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Tata Global Bev.Ltd (TGBL)

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Wednesday 10 August, 2016

Tata Global Bev.Ltd

1st Quarter Results

RNS Number : 7950G
Tata Global Beverages Limited
10 August 2016
 

 

Tata Global Beverages Limited

Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020

CIN - L15491WB1962PLC031425, Email : [email protected], Website: www.tataglobalbeverages.com

 

Unaudited Financial Results

for the three months ended June 30, 2016        

Rs. In Crores

 Particulars

Unaudited Three Months Ended

June 30

2016

June 30

2015

Income from Operations



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

804.10

783.82

Other Operating Income

15.98

18.50

Total Income from Operations (Net)

820.08

802.32

a) Cost of materials consumed

463.04

477.71

b) Purchase of stock-in-trade

1.31

1.13

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

66.36

41.44

d) Employee benefits expense

46.10

42.70

e) Depreciation & Amortization expense

5.56

5.41

f) Other Expenses

127.18

125.73

Total Expenses

709.55

694.12

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

110.53

108.20

Other Income

12.74

3.84

Profit from ordinary activities before Finance cost & Exceptional Items

123.27

112.04

Finance Cost

       (12.18)

       (11.81)

Profit from ordinary activities before Tax 

111.09

100.23

Tax Expense

(37.83)

(34.79)

Net Profit After Tax (A)

73.26

65.44

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

63.11

63.11

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

1.16

1.04

Other Comprehensive Income (B)

64.01

(56.91)

Total Comprehensive Income (A+B)

137.27

8.53

 

 

Notes:

1.  The Company has adopted for the first time, Indian Accounting Standards (Ind AS) from 1st April 2016 and accordingly these financial results have been prepared in accordance with the recognition and measurement principles laid down in the Ind AS 34 - Interim Financials Reporting prescribed under section 133 of the Companies Act, 2013 read with relevant rules thereunder and the other accounting principles generally accepted in India. Financial results of all the periods presented have been prepared in accordance with the recognition and measurement principles of Ind AS 34.

 

2.  For the quarter, Income from operations at Rs. 820 Crores increased over corresponding quarter of previous year reflecting improved performance in the branded tea operations. Profit from operations is higher than corresponding quarter of previous year reflecting improved operating performance. Resultantly, Profit after tax is higher than corresponding quarter of previous year.

3.  (a). Reconciliation between standalone financial results, as previously reported referred to as previous GAAP and Ind AS are as under:

 


Adjustments under Ind AS

 

In Rs. Crores

Previous GAAP

Revenue

 

 

 

(Note i)

Amortised cost adjustment on Long term borrowings

(Note ii)

 

Others

 

 

(Note iii)

Ind AS

Q1 2015

Q1 2015

Total Income from Operations (Net)

823.15

(20.83)

-

-

802.32

Profit from Operations

106.30

-

-

1.90

108.20

Net Profit after Tax

67.84

-

(3.93)

1.53

65.44

 

               Note i - Expenditure required to be offset from sales on account of measurement criteria for Revenue.

Note ii - Recognition of finance cost under effective interest rate method for redemption premium on debentures, which was adjusted to reserves under previous GAAP. 

Note iii - Others mainly include agricultural produce required to be fair valued, impact of actuarial gain/ losses and impact of fair value measurement of financial instruments.

(b) Other comprehensive income comprises of income / (expenditure) for (i) fair value changes in the carrying value of  investments of Rs 65.43 Crores [PY - (Rs 53.96 Crores)] which, under previous GAAP was accounted at cost (ii) amount accounted in the hedging reserves of (Rs 0.53 Crores) [PY - (Rs 2.52 Crores)] which, under previous GAAP, were accounted directly in the reserves and (iii) actuarial gain/(loss) on employee benefits of (Rs 0.89 Crores) [PY - (Rs 0.43 Crores)] which, under the previous GAAP, were accounted in the Statement of Profit and Loss.

4.  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 from 1st April 2016. As per the threshold limits prescribed under Indian Accounting Standard (Ind AS-108) on "Segment Reporting" prescribed under section 133 of the Companies Act, 2013 read with relevant rules thereunder and the other accounting principles generally accepted in India, the Company's reportable activity falls within a single business segment and hence the disclosure requirements are not applicable.

5.  Information pursuant to requirement of Regulation 54(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements Regulation 2015) for quarter ended June 30, 2016:

 

Particulars

As at June 30, 2016

Security on Outstanding Debentures of Rs. 325 crores

Secured by way of a first mortgage on certain immovable assets of the company and partly by pledge of shares of certain companies held as investments.

