
783.79
811.48
852.30
783.79
852.30
794.52
(b) Coffee
212.63
216.17
129.77
212.63
129.77
163.78
(c) Others
17.63
11.05
7.96
17.63
7.96
18.18
Total Branded Business
1014.05
1038.70
990.03
1014.05
990.03
976.48
Non Branded Business
189.33
183.22
120.11
189.33
120.11
140.35
Total Segment Liabilities
1203.38
1221.92
1110.14
1203.38
1110.14
1116.83
Unallocable Corporate Liabilities
1580.42
1689.02
1390.57
1580.42
1390.57
1434.74
Total Liabilities
2783.80
2910.94
2500.71
2783.80
2500.71
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: February 5, 2019 (Managing Director and CEO)
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.ENDQRTUGUBUPUPBUMQ
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