Tata Consumer Products Limited
(Formerly Tata Global Beverages Limited)
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tataconsumer.com, Website : www.tataconsumer.com
Consolidated Financial Results for the quarter and year ended March 31, 2020
Rs. in Crores
| Particulars | Three months ended | Year ended | |||
| March 31, 2020 | December 31, 2019 * | March 31, 2019 | March 31, 2020 | March 31, 2019 | |
| Refer Note 6 | Unaudited | Refer Note 6 | Audited | Audited | |
| Revenue from Operations | 2405.03 | 2492.96 | 1775.46 | 9637.42 | 7251.5 |
| Other Income | 21.93 | 28.54 | 35.23 | 111.59 | 157.13 |
| Total Income | 2426.96 | 2521.50 | 1810.69 | 9749.01 | 7408.63 |
| Cost of Materials Consumed | 872.98 | 946.79 | 813.05 | 3606.66 | 3294.18 |
| Purchase of stock in trade | 483.56 | 466.31 | 189.63 | 1796.24 | 727.87 |
| Changes in inventories of finished goods, work in progress and stock in trade | (44.60) | (5.27) | (30.34) | 7.78 | (14.41) |
| Employee Benefits Expense | 231.57 | 219.42 | 203.01 | 884.80 | 806.30 |
| Finance Costs | 18.70 | 20.12 | 15.48 | 77.86 | 52.47 |
| Depreciation and Amortisation Expense | 64.04 | 61.44 | 32.98 | 241.71 | 122.57 |
| Advertisement and Sales charges | 181.37 | 201.39 | 129.59 | 676.72 | 547.52 |
| Other Expenses | 371.79 | 346.19 | 296.25 | 1373.07 | 1104.13 |
| Total Expenses | 2179.41 | 2256.39 | 1649.65 | 8664.84 | 6640.63 |
| Profit before Exceptional Items and Tax | 247.55 | 265.11 | 161.04 | 1084.17 | 768.00 |
| Exceptional Items (Net) | (264.39) | (0.84) | (8.39) | (274.79) | (33.29) |
| Profit before Tax | (16.84) | 264.27 | 152.65 | 809.38 | 734.71 |
| Tax Expense |
|
|
|
|
|
| Current tax | (28.73) | (23.08) | (78.42) | (89.05) | (256.03) |
| Deferred tax | (4.64) | (51.96) | 19.59 | (185.14) | (4.85) |
| Total Tax Expense (Net) | (33.37) | (75.04) | (58.83) | (274.19) | (260.88) |
| Net Profit after Tax | (50.21) | 189.23 | 93.82 | 535.19 | 473.83 |
| Share of net profit/(loss) in Associates and Joint Ventures using equity method | (72.27) | (4.62) | (57.83) | (75.08) | (16.85) |
| Group Consolidated Net Profit (A) | (122.48) | 184.61 | 35.99 | 460.11 | 456.98 |
| Attributable to : |
|
|
|
|
|
| Owners of the Parent | (76.49) | 169.35 | 22.90 | 459.76 | 408.19 |
| Non Controlling Interest | (45.99) | 15.26 | 13.09 | 0.35 | 48.79 |
| Other Comprehensive Income |
|
|
|
|
|
| i) Items that will not be reclassified to profit or loss (Net of Tax) |
|
|
|
|
|
| Remeasurement of the defined benefit plans | 83.67 | (69.38) | 52.86 | 31.18 | 86.47 |
| Changes in fair valuation of equity instruments | 6.08 | 6.63 | (10.30) | 12.50 | (5.20) |
|
| 89.75 | (62.75) | 42.56 | 43.68 | 81.27 |
| Tax impact on above items | (13.21) | 12.07 | (9.23) | (3.31) | (13.27) |
|
| 76.54 | (50.68) | 33.33 | 40.37 | 68.00 |
| ii) Items that will be reclassified to profit or loss (Net of Tax) |
|
|
|
|
|
| Exchange differences on translation of foreign operations | 21.06 | 264.36 | 38.15 | 225.69 | 17.04 |
| Gains/(loss) on effective portion of cash flow hedges | (37.11) | 51.73 | (4.93) | 13.48 | (12.06) |
|
| (16.05) | 316.09 | 33.22 | 239.17 | 4.98 |
| Tax impact on above items | 15.44 | (12.46) | 0.33 | 1.94 | 0.88 |
|
| (0.61) | 303.63 | 33.55 | 241.11 | 5.86 |
| Total Other Comprehensive Income, Net of Tax (B) | 75.93 | 252.95 | 66.88 | 281.48 | 73.86 |
| Attributable to : |
|
|
|
|
|
| Owners of the Parent | 65.71 | 204.58 | 59.68 | 233.89 | 70.58 |
| Non Controlling Interest | 10.22 | 48.37 | 7.20 | 47.59 | 3.28 |
| Total Comprehensive Income (A+B) | (46.55) | 437.56 | 102.87 | 741.59 | 530.84 |
| Attributable to : |
|
|
|
|
|
| Owners of the Parent | (10.78) | 373.93 | 82.58 | 693.65 | 478.77 |
| Non Controlling Interest | (35.77) | 63.63 | 20.29 | 47.94 | 52.07 |
| Paid-up equity share capital (Face value of Re 1 each) | 92.16 | 92.16 | 63.11 | 92.16 | 63.11 |
| Reserves excluding Revaluation Reserve |
|
|
| 13700.84 | 7246.72 |
| Earnings per share (Basic & Diluted) (not annualised for the quarter) - Rs | (0.83) | 1.84 | 0.36 | 4.99 | 6.47 |
