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Tata Global Bev.Ltd (TGBL)

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Wednesday 30 November, 2016

Tata Global Bev.Ltd

Half-year Results

RNS Number : 5194Q
Tata Global Beverages Limited
30 November 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 quarter and six month ended September 30, 2016

                 Rs. In Crores

Particulars

Unaudited Three Months Ended

Unaudited Year to date ended

 


September 30

2016

June 30

 2016

September 30

 2015

September 30

 2016

September 30

 2015

Income from Operations






Net Sales / Income from Operations

736.85

805.79

722.55

1542.64

1507.81

Other Operating Income

22.27

15.98

25.68

38.25

41.13

Total Income from Operations

759.12

821.77

748.23

1580.89

1548.94

a) Cost of materials consumed

458.51

464.73

468.72

923.24

945.81

b) Purchase of stock in trade

5.25

1.31

0.69

6.56

1.82

c) Charges in inventories of finished goods work in progress and stock in trade

3.31

66.36

8.06

69.67

49.50

d) Employee benefits expense

47.48

46.10

40.86

93.58

83.56

e) Depreciation & Amortization expense

5.83

5.56

5.75

11.39

11.16

f) Advertisement and Sales Charges

56.33

36.31

68.31

92.64

108.49

g) Other Expenses

103.42

90.87

88.54

194.29

173.10

Total Expenses

680.13

711.24

680.93

1391.37

1373.44

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

78.99

110.53

67.30

189.52

175.50

Other Income

50.99

12.74

77.83

63.73

81.67

Profit from ordinary activities before Finance cost & Exceptional Items

129.98

123.27

145.13

253.25

257.17

Finance Cost

(14.79)

(12.18)

(12.28)

(26.97)

(24.09)

Profit from ordinary activities after Finance cost but before Exceptional Items

115.19

111.09

132.85

226.28

233.08

Exceptional items (Net)

-

-

(3.00)

-

(3.00)

Profit from ordinary activities before Tax

115.19

111.09

129.85

226.28

230.08

Tax Expense

(28.87)

(37.83)

(24.21)

(66.70)

(59.00)

Net Profit after Tax (A)

86.32

73.26

105.64

159.58

171.08

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

63.11

63.11

63.11

63.11

63.11

Paid-up Debt Capital




325.00

325.00

Debenture Redemption Reserve




81.25

81.25

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

1.37

1.16

1.67

2.53

2.71

Debt Equity Ratio




0.17

0.17

Debt Service Coverage Ratio(DSCR)




9.39

10.68

Interest Service Coverage Ratio(ISCR)




9.39

10.68

Other Comprehensive Income (B)

95.75

64.01

(94.25)

159.76

(151.16)

Total Comprehensive Income (A+B)

182.07

137.27

11.39

319.34

19.92

 

 

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.  The Company has adopted, 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. 759 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. Profit after tax at Rs. 86 crores is lower than corresponding quarter of previous year mainly on account of lower dividend income.

 

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

 

For the Quarter

In Rs. Crores

Previous GAAP

Revenue

 

 

(Note i)

Amortised cost adjustment on Long term borrowings

(Note ii)

 

Others

 

(Note iii)

Ind AS

September 30,2015

September 30,2015

Total Income from Operations (Net)

775.09

(26.86)

-

-

748.23

Profit from Operations

63.86

-

-

3.44

67.30

Net Profit after Tax

108.31

-

(3.96)

1.29

105.64

 



Adjustments under Ind AS

 

For the Year to date

In Rs. Crores

Previous GAAP

Revenue

 

 

(Note i)

Amortised cost adjustment on Long term borrowings

(Note ii)

 

Others

 

(Note iii)

Ind AS

September 30,2015

September 30,2015

Total Income from Operations (Net)

1598.24

(49.30)

-

-

1548.94

Profit from Operations

170.16

-

-

5.34

175.50

Net Profit after Tax

176.15

-

(7.89)

2.82

171.08

 

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): 

In Rs Crores

Three months ended

Year to date ended

Sep 30, 2016

June 30, 2016

Sep 30, 2015

Sep 30, 2016

Sep 30, 2015

105.69

65.43

(92.74)

171.12

(146.70)

(0.92)

(0.53)

(0.18)

(1.45)

(2.70)

Actuarial gain/(loss) on employee benefits which, under the previous GAAP were accounted in the Statement of Profit and Loss.

