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Tata Global Bev.. (TGBL)

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Tuesday 29 July, 2014

Tata Global Bev..

1st Quarter Results

RNS Number : 5757N
Tata Global Beverages Limited.
29 July 2014
 



 

Tata Global Beverages Limited

Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020

 

Audited Financial Results

for three months ended June 30, 2014  

Rs. In Lakhs

 Particulars

Three Months Ended

Year Ended

June 30

2014

March 31

2014

June 30

2013

March 31

2014

Net Sales / Income from Operations (Net of excise duty)

70753

60553

66665

260990

Other Operating Income

1852

2722

1294

7305

Total Income from Operations (Net)

72605

63275

67959

268295

a) Cost of materials consumed

42251

44086

38556

173011

b) Purchase of stock-in-trade

               30

         200

          45

             344

c) Charges in inventories of finished goods and stock-in-trade

5216

(5118)

5497

(510)

d) Employee benefits expense

3600

2724

3417

13157

e) Depreciation & Amortization expense

451

397

404

1635

f) Other Expenses

12989

14758

12008

53899

Total Expenses

64537

57047

59927

241536

Profit from Operations before Other Income, Finance Cost & Exceptional Items

8068

6228

8032

26759

Other Income

755

7330

1330

18489

Profit from ordinary activities before Finance cost & Exceptional Items

8823

13558

9362

45248

Finance Cost

          (427)

       (940)

       (499)

(3920)

Profit from ordinary activities after Finance cost but before Exceptional Items

8396

12618

8863

41328

Exceptional items (Net)

(95)

(370)

2498

17221

Profit from ordinary activities before Tax 

8301

12248

11361

58549

Tax Expense

(2375)

(2112)

(2904)

(13852)

Net Profit for the period

5926

10136

8457

44697

Paid up Equity Share Capital (face value of Rs. 1 each)

6184

6184

6184

6184

Reserves excluding Revaluation Reserve




248955

Earnings per share (Basic & Diluted) (not annualised for the quarter) - Rs

0.96

1.64

1.37

7.23

PARTICULARS OF SHAREHOLDING





Public Shareholding





- Number of Shares

401315380

401315380

400715380

401315380

- Percentage of Shareholding

64.90%

64.90%

64.80%

64.90%

Promoters and Promoters Group Shareholding





(a) Pledged / Encumbered





- Number of Shares

11500000

11500000

40800000

11500000

- Percentage of shares ( as a percentage of the total shareholding of the promoter and promoter group )

5.30%

5.30%

18.74%

5.30%

- Percentage of shares ( as a percentage of the total share capital of the company)

1.86%

1.86%

6.60%

1.86%

(b) Non Encumbered





- Number of Shares

205583190

205583190

176883190

205583190

- Percentage of shares ( as a percentage of the total shareholding of the promoter and promoter group )

94.70%

94.70%

81.26%

94.70%

- Percentage of shares ( as a percentage of the total share capital of the company)

33.24%

33.24%

28.60%

33.24%

 

 

 

Notes:

1.  For the quarter, Income from operations at Rs 726 crores increased by 7% over corresponding quarter of previous year reflecting improved performance in the branded tea operations. Profit from Operations at Rs 81 crores is marginally ahead of the corresponding quarter of the previous year.  Profit after tax at Rs 59 crores is lower compared to the corresponding quarter of previous year due to impact of exceptional items in the previous year.

 

 

2.  Exceptional item during the quarter of Rs. 1 crore represents expenditure on restructuring activities. Exceptional items for the corresponding quarter of previous year represents profit from sale of Non current Investment Rs 36  crores partly offset by expenditure on new product development and long term initiatives in joint ventures aggregating to Rs 7 crores and expenditure on revision of post retirement pension obligations of Rs 4 crores.

 

 

3.  Earnings Per Share (EPS) (basic and diluted) and EPS, net of exceptional items (basic and diluted) for the quarter and the year are given below:

 

Earnings Per Share - Rs *

Earnings Per Share - Rs* (excluding impact of exceptional items)

 

               *Not annualized for the quarter end.

 

4.  Depreciation for the quarter has been computed applying the rates that were applicable for the previous financial year, pending assessment of useful lives/clarifications expected on the matter under the new Companies Act, 2013. Had the Company adopted the useful life as per Schedule II of the Companies Act 2013, the impact of the same is not expected to be material on the results.