* Restated (Refer Note 1)
Notes:
1. In accordance with the Scheme of arrangement (Scheme) between the Company and Tata Chemicals Limited (TCL) as approved by Hon'ble National Company Law Tribunal, Kolkata Bench, the Consumer Product Business (foods business) of TCL was demerged and transferred to the Company with effect from the Appointed date of April 1, 2019, in consideration of 114 equity shares of the Company of Re.1 each fully paid up for every 100 equity shares held in TCL of Rs 10 each fully paid up. The effective date of the Scheme was February 7, 2020. Upon the Scheme becoming effective, the results of the foods business have been accounted in the books of the Company but with effect from April 1, 2019, and the reported numbers of the earlier quarters' have been restated. The Foods business contributed revenue from operations of Rs 2064 Crores (Q4: Rs 524 Crores) and profit before tax of Rs 264 Crores (Q4: Rs 56 Crores).
Pursuant to the Scheme, the name of the Company was also changed to Tata Consumer Products Limited with effect from February 10, 2020.
2. For the quarter, Revenue from operations increased by 35% as compared to corresponding quarter of the previous year of which increase of 29% is on account of inclusion of foods business and 6% improvement is from beverages business driven by volume and value growth both in India and International markets. Profit before exceptional items and tax at Rs 248 Crores is higher by 54% as compared to corresponding quarter of the previous year, of which increase of 35% is on account of inclusion of foods business, and 19% improvement is from beverages business mainly on account of higher revenue and lower commodity costs partly offset by increased spends behind brands. Group Consolidated Net Profit is lower as compared to corresponding quarter of the previous year on account of higher exceptional items and higher shares of losses in Associates & Joint Ventures.
3. The financial results includes following under Exceptional items:
| Particulars (Rs in Crores) | Quarter ended | Year ended | ||
| March 31 2020 | March 31 2019 | March 31 2020 | March 31 2019 | |
| Impairment of Goodwill* | (223) | - | (223) | - |
| Scheme Costs and Business Integration Costs in relation to foods business | (41) | - | (52) | - |
| Reorganisation and Business Restructuring costs | (10) | - | (10) | (25) |
| Past service cost relating to UK Defined Benefits pension scheme | - | (8) | - | (8) |
| Gain on disposal of Czech business | 10 | - | 10 | - |
| Income / (Expenditure) (net) | (264) | (8) | (275) | (33) |
* Represents non-cash impairment loss on goodwill relating to the business in Australia and tea business in the US. The accounting impairment has been recognised due to a combination of factors like COVID related impact on specific out of home business segments, changes to discount rates due to market conditions and revision in business plan sensitivities.
4. Share of profits/(loss) in Associates and Joint Ventures include the profits/(loss) of an Associate operating in North India plantations, which are seasonal in nature.
5. Effective April 1, 2019, the Group has adopted Ind AS 116 - Leases and applied the revised standard to all lease contracts thereby capitalising assets taken on operating lease existing on April 1, 2019, using the modified retrospective method, with the cumulative adjustment to retained earnings. Accordingly, comparatives for the year ended March 31, 2019 have not been restated. On transition, the cumulative effect of applying the standard resulted in Rs 63 Crores being debited to retained earnings, net of taxes. The effect of this adoption is insignificant on the profit for the year.
6. Figures of the quarter ended March 31, 2020 and March 31, 2019 are the balancing figures between audited figures in respect of the full financial year and year to date figures up to the third quarter of the relevant financial year.
