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Tata Global Bev.. (TGBL)

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Wednesday 13 November, 2013

Tata Global Bev..

Half Yearly Report

RNS Number : 8841S
Tata Global Beverages Limited.
13 November 2013
 



 

Tata Global Beverages Limited

Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020

 

Audited Financial Results

for three months ended September 30, 2013

                 Rs. In Lakhs

 Particulars

Three Months Ended

Year to date ended

Year Ended


Sept 30

 2013

June 30

 2013

Sept 30

2012

Sept 30

 2013

Sept 30

 2012

March 31 2013

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

63452

66665

53934

130117

110227

227784

Other Operating Income

1750

1294

1302

3044

2017

4826

Total Income from Operations (Net)

65202

67959

55236

133161

112244

232610

a) Cost of materials consumed

45200

38556

37977

83756

71456

154927

b) Purchase of stock-in-trade

38

45

-

83

113

113

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

(1460)

5497

274

4037

3058

(3854)

d) Employee benefits expense

3444

3417

2708

6861

5472

12006

e) Depreciation & Amortization expense

415

404

353

819

702

1639

f) Other Expenses

13603

12008

11164

25611

21100

45567

Total Expenses

61240

59927

52476

121167

101901

210398

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

3962

8032

2760

11994

10343

22212

Other Income

4798

1330

4166

6128

4842

11297

Profit from ordinary activities before Finance cost & Exceptional Items

8760

9362

6926

18122

15185

33509

Finance Cost

910

499

543

1409

844

3201

Profit from ordinary activities after Finance cost but before Exceptional Items

7850

8863

6383

16713

14341

30308

Exceptional items (Net)

15789

2498

3642

18287

3492

1787

Profit from ordinary activities before Tax 

23639

11361

10025

35000

17833

32095

Tax Expense







a) Current Tax

6554

3014

926

9568

3176

6779

b) Deferred Tax

(223)

(110)

(340)

(333)

(390)

(549)

Net Profit for the period

17308

8457

9439

25765

15047

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

2.80

1.37

1.53

4.17

2.43

4.18

Debt Service Coverage Ratio (DSCR)




12.86

17.99

1047

Interest Service Coverage Ratio (ISCR)




12.86

17.99

1047

PARTICULARS OF SHAREHOLDING







Public Shareholding







- Number of Shares

401315380

400715380

400715380

401315380

400715380

400715380

- Percentage of Shareholding

64.90%

64.80%

64.80%

64.90%

64.80%

64.80%

Promoters and Promoters Group Shareholding







(a) Pledged / Encumbered







- Number of Shares

-

40800000

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%

18.74%

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

-

6.60%

6.60%

-

6.60%

6.60%

(b) Non Encumbered







- Number of Shares

217083190

176883190

176883190

217083190

176883190

176883190

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

100.00%

81.26%

81.26%

100.00%

81.26%

81.26%

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

35.10%

28.60%

28.64%

35.10%

28.60%

28.60%

 

 

 

 

Note:-    DSCR = Earnings before Interest ,Exceptional items and Tax / Gross Interest and Principal repayment of long term loan

              ISCR = Earnings before Interest ,Exceptional items and Tax / Gross Interest

 

 

 

 

 

Notes:

 

 

1.  Total Operating Income for the quarter at Rs 652 crores grew by 18% over the corresponding quarter of the previous year driven mainly by improvement in branded operations. Profit from Operations at Rs 40 crores is higher by 44% from the corresponding quarter of the previous year driven by improved operating performance. After considering the favorable impact of exceptional items, the Profit after tax for the Quarter at Rs 173 crores improved by 83 % over the corresponding quarter of previous year.

 

 

2.  Exceptional items during the quarter represent profit from sale of property in Bangalore Rs 192 crores net of expenditure on new product development Rs 3 crores, expenditure on revision of post retirement pension obligations of Rs 11 crores and provision against long term Investment Rs 20 crores pertaining to an overseas Joint Venture company engaged in non-branded business. Exceptional items for the corresponding quarter of previous year represent profit arising from Sale of Non Core investment Rs 51 crores net of expenditure on post retirement pension obligations Rs 11 crores and expenditure on new product development Rs 4 crores.

 

 

3.  Earnings per share (EPS) (basic and diluted) for the quarter of Rs. 2.80 is higher than Rs 1.53 reported for the corresponding quarter of the previous year mainly due to improved operational performance and favorable impact of exceptional items. Net of the impact of exceptional items, EPS (basic and diluted) for the current quarter is higher at Rs. 0.91 as compared to Rs 0.86 for the corresponding quarter of the previous year.

