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Tata Global Bev.. (TGBL)

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Thursday 30 January, 2014

Tata Global Bev..

3rd Quarter Results

RNS Number : 8632Y
Tata Global Beverages Limited.
30 January 2014
 



 

Tata Global Beverages Limited

Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020

 

Audited Financial Results

for three months ended December 31, 2013

                 Rs. In Lakhs

 Particulars

Three Months Ended

Year to date ended

Year Ended


Dec 31

 2013

Sept 30

 2013

Dec 31

 2012

Dec 31

 2013

Dec 31

 2012

March 31 2013

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

70320

63452

61721

200437

171948

227784

Other Operating Income

1539

1750

808

4583

2825

4826

Total Income from Operations (Net)

71859

65202

62529

205020

174773

232610

a) Cost of materials consumed

45169

45200

42775

128925

114231

154927

b) Purchase of stock-in-trade

61

38

-

144

113

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

571

(1460)

(1265)

4608

(3854)

d) Employee benefits expense

3572

3444

2872

10433

8344

12006

e) Depreciation & Amortization expense

419

415

370

1238

1072

1639

f) Other Expenses

13530

13603

11388

39141

32488

45567

Total Expenses

63322

61240

56140

184489

158041

210398

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

8537

3962

6389

20531

16732

22212

Other Income

5031

4978

5807

11159

10649

11297

Profit from ordinary activities before Finance cost & Exceptional Items

13568

8760

12196

31690

27381

33509

Finance Cost

1571

910

1287

2980

2131

3201

Profit from ordinary activities after Finance cost but before Exceptional Items

11997

7850

10909

28710

25250

30308

Exceptional items (Net)

(697)

15789

(1142)

17590

1787

Profit from ordinary activities before Tax 

11300

23639

9767

46300

27600

32095

Tax Expense







a) Current Tax

2746

6554

2716

12314

5892

6779

b) Deferred Tax

(241)

(223)

(67)

(574)

(457)

(549)

Net Profit for the period

6795

17308

7118

34560

22165

25865

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

6184

6184

6184

6184

6184

6184

Reserves excluding Revaluation Reserve






223459

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

1.42

2.80

1.15

5.59

3.58

4.18

PARTICULARS OF SHAREHOLDING







Public Shareholding







- Number of Shares

401315380

401315380

400715380

401315380

400715380

400715380

- Percentage of Shareholding

64.90%

64.90%

64.80%

64.90%

64.80%

64.80%

Promoters and Promoters Group Shareholding







(a) Pledged / Encumbered







Number of Shares

-

-

40800000

-

40800000

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

-

-

18.74%

-

18.74%

18.74%

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

-

-

6.60%

-

6.60%

6.60%

(b) Non Encumbered







- Number of Shares

217083190

217083190

176883190

217083190

176883190

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

100.00%

100.00%

81.26%

100.00%

81.26%

81.26%

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

35.10%

35.10%

28.60%

35.10%

28.60%

28.60%

 

 

 

 

 

Notes:

 

 

1.  Total Operating Income for the quarter at Rs 719 crores grew by 15% over the corresponding quarter of the previous year driven mainly by improvement in branded operations. Profit from Operations at Rs. 85 crores is higher by 34% from the corresponding quarter of the previous year driven by improved operating performance. Profit after tax for the Quarter at Rs. 88 crores improved by 24% over the corresponding quarter of previous year.

 

2.  Exceptional items during the quarter represent expenditure on new product development Rs 4 crores and expenditure on New Initiatives and Restructuring activities Rs. 3 cores. Exceptional items for corresponding quarter of the previous year represents expenditure on new product development Rs. 6 crores and one time ex gratia payment  to pensioners Rs. 5 crores.

 

3.  Earnings per share (EPS) (basic and diluted) for the quarter of Rs. 1.42 is higher than Rs 1.15 reported for the corresponding quarter of the previous year mainly due to improved operational performance. Net of the impact of exceptional items, EPS (basic and diluted) for the current quarter is higher at Rs. 1.50 as compared to Rs. 1.28 for the corresponding quarter of the previous year.

 

4.  The Board of Directors of the Company in its meeting held on 12th November 2013 had approved the scheme of merger of its subsidiary Mount Everest Mineral Water Ltd with the Company in terms of a scheme of amalgamation under Section 391-394 and other applicable provisions of the Companies Act, 1956. The appointed date of the scheme is 1st April 2013. The Scheme would become effective after receipt of all requisite statutory and court approvals including shareholders approval.

 

5.    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.

 

6.  Investor complaints :

 

Pending at the beginning of the Quarter

Received during the Quarter

Disposed off during the Quarter

Remaining unresolved at the

end of the Quarter


2

2

-

 

 

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

 

 

 

8.  The aforementioned results were reviewed by the Audit Committee of the Board on January 29, 2014 and subsequently taken on record by the Board of Directors at its Meeting held on January 29, 2014. The Statutory Auditors of the company have audited these results.