7. The Company along with its subsidiaries and affiliates continues to manufacture and supply essential food and beverage items in domestic and international markets even in the current COVID environment. The demand for the group's food and beverage products for in home consumption continues with some short term stocking up. However, extended lock down conditions have caused some adverse impact on sales due to disruptions in the market openings and supply chain with the impact being more pronounced in out of home sectors. Impact on future operations would to a large extent depend on how the pandemic develops and the resultant impact on businesses.
8. The Board of Directors has recommended a dividend payment of Rs 2.70 per share (Face value Re. 1 each) for the year ended March 31, 2020.
9. The Consolidated Statement of Assets and Liabilities as at March 31, 2020 and Consolidated Cash Flow Statement for the year ended March 31, 2020 is annexed.
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 May 14, 2020 and subsequently taken on record by the Board of Directors at its Meeting held on May 14, 2020. The Statutory Auditors of the Company have audited the annual results.
12. The Consolidated and Standalone result for the quarter and year ended March 31, 2020 are available on the BSE website (URL: www.bseindia.com), the National Stock Exchange website (URL: www.nseindia.com) and on the Company's website (URL: www.tataconsumer.com).
In terms of our report attached
For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
Firm's Registration No. 117366W/W-100018
Sanjiv V. Pilgaonkar Sunil D'Souza
Partner Managing Director and CEO
Membership No. 039826
Mumbai: May 14, 2020
Tata Consumer Products Limited
(Formerly Tata Global Beverages Limited)
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tataconsumer.com, Website : www.tataconsumer.com
Consolidated Segment wise Revenue, Results, Assets and Liabilities for the year ended March 31, 2020
Rs. in Crores
| Particulars | Three months ended | Year ended | |||
| March 31, 2020 | December 31, 2019 * | March 31, 2019 | March 31, 2020 | March 31, 2019 | |
| Refer Note 6 | Unaudited | Refer Note 6 | Audited | Audited | |
| Segment Revenue |
|
|
|
|
|
| Branded Business |
|
|
|
|
|
| India - Beverages | 754.83 | 873.12 | 712.49 | 3376.89 | 3167.66 |
| India - Foods | 524.44 | 531.06 | - | 2063.74 | - |
| International - Beverages | 874.41 | 851.64 | 821.00 | 3226.04 | 3238.38 |
| Total Branded Business | 2153.68 | 2255.82 | 1533.49 | 8666.67 | 6406.04 |
| Non Branded Business | 251.28 | 238.51 | 241.21 | 974.94 | 842.47 |
| Total Segment Revenue | 2404.96 | 2494.33 | 1774.70 | 9641.61 | 7248.51 |
| Others | 6.42 | 8.20 | 6.22 | 26.63 | 30.16 |
| Less: Inter segment Sales | (6.35) | (9.57) | (5.46) | (30.82) | (27.17) |
| Revenue from Operations | 2405.03 | 2492.96 | 1775.46 | 9637.42 | 7251.50 |
| Segment Results |
|
|
|
|
|
| Branded Business |
|
|
|
|
|
| India - Beverages | 87.15 | 127.56 | 57.04 | 465.14 | 457.42 |
| India - Foods | 57.27 | 66.21 | - | 266.45 | - |
| International - Beverages | 128.51 | 79.00 | 101.25 | 360.76 | 276.73 |
| Total Branded Business | 272.93 | 272.77 | 158.29 | 1092.35 | 734.15 |
| Non Branded Business | 1.19 | 16.16 | 9.62 | 55.65 | 66.64 |
| Total Segment Results | 274.12 | 288.93 | 167.91 | 1148.00 | 800.79 |
| Add/Less |
|
|
|
|
|
| Other Income | 17.94 | 20.13 | 33.41 | 93.35 | 105.58 |
| Finance Cost | (18.70) | (20.12) | (15.48) | (77.86) | (52.47) |
| Unallocable items | (25.81) | (23.83) | (24.80) | (79.32) | (85.90) |
| Exceptional Items | (264.39) | (0.84) | (8.39) | (274.79) | (33.29) |
| Profit Before Tax | (16.84) | 264.27 | 152.65 | 809.38 | 734.71 |
| Segment Assets |
|
|
|
|
|
| Branded Business |
|
|
|
|
|
| India - Beverages | 1554.03 | 1906.25 | 1322.45 | 1554.03 | 1322.45 |
| India - Foods | 6231.66 | 6222.86 | - | 6231.66 | - |
| International - Beverages | 5352.99 | 5511.71 | 5237.22 | 5352.99 | 5237.22 |