 

 

 

6.  The aforementioned results were reviewed by the Audit Committee of the Board on August 8, 2016 and subsequently taken on record by the Board of Directors at its Meeting held on August 9, 2016. The statutory auditors of the company have conducted limited review on these results.

 

 

 

 

Mumbai, August 9, 2016                                                                                      Cyrus P Mistry

                                                                                                                                                      (Chairman)



 

 

Tata Global Beverages Limited

Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020

CIN - L15491WB1962PLC031425, Email : [email protected], Website: www.tataglobalbeverages.com

 

Unaudited Consolidated Financial Results

for the three months ended June 30, 2016

                 Rs. In Crores

 Particulars

Unaudited Three Months Ended

June 30

2016

June 30

2015

Income from Operations



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

1711.48

1648.12

Other Operating Income

22.73

24.06

Total Income from Operations (Net)

1734.21

1672.18

a) Cost of materials consumed

780.24

831.84

b) Purchase of stock-in-trade

67.88

58.85

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

101.97

41.13

d) Employee benefits expense

208.70

191.87

e) Depreciation & Amortization expenses

36.25

29.62

f) Advertisement and Sales Charges

105.05

141.92

g) Other Expenses

231.88

223.95

Total Expenses

1531.97

1519.18

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

202.24

153.00

Other Income

21.04

13.07

Profit from ordinary activities before Finance cost & Exceptional Items

223.28

166.07

Finance Cost

(22.04)

(21.18)

Profit from ordinary activities after Finance cost but before Exceptional Items

201.24

144.89

Exceptional items (Net)

(1.74)

(2.78)

Profit from ordinary activities before Tax 

199.50

142.11

Tax Expense

(73.21)

(56.16)

Net Profit after Tax

126.29

85.95

Share of Profit/(Loss) from JV's and Associates

(6.77)

(7.29)

Group Consolidated Net Profit(A)

119.52

78.66

Attributable to :



Owners of the Parents

103.65

72.33

Non Controlling interest

15.87

6.33

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

63.11

63.11

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

1.64

1.15

Other Comprehensive Income (B)

(148.89)

265.42

Total Comprehensive Income (A + B)

(29.37)

344.08

Attributable to :



Owners of the Parents

(19.32)

292.50

Non Controlling interest

(10.05)

51.58

 

 

 

Notes:

 

1.  The Company has adopted for the first time, Indian Accounting Standards (Ind AS) from 1st April 2016 and accordingly these financial results have been prepared in accordance with the recognition and measurement principles laid down in the Ind AS 34 - Interim Financials Reporting prescribed under section 133 of the Companies Act, 2013 read with relevant rules thereunder and the other accounting principles generally accepted in India. Financial results of all the periods presented have been prepared in accordance with the recognition and measurement principles of Ind AS 34.

2.  For the quarter, Income from operations at Rs 1734 Crores increased by 4% as compared to corresponding quarter of the previous year due to improvement in both branded and non-branded operations. Profit from operations at Rs 202 Crores is higher by 32 % than the comparative quarter of the previous year due to improved performance and phased outlay on initiatives. Group Consolidated net profit at Rs 120 crores is higher by 52% compared with the previous year.

3.  Exceptional items for the current and corresponding quarter of the previous year represents cost relating to business restructuring.

4.  (a) Reconciliation between consolidated financial results, as previously reported referred to as previous GAAP and Ind AS are as under:

 

 

 

Adjustments under Ind  AS 

In Rs Crores

Previous GAAP

Revenue

 

 

 

(Note i)

Equity Accounting

of JV results

(Note ii)

Agricultural Produce

 

 

(Note iii)

Amortised cost adjustment

on Long term Borrowings

(Note iv)

Others

 

 

 

(Note v)

Ind AS

June 30,  2015

June 30,  2015

Total Income from Operations (Net)

2028.99

(198.72)

(158.09)

-

-

-

1672.18

Profit from Operations

153.21

-

2.62

(7.83)

-

5.00

153.00

Group Consolidated Net Profit before Minority interest

91.06

-

(0.66)

(5.57)

(3.93)

(2.24)

78.66

 

Note i - Expenditure required to be offset from sales on account of measurement criteria for Revenue.

Note ii - Joint ventures are required to equity accounted instead of proportionate consolidation.