 

 

5.  The Board of Directors of the Company in its meeting held on November 12, 2013 had approved the scheme of merger of its subsidiary, Mount Everest Mineral Water Limited (MEMW), with the Company in terms of a scheme of amalgamation under Section 391-394 and other applicable provisions of the Companies Act, 1956. The necessary approvals from the Stock exchanges and SEBI have been obtained. Further, the scheme was approved by the shareholders at the court convened meeting held on June 4, 2014 and also by non-promoter shareholders through postal ballot. The appointed date of the scheme is April 1, 2013. The scheme would be effective on the receipt of necessary approvals and completion of formalities as laid down there under. Accordingly, the operating results of MEMW would be reflected by the Company from the appointed date of April 1, 2013 after the scheme becomes effective post obtaining all the requisite approvals. In terms of the scheme, till such date the scheme becomes effective, the merging entity's business operations are being carried out in trust on behalf of the Company.

 

 

6.  As the Company's activity falls within a single business segment, viz "Buying / Blending and Sale of tea in bulk and value added form" the disclosure requirements of Accounting Standard (AS-17) on "Segment Reporting" notified by the Companies (Accounting Standard) Rules 2006, are not applicable.

 

 

7.  Investor complaints :

 

 

*Received during last week of the quarter and were since resolved.

 

 

8.  Previous period's figures have been rearranged/ regrouped to the extent necessary, to conform to the current period's figures.

 

 

9.  The aforementioned results were reviewed by the Audit Committee of the Board on July 28, 2014 and subsequently taken on record by the Board of Directors at its Meeting held on July 28, 2014. The statutory auditors of the company have audited these results.

 

Mumbai, July 28, 2014                                                                                        Cyrus P Mistry

                                                                                                                                                      (Chairman)



 

 

Tata Global Beverages Limited

Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020

 

Unaudited Consolidated Financial Results

for the three months ended June 30, 2014

                 Rs. In Lakhs

 Particulars

Three Months Ended

Audited Year Ended

June 30

2014

March 31 2014

June 30

2013

March 31

2014

Net Sales / Income from Operations (Net of excise duty)

188395

186569

179615

762198

Other Operating Income

2916

4424

1731

11563

Total Income from Operations (Net)

191311

190993

181346

773761

a) Cost of materials consumed

81727

83162

83504

352809

b) Purchase of stock-in-trade

7710

7360

5846

26356

c) Charges in inventories of finished goods and stock-in-trade

4044

(2235)

(628)

(11419)

d) Employee benefits expense

20888

19520

18668

78799

e) Depreciation & Amortization (Net of amount drawn from Revaluation Reserve)

3500

3664

2878

12906

f) Advertisement and Sales Charges

28580

34751

28767

140226

g) Other Expenses

28232

29370

24477

111801

Total Expenses

174681

175592

163512

711478

Profit from Operations before Other Income, Finance Cost & Exceptional Items

16630

15401

17834

62283

Other Income

1799

1622

1834

8180

Profit from ordinary activities before Finance cost & Exceptional Items

18429

17023

19668

70463

Finance Cost

(1511)

(2024)

(2037)

(8653)

Profit from ordinary activities after Finance cost but before Exceptional Items

16918

14999

17631

61810

Exceptional items (Net)

(269)

(1172)

2163

8876

Profit from ordinary activities before Tax 

16649

13827

19794

70686

Tax Expense

(5406)

(3902)

(6205)

(18449)

Profit after Tax

11243

9925

13589

52237

Share of Profit/(Loss) from Associates

2

(1953)

(926)

(1287)

Minority Interest in Consolidated Profit

(1522)

(1042)

(1500)

(2899)

Group Consolidated Net Profit

9723

6930

11163

48051

Paid-up equity share capital (Face value of Re 1 each)

6184

6184

6184

6184

Reserve excluding Revaluation Reserves




574493

Earnings per share (Basic & Diluted) (not annulised for quarter end) - Rs

1.57

1.12

1.81

7.77

PARTICULARS OF SHAREHOLDING





Public Shareholding





- Number of Shares

401315380

401315380

400715380

401315380

- Percentage of Shareholding

64.90%

64.90%

64.80%

64.90%

Promoters and Promoters Group Shareholding





(a) Pledged / Encumbered





- Number of Shares

11500000

11500000

40800000

11500000

- Percentage of shares ( as a percentage of the total shareholding of the promoter and promoter group )

5.30%

5.30%

18.74%

5.30%

- Percentage of shares ( as a percentage of the total share capital of the company)

1.86%

1.86%

6.60%

1.86%

(b) Non Encumbered





- Number of Shares

205583190

205583190

176883190

205583190

- Percentage of shares ( as a percentage of the total shareholding of the promoter and promoter group )