| Total Branded Business | 13138.68 | 13640.82 | 6559.67 | 13138.68 | 6559.67 |
| Non Branded Business | 1599.93 | 1532.26 | 1483.92 | 1599.93 | 1483.92 |
| Total Segment Assets | 14738.61 | 15173.08 | 8043.59 | 14738.61 | 8043.59 |
| Unallocable Corporate Assets | 3763.99 | 3199.57 | 2895.13 | 3763.99 | 2895.13 |
| Total Assets | 18502.60 | 18372.65 | 10938.72 | 18502.60 | 10938.72 |
| Segment Liabilities |
|
|
|
|
|
| Branded Business |
|
|
|
|
|
| India - Beverages | 538.32 | 573.22 | 366.03 | 538.32 | 366.03 |
| India - Foods | 240.72 | 165.58 | - | 240.72 | - |
| International - Beverages | 759.99 | 744.51 | 520.21 | 759.99 | 520.21 |
| Total Branded Business | 1539.03 | 1483.31 | 886.24 | 1539.03 | 886.24 |
| Non Branded Business | 186.98 | 155.02 | 169.88 | 186.98 | 169.88 |
| Total Segment Liabilities | 1726.01 | 1638.33 | 1056.12 | 1726.01 | 1056.12 |
| Unallocable Corporate Liabilities | 1869.26 | 1776.55 | 1523.23 | 1869.26 | 1523.23 |
| Total Liabilities | 3595.27 | 3414.88 | 2579.35 | 3595.27 | 2579.35 |
* Restated (Refer Note 1)
Notes:
a) The Group has organised business into Branded Segment and Non Branded Segment. Branded Segment is further sub-categorised as India Beverages, India Foods and International Beverages. Accordingly, the group has reported its segment results for these segments.
b) Business Segments: The internal business segmentation and the activities encompassed therein are as follows:
i) Branded Business -
India Beverages : Sale of branded Tea, Coffee and Water in various value added forms
India Foods : Sale of food products in various value added forms
International Beverages : Sale of branded Tea, Coffee and Water in various value added forms
ii) Non Branded Business - Plantation and Extraction business for Tea, Coffee and other produce.
c) The segment wise revenue, results, assets and liabilities figures relate to the respective amounts directly identifiable to each of the segments. Unallocable items includes expenses incurred on common services at the corporate level. Other Income excludes allocable income to segment results.
d) The Group has revised the composition of its reportable segments to align with the changes in the manner in which the Group's CODM allocates resource and reviews performance. The corresponding segment information for the earlier periods has been restated as per the requirements of Ind AS 108.
Sunil D'Souza
Mumbai: May 14, 2020 Managing Director and CEO
Tata Consumer Products Limited
(Formerly Tata Global Beverages Limited)
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tataconsumer.com, Website : www.tataconsumer.com
Audited Consolidated Statement of Assets and Liabilities as at March 31, 2020
Rs in Crores
|
| March 31, 2020 | March 31, 2019 |
| ASSETS |
|
|
| Non-Current Assets |
|
|
| Property Plant and Equipment | 1207.50 | 808.80 |
| Capital Work in Progress | 87.56 | 413.30 |
| Investment Property | 50.04 | 51.60 |
| Right of Use Assets | 293.46 | - |
| Goodwill | 7333.83 | 3785.07 |
| Other Intangible Assets | 2771.21 | 267.84 |
| Intangible Assets under Development | 7.79 | 11.11 |
| Investments accounted for using Equity method | 228.19 | 287.60 |
| Financial Assets |
|
|
| Investments | 261.11 | 316.90 |
| Loans | 22.50 | 17.09 |
| Other Financial Assets | 32.17 | 28.62 |
| Deferred Tax Assets (Net) | 29.56 | 58.04 |
| Non-current Tax Assets (net) | 146.06 | 86.26 |
| Other Non Current Assets | 349.56 | 258.52 |
|
| 12820.54 | 6390.75 |
| Current Assets |
|
|
| Inventories | 1712.03 | 1609.86 |
| Financial Assets |
|
|
| Investments | 833.55 | 583.16 |
| Trade Receivables | 922.41 | 680.55 |
| Cash and Cash Equivalent | 1121.67 | 967.02 |
| Other Bank balances | 499.79 | 66.59 |
| Loans | 116.54 | 245.01 |
| Other Financial Assets | 173.24 | 131.40 |
| Current Tax Assets (net) | 1.17 | 2.38 |
| Other Current Assets | 301.66 | 224.83 |
|
| 5682.06 | 4510.80 |
| Assets of disposal group | - | 37.17 |