 

 

4.  During the month of July 2013, the Company had entered into an agreement with Tata Realty and Infrastructure Limited for the development of the Company's property in Bangalore through a Special Purpose Vehicle (SPV). The consideration for the transfer of the Company's property is Rs. 195 crores which was discharged by a mix of cash, securities in the SPV and constructed space in the property to be developed. The necessary transaction documents have been executed by the parties in this regard.

 

 

5.  The Board of Directors of the Company has this day 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.

 

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 :

 

Pending at the beginning of the Quarter

Received during the Quarter

Disposed off during the Quarter

Remaining unresolved at the

end of the Quarter

1

1

2

-

 

 

8.  Statement of Assets and Liabilities as at September 30, 2013 is annexed.

 

 

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

 

 

10. The aforementioned results were reviewed by the Audit Committee of the Board on November 12, 2013 and subsequently taken on record by the Board of Directors at its Meeting held on November 12, 2013. The statutory auditors of the company have audited these results.

 

 

 

 

                                                               Cyrus P Mistry

 

Mumbai, November 12, 2013                                                                                                                                (Chairman)



 

Tata Global Beverages Limited

Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020

Audited Statement of Assets and Liabilities as at September 30, 2013

                 Rs. In Lakhs

Particulars

As at Sept 30 2013

As at March 31 2013

Audited

Audited

A

EQUITY AND LIABILITIES



1

SHAREHOLDERS' FUNDS




(a) Share Capital

6184

6184


(b) Reserves and Surplus

251002

225645


Sub-total - Shareholders' funds

257168

231829

2

Non-current liabilities




(a) Long-term Provisions

9447

7997


Sub-total - Non-current liabilities

9447

7997

3

Current Liabilities




(a) Short-term borrowings

42537

18357


(b) Trade Payables

28860

13592


(c) Other current liabilities

53705

52722


(d) Short-term provisions

7114

19524


Sub-total - Current liabilities

132216

104195

 

TOTAL - EQUITY AND LIABILITIES

398849

344021





B

ASSETS



1

Non-current assets




(a) Fixed Assets

14838

15045


(b) Non-current investments

229615

222514


(c) Deferred tax Assets

2653

2320


(d) Long-term loans and advances

16799

4208


Sub-total - Non-current assets

263905

244087

2

Current assets




(a) Current investments




(b) Inventories

89294

65156


(c) Trade Receivables

20456

10911


(d) Cash & Bank balance

9054

5052


(e) Short-term loans and advances

15111

18171


(f) Other current assets

1029

644


Sub-total - Current assets

134944

99934





TOTAL ASSETS

398849

344021

 

 

 

Tata Global Beverages Limited

Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020

 

Unaudited Consolidated Financial Results

For the three months ended September 30, 2013

                 Rs. In Lakhs

Particulars 

Three Months Ended

Year to date ended

Audited

Year Ended


Sept 30

 2013

June 30

 2013

Sept 30

2012

Sept 30

 2013

Sept 30

 2012

March 31 2013

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

190623

179615

184257

370238

355745

727033

Other Operating Income

2725

1731

2238

4456

3260

8065

Total Income from Operations (Net)

193348

181346

186495

374694

359005

735098

(a) Cost of Material Consumed

91620

82732

82850

174352

163591

336476

(b) Purchase of stock in trade

6968

6618

6788

13580

15178

24377

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

(4222)

(628)

4011

(4850)

1463

(4154)

(d) Employee Benefits Expense

20072

18668

17803

38740

35276

74011

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

3148

2878

2506

6026

5005

10510

(f) Advertisement and Sales charges

36637

28767

32919

65404

60975

123896

(g) Other Expenses

26493

24477

26007

50970

48327

103643

Total Expenses

180710

163512

172884

344222

329815

668759

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

12638

17834

13611

30472

29190

66339

Other Income

3229

1834

3413

5063

5276

8601

Profit from ordinary activities before Finance Cost & Exceptional Items

15867

19668

17024

35535

34466

74940

Finance Cost

(1813)

(2037)

(1096)

(3850)

(3215)

(8444)

Profit from ordinary activities after Finance Cost but before Exceptional Items

14054

17631

15928

31685

31251

66496

Exceptional Items (Net)

9205

2163

(1123)

11368

(1661)

(2817)

Profit from ordinary activities before Tax

23259

19794

14805

43053

29590

63679

Tax Expense







(a) Current Tax

(8771)

(6199)

(3102)

(14970)

(8015)

(17715)

(b) Deferred Tax

1568

(6)

1106

1562

1094

1308

Profit after Tax

16056

13589

12809

29645

22669

47272

Share of Profit/(Loss) from Associates

408

(926)

1166

(518)

523

(2766)