Note iii - Agricultural produce are required to be fair valued.

Note iv - Recognition of finance cost under effective interest rate method for redemption premium on debentures, which was adjusted to reserves under previous GAAP.

Note v - Others mainly include expenditure capitalised, depreciation & amortisation adjustments and impact on the results of Associates mainly on account of fair valuation of agricultural produce.

 

(b) Other comprehensive income comprises of income / (expenditure) for (i) amounts accounted in the  foreign currency translation reserve account, hedging  reserves and actuarial gains/losses on employee benefits of overseas entities cumulating to (Rs 214 Crores) [PY - Rs 321 Crores],  which, under previous GAAP, were accounted directly in the reserves (ii) actuarial gain/(loss) on employee benefits of Indian entities of (Rs 2 Crores) [PY - (Rs 2 Crores)], which under the previous GAAP, were accounted in the Statement of Profit and Loss and (iii) fair value changes in the carrying value of  investments of Rs 67 Crores [PY - (Rs 54 Crores)], which under the previous GAAP were accounted at cost.



 

5.  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 Total Income from Operations, Profit before tax and Profit after tax of the Holding Company's standalone financial results are given below :

 

In Rs Crores

Unaudited Three months ended

June 30, 2016

June 30, 2015

Total Income from Operations (Net)

820.08

802.32

Profit before Tax

111.09

100.23

Profit after Tax

73.26

65.44

Total Comprehensive Income

137.27

8.53

Earnings per share - Rs (not annualised for the quarter end)

1.16

1.04

 

 

 

6.  The aforementioned results were reviewed by the Audit Committee of the Board on August 8, 2016 and subsequently taken on record by the Board of Directors at its Meeting held on August 9, 2016. The Statutory Auditors of the company have conducted limited review of these results.

 

7.  The Consolidated and Standalone result for the quarter ended June'2016 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 ). 

 

 

 

 

 

 

 

 

 

 

 

 

Mumbai, August 9, 2016                                                                                      Cyrus P Mistry

                                                                                                                                                      (Chairman)



 

Tata Global Beverages Limited

Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020

CIN - L15491WB1962PLC031425, Email : [email protected], Website: www.tataglobalbeverages.com

 

Consolidated Segment wise Revenue, Results, Assets and Liabilities for the
quarter ended June 30, 2016

                 Rs. In Crores

Particulars 

Three Months Ended

June 30

 2016

June 30

2015

Segment Revenue



Branded Business



(a)  Tea

1213.05

1228.98

(b)  Coffee

296.63

245.65

(c)  Others

6.77

7.34

Total Branded Business

1516.45

1481.97

Non Branded Business

232.17

198.34

Total Segment Revenue

1748.62

1680.31

Less: Inter Segment Sales

(14.41)

(8.13)

Income from Operations (Net)

1734.21

1672.18

Segment Results



Branded Business



(a)  Tea

164.07

164.96

(b)  Coffee

55.22

21.63

(c)  Others

(3.40)

(4.52)

Total Branded Business

215.89

182.07

Non Branded Business

39.02

18.93

Total Segment Results

254.91

201.00

Add / Less



i)  Finance Cost

(22.04)

(21.18)

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

(33.37)

(37.71)

Profit before Tax

199.50

142.11

Segment Assets



Branded Business



(a)  Tea

4293.73

4626.16

(b)  Coffee

1953.87

1853.70

(c)  Others

30.37

51.68

Total Branded Business

6277.97

6531.54

Non Branded Business

891.58

884.77

Total Segment Assets

7169.55

7416.31

Unallocable Corporate Assets

2917.83

3170.13

Total Assets

10087.38

10586.44

Segment Liabilities



Branded Business



(a)  Tea

740.94

813.36

(b)  Coffee

147.63

148.60

(c)  Others

11.95

10.20

Total Branded Business

900.52

972.16

Non Branded Business

116.79

79.10

Total Segment Liabilities

1017.31

1051.26

Unallocable Corporate liabilities

1874.07

1739.73

Total Liabilities

2891.38

2790.99

 

 

 

 

Notes:

 

a.  The group has organised it's 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. This complies with Ind AS - 108 - Segment reporting principles, and is made effective from 1st April, 2016 and the previous quarter numbers have been regrouped/reclassified.

 

 

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. 

 

 

 

 

 

 

Mumbai, August 9, 2016                                                                   Cyrus P Mistry

                                                                                                                             (Chairman)

 


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