| TOTAL ASSETS | 18502.60 | 10938.72 |
| EQUITY AND LIABILITIES |
|
|
| Equity |
|
|
| Equity Share Capital | 92.16 | 63.11 |
| Other Equity | 13722.70 | 7268.58 |
| Equity attributable to the equity holders of the company | 13814.86 | 7331.69 |
| Non Controlling Interest | 1092.47 | 1027.68 |
| Total Equity | 14907.33 | 8359.37 |
| Non-Current Liabilities |
|
|
| Financial Liabilities |
|
|
| Borrowings | 794.67 | 787.24 |
| Lease Liability | 291.96 | - |
| Other Financial Liabilities | 13.93 | 7.61 |
| Provisions | 183.22 | 152.21 |
| Deferred Tax Liabilities (Net) | 316.03 | 145.45 |
| Non Current Tax Liabilities | 16.86 | 16.90 |
|
| 1616.67 | 1109.41 |
| Current Liabilities |
|
|
| Financial Liabilities |
|
|
| Borrowings | 387.81 | 329.66 |
| Lease Liability | 37.97 | - |
| Trade Payables | 943.99 | 664.90 |
| Other Financial Liabilities | 382.55 | 304.77 |
| Other Current Liabilities | 100.25 | 81.38 |
| Provisions | 92.41 | 49.51 |
| Current Tax Liabilities (net) | 33.62 | 27.95 |
|
| 1978.60 | 1458.17 |
| Liabilities of disposal group | - | 11.77 |
| TOTAL EQUITY AND LIABILITIES | 18502.60 | 10938.72 |
As at April 1, 2019, net assets of Rs 2536 Crores and goodwill of Rs 3562 Crores was recognised in the Balance sheet with credit to Equity, on account of the Scheme of Arrangement (Refer Note 1).
Tata Consumer Products Limited
(Formerly Tata Global Beverages Limited)
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tataconsumer.com, Website : www.tataconsumer.com
Audited Consolidated Statement of Cash Flows for the year ended March 31, 2020
Rs. In Crores
| Particulars | March 31, | March 31, |
| A. Cash Flow from Operating Activities |
|
|
| Net Profit before Tax | 809.38 | 734.71 |
| Adjusted for : |
|
|
| Depreciation and amortisation | 241.71 | 122.57 |
| Finance Cost | 77.86 | 52.47 |
| Dividend Income | (3.47) | (3.65) |
| Profit on sale of current investments (net) | (25.50) | (33.36) |
| Fair value movement in Financial instruments at fair value through profit and loss | (2.57) | (5.95) |
| Interest Income | (61.81) | (62.63) |
| Unrealised foreign exchange (gain) / loss | (7.18) | 2.17 |
| Impairment loss recognised in trade receivables and advances ( net of reversal) | (3.41) | 2.04 |
| Other non operating income | - | (25.21) |
| (Profit) / Loss on sale of Property, Plant & Equipment including investment property (net) | (4.03) | (15.26) |
| Rental Income from Investment Property | (3.14) | (2.40) |
| Gain on disposal of a Subsidiary | (10.38) | - |
| Impairment of Goodwill | 222.94 | - |
| Other Exceptional Items | 62.23 | 33.29 |
| Operating Profit before working capital changes | 1292.63 | 798.79 |
| Adjustments for: |
|
|
| Trade Receivables & Other Assets | (177.30) | (132.69) |
| Inventories | 81.46 | (155.54) |
| Trade payables & Other Liabilities | 13.82 | (133.31) |
| Cash generated from operations | 1210.61 | 377.25 |
| Direct taxes paid | (128.38) | (167.38) |
| Net Cash from Operating Activities | 1082.23 | 209.87 |
| B. Cash Flow from Investing Activities |
|
|
| Payment for Property, Plant and Equipment including Intangibles | (159.58) | (282.28) |
| Sale of Property, Plant and Equipment | 8.82 | 25.70 |
| Acquisition of Business | (101.01) | - |
| Rental Income from Investment Property | 3.14 | 2.40 |
| Sale of Non Current Investments carried at Fair value through OCI | 65.27 | 1.15 |
| Proceeds from disposal of a Subsidiary | 30.38 | - |
| Investments in Joint Ventures | (53.00) | (35.80) |
| Purchase of Non-Current Investments | (0.16) | - |
| (Purchase) / Sale of Current Investments (net) | (222.00) | 24.69 |
| Dividend Income received (including dividend from associates & Joint Ventures) | 5.31 | 5.22 |
| Interest Income received | 51.13 | 48.70 |
| (Placement) / Redemption Fixed deposits (net) | (433.53) | 240.00 |
| Inter Corporate Loans and Deposits (net) | 132.46 | 43.50 |
| Net cash from /(used in) Investing Activities | (672.77) | 73.28 |