94.70%

94.70%

81.26%

94.70%

- Percentage of shares ( as a percentage of the total share capital of the company)

33.24%

33.24%

28.60%

33.24%

 

 

 

Notes:

 

1.  For the quarter, Income from operations at Rs 1913 crores increased by 5% as compared to the corresponding quarter of the previous year. Profit before exceptional items at Rs 169 crores is 4% lower than the corresponding quarter of the previous year. While branded business performed well, profitability was impacted by lower crop available for sale in the plantation business and investment in new ventures. Post the impact of exceptional items, the Group Consolidated Net Profit is Rs 97 crores, lower by 13% as compared to the corresponding quarter of the previous year.

 

 

2.  The financial results includes following under Exceptional items:

                                                                                                                                                               In Rs crores

Particulars

Quarter ended

June 30 2014

June 30 2013

Profit on sale of non-current investment

Profit on sale of land

Business Restructuring costs

Expenditure on revision of post retirement pension obligations

Product development cost and long term initiatives

-

-

(3)

-

-

32

2

(3)

(4)

(5)

Income / (Expenditure)(net)

(3)

22

 

 

3.  Earnings per Share (EPS) (basic and diluted) and EPS, net of impact of exceptional items (basic and diluted) for the quarter and the year are given below:

 

Earnings Per Share - Rs *

1.57

1.12

1.81

7.77

Earnings Per Share - Rs*

(excluding impact of exceptional items)

1.60

1.21

1.49

5.46

 

**not annualised for the quarter end

              EPS, excluding the impact of exceptional items, for the year is higher by 7% as compared to the previous year due to improved performance of Associates.

 

4.  (a) Depreciation for the quarter has been computed applying the rates that were applicable for the previous financial year, pending assessment of useful lives/ clarifications expected on the matter under the new Companies Act, 2013.

 

(b)The auditors of one of our Indian subsidiary Companies have invited attention to the above matter in their limited review report, without qualifying their opinion. Further, the auditors of this subsidiary have invited attention, without qualifying their opinion, to a change in the method of accounting relating to valuation of wind fallen/ extracted timber in their limited review report, which has no material impact on the results.

5.  Actuarial gain (net of tax and minority interest) of Rs 0.69 crores for the quarter, relating to defined benefit pension scheme of overseas subsidiaries have been accounted in Reserves in the Consolidated Financial Statement applying the principles of Accounting Standard 21 and in line with the policy followed by the overseas subsidiaries and other companies in compliance with the relevant overseas accounting framework. Had the accounting policy of recognising the actuarial gains and losses of pension scheme of the overseas subsidiaries in the Statement of Profit and Loss been followed, the Consolidated Net profit for the Group would have been higher by Rs 0.69 crores for the quarter.

 

The Statutory Auditors have invited attention to this in their Limited Review Report.

 

6.  The Board of Directors of the Holding Company in its meeting held on November 12, 2013 had approved the scheme of merger of its subsidiary, Mount Everest Mineral Water Limited (MEMW), with the Holding Company in terms of a scheme of amalgamation under Section 391-394 and other applicable provisions of the Companies Act, 1956. The necessary approvals from the Stock exchanges and SEBI have been obtained. Further, the scheme was approved by the shareholders at the court convened meeting held on June 4, 2014 and also by non-promoter shareholders through postal ballot. The appointed date of the scheme is April 1, 2013. The scheme would be effective on the receipt of necessary approvals and completion of formalities as laid down there under. Accordingly, the operating results of MEMW would be reflected by the Holding Company from the appointed date of April 1, 2013 after the scheme becomes effective post obtaining all the requisite approvals. In terms of the scheme, till such date the scheme becomes effective, the merging entity's business operations are being carried out in trust on behalf of the Holding Company.

 

7.  During the previous year, Tata Coffee Limited (TCL), Indian subsidiary of the Holding Company, had filed for merger of its wholly owned subsidiary Alliance Coffee Limited (ACL) with the Honorable High Court of Karnataka. The operating results of ACL would be reflected by TCL from the appointed date of April 1, 2013 on approval of the said scheme which is pending with Honorable High Court of Karnataka. In terms of the scheme, till such date the scheme becomes effective, the merging entity's business operations are being carried out in trust on behalf of TCL.