 

(9.02)

(0.89)

(1.33)

(9.91)

(1.76)

Total Other Comprehensive Income

95.75

64.01

(94.25)

159.76

(151.16)

 

 

 



 

4.  With effect from 1st April 2016, 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" 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 52(4) and Regulation 54(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements Regulation 2015) for period ended 30th September 2016

 

Particulars

As at 30th September 2016

Credit Rating

Credit rating by ICRA for the NCD programme is AA+

Asset Cover

1.79

Debt Equity Ratio

0.17

Previous due date for :

a)  Payment of Interest

 

 

23rd  October 2015

b) Principal

Not Applicable

Next due date for :

a)  Payment of Interest

 

 

24th  October 2016

     b) Principal

24th  October 2016

Debt Service Coverage Ratio

9.39

Interest Service Coverage Ratio

9.39

Outstanding Redeemable Preference Shares

Nil

Capital Redemption Reserves

Nil

Debenture Redemption Reserves

Rs 81.25 crores

Net Worth

Rs 3584.85 crores

Net Profit after tax

Rs 159.58 crores

Earnings per share (Rs)

2.53

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.  Statement of Assets and Liabilities as at September 30, 2016 is annexed.

 

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

 

8.  The aforementioned results were reviewed by the Audit Committee of the Board on November 15, 2016 and subsequently taken on record by the Board of Directors at its Meeting held on November 15, 2016. The statutory auditors of the company have conducted limited review on these results.

 

 

 

 

 

 

                                                                                                                               Cyrus P Mistry

                                                                                                                                                                (Chairman)

Mumbai: November 15, 2016       

 

 

Tata Global Beverages Limited

Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020

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

Unaudited Statement of Assets and Liabilities as at September 30, 2016

             Rs. In Crores

 

Particulars

As at
September 30 2016


ASSETS


1

Non-current assets



(a) Property, Plant and Equipment

185.95


(b) Capital work-in-progress

8.29


(c) Intangible Assets

14.38


(d) Financial assets



(i)  Investments

2810.10


(ii)  Loans

46.11


(e) Deferred tax assets

41.23


(f) Other non-current assets

74.38


Sub-total - Non-current Assets

3180.44

2

Current assets



(a) Inventories

810.20


(b) Financial assets



 (i) Trade Receivables

266.81


(ii) Cash and Cash Equivalents

325.60


(iii) Bank balances other than (ii) above

106.57


(iv) Loans

37.72


(v) Other Financial assets

40.61


(c) Current tax assets (Net)

62.26


(d) Other current assets

61.67


Sub-total - Current Assets

1711.44


TOTAL - ASSETS

4891.88


EQUITY AND LIABILITIES


A

EQUITY



(a) Equity share capital

63.11


(b) Other equity

3521.74


Sub-total - Equity

3584.85

B

LIABILITIES


1

Non-current liabilities



(a) Provisions

121.46


Sub-total - Non-current liabilities

121.46

2

Current liabilities



(a) Financial liabilities



(i)  Borrowings

277.00


(ii) Trade Payables

313.58


(iii) Other financial Liabilities

491.70


(b) Other current liabilities

67.78


(c) Provisions

35.51


Sub-total - Current liabilities

1185.57


TOTAL EQUITY AND LIABILITIES

4891.88

 

 

 

 

 

 

 

                                                                                                                                              Cyrus P Mistry

                                                                                                                                                                                                                           (Chairman)

Mumbai: November 15, 2016       

 


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