 

 

 

         

                                                                 Cyrus P Mistry

 

Mumbai, January 29, 2014                                                                                                                                     (Chairman)



 

Tata Global Beverages Limited

Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020

 

Unaudited Consolidated Financial Results

for the three months ended December 31, 2013

                 Rs. In Lakhs

Particulars 

Three Months Ended

Year to date ended

Audited

Year Ended


Dec 31

 2013

Sept 30

 2013

Dec 31

2012

Dec 31

 2013

Dec 31

 2012

March 31 2013

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

205391

190623

190011

575629

545756

727033

Other Operating Income

2683

2725

1132

7139

4392

8065

Total Income from Operations (Net)

208074

193348

191143

582768

550148

735098

(a) Cost of Material Consumed

93524

91620

87369

267876

254905

336476

(b) Purchase of stock in trade

7187

6962

6573

20767

17806

24377

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

(4334)

(4222)

(933)

(9184)

530

(4154)

(d) Employee Benefits Expense

20539

20072

18506

59279

53782

74011

(e) Depreciation and Amortization (net of amount drawn from Revaluation Reserve)

3216

3148

2459

9242

7464

10510

(f) Advertisement and Sales charges

40071

36637

32322

105475

93297

123896

(g) Other Expenses

31461

26493

26983

82431

75310

103643

Total Expenses

191664

180710

173279

535886

503094

668759

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

16410

12638

17864

46882

47054

66339

Other Income

1495

3229

1723

6558

6999

8601

Profit from ordinary activities before Finance Cost & Exceptional Items

17905

15867

19587

53440

54053

74940

Finance Cost

(2779)

(1813)

(2383)

(6629)

(5598)

(8444)

Profit from ordinary activities after Finance Cost but before Exceptional Items

15126

14054

17204

46811

48455

66496

Exceptional Items (Net)

(1320)

9205

(1206)

10048

(2867)

(2817)

Profit from ordinary activities before Tax

13806

23259

15998

56859

45588

63679

Tax Expense







(a) Current Tax

(33)

(8771)

(6217)

(15003)

(14232)

(17715)

(b) Deferred Tax

(1106)

1568

(485)

456

609

1308

Profit after Tax

12667

16056

9296

42312

31965

47272

Share of Profit/(Loss) from Associates

1184

408

527

666

1050

(2766)

Minority Interest in Consolidated Profit

(1896)

1539

(1797)

(1857)

(5316)

(7231)

Group Consolidated Net Profit

11955

18003

8026

41121

27699

37275

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

6184

6184

6184

6184

6184

6184

Reserves excluding Revaluation Reserves






470448

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

1.93

2.91

1.30

6.65

4.48

6.03

PARTICULARS OF SHAREHOLDING







Public Shareholding







-Number of Shares

401315380

401315380

400715380

401315380

400715380

400715380

-Percentage of Share holding

64.90%

64.90%

64.80%

64.90%

64.80%

64.80%

Promoters and Promoters Group Shareholding







(a) Pledged/ Encumbered







- Number of shares

-

-

40800000

-

40800000

40800000

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

-

-

18.74%

-

18.74%

18.74%

-Percentage of Shares (as a percentage of the total share Capital of the Company)

-

-

6.60%

-

6.60%

6.60%

(b) Non Encumbered







- Number of shares

217083190

217083190

176883190

217083190

176883190

176883190

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

100.00%

100.00%

81.26%

100.00%

81.26%

81.26%

-Percentage of Shares (as a percentage of the total share Capital of the Company)

35.10%

35.10%

28.60%

35.10%

28.60%

28.60%

 

 

 

Notes:

 

 

1.  For the quarter, Income from operations at Rs 2081 crores increased by 9% year on year reflecting good performance in some key markets coupled with favourable foreign exchange translation impact. Profit from operations at Rs 164 crores is lower due to higher investment behind brands and impact of ongoing new initiatives during the quarter. Group Consolidated Net Profit is 49% higher than the same period in the previous year mainly reflecting impact of tax credit (refer note 3) and improved performance of Associates.

 

2.  Exceptional items for the quarter represents cost relating to business transformation and restructuring of Rs 4 crores, long term initiatives and product development costs of Rs 7 crores and other costs of Rs 7 crores partly offset by reversal of provision on discontinuation of investments consequent to its sale of Rs 5 crores. In the corresponding period of the previous year exceptional items consisted of cost relating to business restructuring of Rs 3 crores, expenditure on one time ex-gratia payment to pensioners of Rs 5 crores, expenditure on long term initiatives and new projects of Rs 4 crores.

 

3.  During the quarter the Holding Company's overseas subsidiaries sold their stake in a US based functional beverage Company which had been fully impaired in the previous quarter. The consideration for the sale is contingent on future performance and restructuring of the business. Provision for tax, for the quarter, includes a credit of Rs 45.72 crores arising on sale of stake.

 

4.  Earnings per share (EPS) (basic and diluted) for the quarter at Rs 1.93 is higher than the corresponding period of prior year by 49% mainly due to favourable tax credit and improved performance of Associates. Net of impact of exceptional items, EPS (basic and diluted) for the current quarter at Rs 1.44 is higher by 1% as compared to the corresponding period of the previous year.