| C. Cash Flow from Financing Activities |
|
|
| Proceeds from / (Repayment of) Long term borrowings (net) | (18.14) | 101.14 |
| Proceeds from / (Repayment of) short term borrowings (net) | 50.25 | (65.31) |
| Payment of Lease Liabilities | (48.56) | - |
| Dividend & Dividend Tax paid | (221.62) | (215.82) |
| Finance Cost paid | (70.26) | (43.74) |
| Net Cash used in Financing Activities | (308.33) | (223.73) |
| Net increase in Cash and Cash Equivalents (A+B+C) | 101.13 | 59.42 |
| Opening balance of Cash & Cash Equivalent | 737.48 | 698.17 |
| Exchange Gain/ (Loss) on translation of foreign currency cash/cash equivalents | 50.73 | (20.11) |
| Closing Cash & Cash Equivalent | 889.34 | 737.48 |
| Reconciliation with Balance Sheet |
|
|
| Cash and Cash Equivalents | 889.34 | 737.48 |
| Add : Bank Overdraft | 232.33 | 229.55 |
| Less : Cash and Cash Equivalents relating to disposal group | - | (0.01) |
| Balance at the end of the year | 1121.67 | 967.02 |
Tata Consumer Products Limited
(Formerly Tata Global Beverages Limited)
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tataconsumer.com, Website : www.tataconsumer.com
Standalone Financial Results for the quarter and year ended March 31, 2020
Rs. in Crores
| Particulars | Three months ended | Year ended | |||
|
| March 31, 2020 | December 31, 2019* | March 31, 2019 | March 31, 2020 | March 31, 2019 |
|
| Refer Note 5 | Unaudited | Refer Note 5 | Audited | Audited |
| Revenue from Operations | 1335.31 | 1463.45 | 784.05 | 5690.24 | 3429.66 |
| Other Income | 16.70 | 24.81 | 26.61 | 117.75 | 182.51 |
| Total Income | 1352.01 | 1488.26 | 810.66 | 5807.99 | 3612.17 |
| Cost of materials consumed | 527.09 | 601.49 | 500.86 | 2305.02 | 2055.97 |
| Purchase of stock-in-trade | 287.42 | 309.21 | 8.25 | 1123.86 | 23.65 |
| Changes in inventories of finished goods, work-in-progress & stock-in-trade | (26.40) | (10.28) | (30.85) | 44.36 | 0.16 |
| Employees benefits expense | 74.35 | 69.09 | 49.67 | 283.44 | 216.85 |
| Finance costs | 6.79 | 7.16 | 3.24 | 25.73 | 13.18 |
| Depreciation and amortisation expense | 33.00 | 29.40 | 8.73 | 114.82 | 31.68 |
| Advertisement and sales charges | 107.92 | 107.69 | 62.85 | 384.91 | 226.55 |
| Other expenses | 204.55 | 179.36 | 134.21 | 744.63 | 468.21 |
| Total Expenses | 1214.72 | 1293.12 | 736.96 | 5026.77 | 3036.25 |
| Profit before Exceptional Items and Tax | 137.29 | 195.14 | 73.70 | 781.22 | 575.92 |
| Exceptional Items (Net) | (41.41) | (0.84) | - | (51.81) | - |
| Profit before Tax | 95.88 | 194.30 | 73.70 | 729.41 | 575.92 |
| Tax Expense |
|
|
|
|
|
| Current Tax | 2.11 | (1.42) | (23.54) | 0.61 | (160.57) |
| Deferred Tax | (27.06) | (49.89) | 3.10 | (206.48) | (4.42) |
| Total Tax Expense (net of reversals) | (24.95) | (51.31) | (20.44) | (205.87) | (164.99) |
| Net Profit after Tax (A) |
70.93 |
142.99 |
53.26 |
523.54 |
410.93 |
|
|
|
|
|
|
|
| Other Comprehensive Income |
|
|
|
|
|
| i) Items that will not be reclassified to profit or loss |
|
|
|
|
|
| Remeasurement of defined benefit plans | (9.56) | (2.56) | 10.76 | (28.18) | 4.67 |
| Changes in fair valuation of equity instruments | 4.67 | 5.38 | (8.40) | 9.84 | (3.77) |
|
| (4.89) | 2.82 | 2.36 | (18.34) | 0.90 |
| Tax impact of above items | 3.44 | 0.64 | (3.93) | 7.47 | (1.80) |
|
| (1.45) | 3.46 | (1.57) | (10.87) | (0.90) |
| ii) Items that will be reclassified to profit or loss |
|
|
|
|
|
| Gains/(loss) on effective portion of cash flow hedges | (1.67) | (2.20) | 1.53 | (6.53) | 4.23 |
| Tax impact of above item | 0.68 | 0.57 | (0.54) | 2.13 | (1.48) |
|
| (0.99) | (1.63) | 0.99 | (4.40) | 2.75 |
| Other Comprehensive Income (B) | (2.44) | 1.83 | (0.58) | (15.27) | 1.85 |
| Total Comprehensive Income (A+B) | 68.49 | 144.82 | 52.68 | 508.27 | 412.78 |
| Paid-up equity share capital (Face value of Re. 1 each) | 92.16 | 92.16 | 63.11 | 92.16 | 63.11 |
| Reserves excluding Revaluation Reserves |
|
|
| 10735.99 | 4358.71 |