 

8.  During the month of May'2014, an overseas subsidiary of the Holding Company acquired a 100% stake in the equity capital of Earth Rules Pty Ltd., Australia, engaged in coffee business under the 'MAP' brand, with presence in Roast & Ground coffee and coffee in Pods (single serve portions) segment in Australia.

 

9.  The major part of the Holding Company's business arises from operations outside India and through its subsidiaries. In view of this the Company has opted to publish only consolidated results for the year as permitted under SEBI guidelines. The standalone results shall be available on the Company's website as well as on the website of the stock exchanges where the Company's shares are listed. The Total Income from Operations, Net Profit for the period and Earnings per share of the Holding Company's standalone financial results are given below:

 

Total Income from Operations (Net)

Net Profit for the period

Earnings per share - Rs*

Earnings per share - Rs*

(excluding impact of exceptional items)

 

*not annualised for the quarter end

 

Profits for the quarters ended March 31, 2014 and June 30, 2013 were higher mainly because of higher dividend income and profit on sale of non-current investments respectively.

 

10. Previous period's figures have been regrouped / rearranged, to the extent necessary, to conform to current period's classifications.

 

11. The aforementioned results were reviewed by the Audit Committee of the Board on July 28, 2014 and subsequently taken on record by the Board of Directors at its Meeting held on July 28, 2014. The Statutory Auditors of the company have conducted limited review of these results.

 

 

 

Mumbai, July 28, 2014                                                                                        Cyrus P Mistry

                                                                                                                                                      (Chairman)



 

Tata Global Beverages Limited

Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020

Unaudited Consolidated Segment wise Revenue, Results and Capital Employed,

under Clause 41, of the Listing Agreement for the three months ended June 30, 2014

                 Rs. In Lakhs

Particulars 

Three Months Ended

Audited Year ended

June 30

 2014

March 31

2014

June 30

2013

March 31

 2014

1. Segment Revenue





(a)  Tea

145110

144052

131740

570120

(b)  Coffee & Other Produce

43024

44784

46855

194749

(c)  Others

3177

2157

2751

8892

Total Income from Operations (Net)

191311

190993

181346

773761

2. Segment Results





(a)  Tea

16858

16836

15170

63020

(b)  Coffee & Other Produce

5655

3255

8399

21458

(c)  Others

(548)

(367)

(1280)

(3223)

Total

21965

19724

22289

81255

Add/(Less)





i)  Finance Cost

(1511)

(2024)

(2037)

(8653)

ii) Other Un-allocable items, Other Income and Exceptional Items

(3805)

(3873)

(458)

(1916)

Profit from ordinary activities before Tax

16649

13827

19794

70686

3. Capital Employed





(a)  Tea

397621

404457

371256

404457

(b)  Coffee & Other Produce

249429

231727

231874

231727

(c)  Others

25351

26018

22880

26018

(d)  Unallocated including Investments

30856

15090

(1043)

15090

Total

703257

677292

624967

677292

 

Notes:

 

a.  Business Segments: The internal business segmentation and the activities encompassed therein are as follows:

 

Tea : Cultivation, manufacture, blending and sale of tea in packet, bulk or value added forms.

Coffee and Other Produce : Cultivation, manufacture of coffee and related plantation crops and sale of coffee in various value added forms.

Others : Sale of water products and other businesses

 

b.  The segment wise revenue, results, capital employed figures relate to the respective amounts directly identifiable to each of the segments.

Unallocable expenditure includes expenses incurred on common services at the corporate level and exceptional items.

Unallocable income includes income from investments and exceptional items.

 

c.  Previous periods figures have been regrouped/rearranged to the extent necessary, to conform to current period classifications.

 

 

 

 

 

Mumbai, July 28, 2014                                                                                                                                    Cyrus P Mistry

                                                                                                                                                                           (Chairman)



Rs. In Crores

Particulars

Three Months Ended

Year ended

June 30

 2013

March 31

2013

June 30

2012

        March 31

 2013

Total Income from Operations (Net)

1913.11

1909.93

1813.46

7737.61

Profit before Exceptionals

169.18

149.99

176.31

618.10

Exceptionals Items (Net)

(2.69)

(11.72)

21.63

88.76

Net Profit before Tax

166.49

138.27

197.94

706.86

Net Profit after Tax

112.43

99.25

135.89

522.37

Earnings per Share - Rs*

1.57

1.12

1.81

7.77

Earnings per Share (Before Exceptionals)- on Core Operations - Rs *

1.60

1.21

1.49

5.46

Dividend - Rs per share (Face Value Re 1 per Share)




Rs. 2.25

 

* Not annualised for the quarter end.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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