 

 

5.  Actuarial gains relating to defined benefit pension scheme of overseas subsidiaries of Rs 2.79 crores (net of tax and minority interest) for the quarter 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 for the quarter and nine months ended December 2013 would have been higher by Rs 2.79 crores and Rs 24.02 crores respectively.

 

          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 12th November 2013 approved the scheme of merger of its subsidiary Mount Everest Mineral Water Ltd 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 appointed date of the scheme is 1st April 2013. The Scheme would become effective after receipt of all requisite statutory and court approvals, including shareholders approval.

 

 

7.  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:

 

 In Rs Crores

Three Months Ended

Year to date ended

Year Ended


Dec 31

 2013

Sept 30

 2013

Dec 31

2012

Dec 31

 2013

Dec 31

 2012

Mar 31 201

Total Income from Operations (Net)

719

652

625

2050

1748

2326

Net Profit for the period

88

173

71

346

222

259

Earnings per share - Rs*

1.42

2.80

1.15

5.59

3.58

4.18

Earnings per share - Rs*

excluding impact of exceptional items

1.50

 

0.91

 

1.28

 

3.42

 

3.06

 

3.71

 

 

           * not annualised for the quarter end

 

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

 

 

9.  The aforementioned results were reviewed by the Audit Committee of the Board on January 29, 2014 and subsequently taken on record by the Board of Directors at its Meeting held on January 29, 2014. The Statutory Auditors of the company have conducted a limited review of these results.

 

 

 

 

                                                                 Cyrus P Mistry

 

Mumbai, January 29, 2014                                                                                                                                     (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 December 31, 2013

                 Rs. In Lakhs

Particulars 

Three Months Ended

Year to date ended

Audited

Year Ended


Dec 31

 2013

Sept 30

 2013

Dec 31

2012

Dec 31

 2013

Dec 31

 2012

March 2013

1. Segment Revenue







(a)  Tea

157304

137024

141616

426068

396080

532796

(b)  Coffee & Other Produce

49136

53974

48153

149965

148710

194662

(c)  Others

1627

2347

1366

6725

5325

7599

(d)  Unallocated

7

3

8

10

33

41

Total Income from Operations (Net)

208074

193348

191143

582768

550148

735098

2. Segment Results







(a)  Tea

19420

12182

16657

46184

40853

54432

(b)  Coffee & Other Produce

3787

6017

7089

18203

21780

28919

(c)  Others

(937)

(639)

(1254)

(2856)

(2896)

(2559)

Total

22270

17560

22492

91531

59737

80792

Add/(Less)







i)  Finance Cost

(2779)

(1813)

(2383)

(6629)

(5598)

(8444)

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

(5685)

7512

(4111)

1957

(8551)

(8669)

Profit from ordinary activities before Tax

13806

23259

15998

56859

45588

63679

3. Capital Employed







(a)  Tea

451194

424758

406284

451194

406284

344511

(b)  Coffee & Other Produce

241499

242993

214446

241499

214446

207928

(c)  Others

25572

24359

23284

25572

23284

22460

(d)  Unallocated including Investments

(15575)

(2462)

(13665)

(15575)

(13665)

(12496)

Total

702690

689648

630349

702690

630349

562403

 

Notes:

 

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

 

Tea : Cultivation & manufacture of black tea and instant tea, tea buying/ blending and sale of tea in bulk or value added form. Coffee and Other Produce : Cultivation of coffee and related plantation crops and sale of coffee in various value added form.

Others : Sale of Water products, curing operations of coffee and other business.

 

b.  The segment wise revenue, results, capital employed figures relate to the respective amounts directly identifiable to each of the segments. Unallocable expenditure include expenses incurred on common services at the corporate level, finance costs and exceptional items. Unallocable income includes income from investments and exceptional items.

 

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

 

 

 

 

                                                                 Cyrus P Mistry

 

Mumbai, January 29, 2014                                                                                                                                     (Chairman)



Rs. In Crores

Particulars 

Three Months Ended

Year to date ended

Year Ended


Dec 31

 2013

Sept 30

 2013

Dec 31

2012

Dec 31

 2013

Dec 31

 2012

Mar 31 2013

Total Income from Operations (Net)

2080.74

1933.48

1911.43

5827.68

5501.48

7350.98

Profit before Exceptionals

151.26

140.54

172.04

468.11

484.55

664.96

Exceptionals Items (Net)

(13.20)

92.05

(12.06)

100.48

(28.67)

(28.17)

Net Profit before Tax

138.06

232.59

159.98

568.59

455.88

636.79

Net Profit after Tax

126.67

160.56

92.96

423.12

319.65

472.72

Earnings per Share - Rs*

1.93

2.91

1.30

6.65

4.48

6.03

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

1.44

1.32

1.42

4.25

4.42

5.95

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






Rs 2.15

 

* Not annualised for the quarter


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