| Earnings per share (Basic & Diluted) (not annualised for the quarter) - Rs. | 0.77 | 1.55 | 0.84 | 5.68 | 6.51 |
* Restated(Refer Note 1)
Notes:
1. In accordance with the Scheme of arrangement (Scheme) between the Company and Tata Chemicals Limited (TCL) as approved by Hon'ble National Company Law Tribunal, Kolkata Bench, the Consumer Product Business (foods business) of TCL was demerged and transferred to the Company with effect from the Appointed date of April 1, 2019, in consideration of 114 equity shares of the Company of Re.1 each fully paid up for every 100 equity shares held in TCL of Rs 10 each fully paid up. The effective date of the Scheme was February 7, 2020. Upon the Scheme becoming effective, the results of the foods business have been accounted in the books of the Company but with effect from April 1, 2019, and the reported numbers of the earlier quarters' have been restated. The Foods business contributed revenue from operations of Rs 2064 Crores (Q4: Rs 524 Crores) and profit before tax of Rs 264 Crores (Q4: Rs 56 Crores).
Pursuant to the Scheme, the name of the Company was also changed to Tata Consumer Products Limited with effect from February 10, 2020.
2. For the quarter, Revenue from operations increased by 70% as compared to corresponding quarter of the previous year of which increase of 67% is on account of inclusion of foods business, branded beverages business has improved by 6 % due to growth in volume and value offset by 3% reduction in income from other businesses. Profit before exceptional item and tax at Rs. 137 crores is higher by 86% as compared to corresponding quarter of the previous year of which increase of 76% is on account of inclusion of foods business, and 10% improvement is from beverages business. Consequently, Profit after Tax at Rs 71 crs is higher as compared to corresponding quarter of the previous year on account of inclusion of food business partly offset by higher exceptional items.
3. Exceptional item for the current quarter represent Scheme Costs and Business Integration Costs in relation to foods business
4. Effective April 1, 2019, the Company has adopted Ind AS 116 - Leases and applied the revised standard to all lease contracts thereby capitalising assets taken on operating lease existing on April 1, 2019, using the modified retrospective method, with the cumulative adjustments to retained earnings. Accordingly, comparatives for the year ended March, 31 2019 have not been restated. On transition, the cumulative effect of applying the standard resulted in Rs 15 cores being debited to retained earnings, net of taxes.
5. Figures of the quarter ended March 31, 2020 and March 31, 2019 are the balancing figures between audited figures in respect of the full financial year and year to date figures up to the third quarter of the relevant financial year.
6. In accordance with Ind AS 108 "Operating Segments", segment information has been given in the consolidated financial results, and therefore, no separate disclosure on segment information is given in these Standalone financial results.
7. Statement of Assets and Liabilities as at March 31, 2020 along with comparatives is annexed.
8. The company continues to manufacture and supply essential food and beverage items even in the current COVID environment. Extended lock down conditions have had some adverse impact on sales due to disruptions in the market openings and supply chain primarily where there is reliance on traditional channels. Impact on future operations would to a large extent depend on how the pandemic develops and the resultant impact on businesses.
9. The Board of Directors has recommended a dividend payment of Rs 2.70 per share (Face value Re. 1 each) for the year ended March 31, 2020.
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 May 14, 2020 and subsequently taken on record by the Board of Directors at its meeting held on May 14, 2020. The Statutory Auditors of the Company have audited these results.