Minority Interest in Consolidated Profit

1539

(1500)

(2071)

39

(3519)

(7231)

Group Consolidated Net Profit

18003

11163

11904

29166

19673

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

2.91

1.81

1.92

4.72

3.18

6.03

PARTICULARS OF SHAREHOLDING







Public Shareholding







-Number of Shares

401315380

400715380

400715380

401315380

400715380

400715380

-Percentage of Share holding

64.90%

64.80%

64.80%

64.90%

64.80%

64.80%

Promoters and Promoters Group Shareholding







(a) Pledged/ Encumbered







- Number of shares

-

40800000

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%

18.74%

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

-

6.60%

6.60%

-

6.60%

6.60%

(b) Non Encumbered







- Number of shares

217083190

176883190

176883190

217083190

176883190

176883190

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

100.00%

81.26%

81.26%

100.00%

81.26%

81.26%

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

35.10%

28.60%

28.60%

35.10%

28.60%

28.60%

 

 

 

Notes:

 

 

1.  For the quarter, Income from operations at Rs 1933 crores increased by 4% year on year reflecting good performance in some key markets coupled with favourable foreign exchange translation impact. Profit from operations at Rs 126 crores is lower due to higher investment behind brands and new initiatives during the quarter. After considering exceptional items Group Consolidated Net Profit is 51% higher than the same period in the previous year mainly reflecting the favourable impact of exceptional items.

 

 

2.  Exceptional items for the quarter represents profit on sale on property in Bangalore amounting to Rs 192 crores (refer note 3), an income of Rs 86 crores of realised profits, earlier unrecognized and relating to earlier year partly offset by impairment of investments, including loan notes, in a US based functional beverage Company, as further investments have been discontinued, of Rs 107 crores (net of write back from foreign currency translation reserve of Rs 56 crores), cost relating to business restructuring of Rs 41 crores, inventory write off based on technical evaluation of Rs 11 crores, expenditure on post retirement benefit obligation of Rs 11 crores, long term initiatives/product development/other costs of Rs 9 crores and Rs 7 crores on account of amortisation arising out of adoption of new amortisation policy for brands held by an overseas subsidiary. In the corresponding period of the previous year exceptional items consisted of costs relating to business restructuring Rs 37 crores, expenditure on post retirement benefit Rs 20 crores (net) and expenditure on long term initiative and new projects of Rs 6 crores offset by profit on sale of non core investments Rs 51 crores.

 

 

3.  During the month of July 2013, the Holding Company had entered into an agreement with Tata Realty and Infrastructure Limited for the development of the Holding Company's property in Bangalore through a Special Purpose Vehicle (SPV). The consideration for the transfer of the Company's property is Rs. 195 crores which was discharged by a mix of cash, securities in the SPV and constructed space in the property to be developed. The necessary transaction documents have been executed by the parties in this regard.

 

4.  Earnings per share (EPS) (basic and diluted) for the quarter at Rs 2.91 is higher than the corresponding period of prior year by 51% mainly due to favourable impact of exceptional items. Net of impact of exceptional items, EPS (basic and diluted) for the current quarter at Rs 1.32 is lower by 22% as compared to the corresponding period of the previous year.

 

 

5.  Actuarial gains relating to defined benefit pension scheme of overseas subsidiaries of Rs 0.70 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 six months ended September 2013 would have been higher by Rs 0.70 crores and Rs 21.23 crores respectively. The net profit for the interim periods as well as year reported is comparable and excludes the impact of actuarial gain/losses.

 

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

 

 

6.  The Board of Directors of the Holding Company has this day 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

Six Months ended

Audited

Year Ended


Sept. 30

 2013

June 30

 2013

Sept. 30

2012

Sept. 30

 2013

Sept. 30

 2012

March 31 2013

Total Income from Operations (Net)

652

680

552

1332

1122

2326

Net Profit for the period

173

85

94

258

150

259

Earnings per share - Rs*

2.80

1.37

1.53

4.17

2.43

4.18

Earnings per share - Rs*

excluding impact of exceptional items

0.91

 

1.01

 

0.86

 

1.92

 

1.78

 

3.71

 

 

           * not annualised for the quarter end

 

8.  Statement of Assets and Liabilities as at September 30, 2013 is annexed.

 

 

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

 

 

10. The aforementioned results were reviewed by the Audit Committee of the Board on November 12, 2013 and subsequently taken on record by the Board of Directors at its Meeting held on November 12, 2013. The Statutory Auditors of the company have conducted a limited review of these results.

 

 

 

 

 

                                                                 Cyrus P Mistry

 

Mumbai, November 12, 2013                                                                                                                                 (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 September 30, 2013

                 Rs. In Lakhs

Particulars 

Three Months Ended

Six Months ended

Audited

Year Ended


Sept. 30

 2013

June 30

 2013

Sept. 30

2012

Sept. 30

 2013

Sept. 30

 2012

March 2013

1. Segment Revenue







(a)  Tea

137024

131740

131430

268764

254464

532796

(b)  Coffee & Other Produce

53974

46855

53504

100829

100557

194662

(c)  Others

2347

2751

1536

5098

3959

7599

(d)  Unallocated

3

0

25

3

25

41

Total Income from Operations (Net)

193348

181346

186495

374694

359005

735098

2. Segment Results







(a)  Tea

12182

14582

10844

26764

24196

54432

(b)  Coffee & Other Produce

6017

8399

8430

14416

14691

28919

(c)  Others

(639)

(1280)

(897)

(1919)

(1642)

(2559)

Total

17560

21701

18377

39261

37245

80792

Add/(Less)







i)  Finance Cost

(1813)

(2037)

(1096)

(3850)

(3215)

(8444)

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

7512

130

(2476)

7642

(4440)

(8669)

Profit from ordinary activities before Tax

23259

19794

14805

43053

29590

63679

3. Capital Employed







(a)  Tea

424758

371256

354529

424758

354529

344511

(b)  Coffee & Other Produce

242993

231874

208340

242993

208340

207928

(c)  Others

24359

22880

23741

24359

23741

22460

(d)  Unallocated including Investments

(2462)

(1043)

10435

(2462)

10435

(12496)

Total

689648

624967

597045

689648

597045

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, pepper and other plantation crops and conversion of coffee into value added products such as roast and ground coffee & instant coffee and sales thereof.

Others : Sale of Natural Mineral Water, other minor crops and curing operations of coffee and trading of items required for coffee plantations.

 

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

 

 

 

 

                                                                 Cyrus Mistry

 

Mumbai:  November 12, 2013                                                                                                                                (Chairman)

 

Rs. in Crores

Particulars 

Three Months Ended

Year to date ended

Audited

Year Ended


Sept. 30

 2013

June 30

 2013

Sept. 30

2012

Sept. 30

 2013

Sept. 30

 2012

March 31 2013

Total Income from Operations (Net)

1933.48

1813.46

1864.95

3746.94

3590.05

7350.98

Profit before Exceptional

140.54

176.31

159.28

316.85

312.51

664.96

Exceptionals Items (Net)

92.05

21.63

(11.23)

113.68

(16.61)

(28.17)

Net Profit before Tax

232.59

197.94

148.05

430.53

295.90

636.79

Net Profit after Tax

160.56

135.89

128.09

296.45

226.69

472.72

Earnings per Share - Rs*

2.91

1.81

1.92

4.72

3.18

6.03

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

1.32

1.49

1.70

2.81

3.00

5.95

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






Rs 2.15

 

* Not annualised for the quarter



 

Tata Global Beverages Limited

Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020

Unaudited Consolidated Statement of Assets and Liabilities as at September 30, 2013

                 Rs. In Lakhs

Particulars

As at Sept. 30 2013

As at March 31 2013

A

EQUITY AND LIABILITIES



1

Shareholders' Funds




(a) Share Capital

6184

6184


(b) Reserves and Surplus

588961

474828


Sub-total - Shareholders' Funds

595145

481012

2

Minority Interest

94503

81391

3

Non-current liabilities




(a) Long-term borrowings

75311

67270


(b) Deferred tax liabilities (net)

4999

5396


(c) Other long-term liabilities

933

9241


(d) Long-term provisions

22582

20315


Sub-total - Non-current liabilities

103825

102222

4

Current Liabilities




(a) Short-term borrowings

64984

34413


(b) Trade payables

98092

79077


(c) Other current liabilities

77073

70274


(d) Short-term provisions

15172

30999


Sub-total - Current liabilities

255321

214763

TOTAL - EQUITY AND LIABILITIES

1048794

879388

B

ASSETS



1

Non-current assets




(a) Fixed Assets

102847

92689


(b) Goodwill on Consolidation

428078

359812


(c) Non-current investments

58076

57603


(d) Long-term loans and advances

19697

8364


(e) Other non-current assets

534

-


Sub-total - Non-current assets

609232

518468

2

Current assets




(a) Current investments

247

191


(b) Inventories

180153

138292


(c) Trade Receivables

80771

71292


(d) Cash and Bank balance

91204

69770


(e) Short-term loans and advances

83380

79242


(f) Other current assets

3807

2133


Sub-total - Current assets

439562

360920

TOTAL ASSETS

1048794

879388

 


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