In terms of our report attached
| For DELOITTE HASKINS & SELLS LLP Chartered Accountants Firm's Registration No. 117366W/W-100018
Sanjiv V. Pilgaonkar Partner Membership No. 039826 Mumbai: May 14, 2020 |
Sunil D'Souza Managing Director and CEO |
Tata Consumer Products Limited
(Formerly Tata Global Beverages Limited)
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tataconsumer.com, Website : www.tataconsumer.com
Audited Statement of Assets and Liabilities as at March 31, 2020
Rs. In Crores
|
| March 31, 2020 | March 31, 2019 |
| ASSETS |
|
|
| Non-Current Assets |
|
|
| Property, Plant and Equipment | 225.32 | 223.84 |
| Capital work-in-progress | 22.16 | 10.52 |
| Investment Property | - | 0.65 |
| Right of Use Assets | 124.88 | - |
| Goodwill | 3578.51 | - |
| Other Intangible Assets | 2523.83 | 18.06 |
| Intangible Assets under development | 5.99 | 6.73 |
| Financial Assets |
|
|
| Investments | 2324.91 | 2318.59 |
| Loans | 22.35 | 16.77 |
| Other Financial Assets | 24.68 | 20.41 |
| Deferred Tax Assets (Net) | - | 33.86 |
| Non-Current Tax Assets (Net) | 123.06 | 63.38 |
| Other Non-Current Assets | 87.64 | 83.49 |
|
| 9063.33 | 2796.30 |
| Current assets |
|
|
| Inventories | 919.95 | 846.91 |
| Financial Assets |
|
|
| Investments | 724.51 | 497.74 |
| Trade Receivables | 314.17 | 181.92 |
| Cash and Cash Equivalents | 243.24 | 408.96 |
| Other Bank Balances | 494.53 | 63.99 |
| Loans | 0.66 | 8.13 |
| Other Financial Assets | 75.20 | 37.42 |
| Other Current Assets | 214.84 | 163.08 |
|
| 2987.10 | 2208.15 |
| TOTAL ASSETS | 12050.43 | 5004.45 |
| EQUITY AND LIABILITIES |
|
|
| Equity |
|
|
| Equity Share Capital | 92.16 | 63.11 |
| Other Equity | 10757.85 | 4380.57 |
| TOTAL EQUITY | 10850.01 | 4443.68 |
| Non-Current Liabilities |
|
|
| Financial Liabilities |
|
|
| Lease Liability | 121.82 | - |
| Provisions | 137.52 | 115.25 |
| Deferred Tax Liabilities | 149.22 |
|
|
| 408.56 | 115.25 |
| Current Liabilities |
|
|
| Financial Liabilities |
|
|
| Borrowings | 35.00 | 4.53 |
| Lease Liability | 23.69 | - |
| Trade Payables |
|
|
| Total outstanding dues of Micro enterprises and Small enterprises | 4.31 | 3.50 |
| Total outstanding dues of creditors other than Micro enterprises and Small enterprises | 442.73 | 235.92 |
| Other Financial Liabilities | 120.11 | 99.17 |
| Other Current Liabilities | 75.91 | 65.31 |
| Provisions | 73.96 | 20.65 |
| Current Tax Liabilities (Net) | 16.15 | 16.44 |
|
| 791.86 | 445.52 |
| TOTAL EQUITY AND LIABILITIES | 12050.43 | 5004.45 |
As at April 1, 2019, net assets of Rs 2536 crs and goodwill of Rs 3562 crs was recognised in the Balance sheet with Credit to Equity, on account of the Scheme of Arrangement (Refer Note1).
Tata Consumer Products Limited
(Formerly Tata Global Beverages Limited)
Registered Office: 1 Bishop Lefroy Road, Kolkata - 700020
CIN - L15491WB1962PLC031425, Email : investor.relations@tataconsumer.com, Website : www.tataconsumer.com
Audited Statement of Cash Flows for the year ended March 31, 2020
Rs. In Crores
| Particulars | March 31, 2020 | March 31, 2019 |
| A. Cash Flow from Operating Activities |
|
|
| Net Profit before Tax | 729.41 | 575.92 |
| Adjusted for : |
|
|
| Depreciation and Amortisation | 114.82 | 31.68 |
| Dividend Income | (47.15) | (81.25) |
| Unrealised Exchange (Gain) / Loss | (1.69) | 0.17 |
| Finance Cost | 25.73 | 13.18 |
| Fair value movement in Financial instruments at fair value through profit and loss | 3.31 | (4.14) |
| Interest Income | (46.57) | (38.31 |
| Profit on sale of current investments (net) | (24.88) | (33.45) |
| Impairment loss recognised in trade receivables (net of reversal) | (1.11) | 0.51 |
| (Profit) / Loss on sale of Property, Plant & Equipment (net) | 1.33 | 0.40 |
| Exceptional Items | 51.81 | - |
| Other Non Operating Income | - | (25.21) |
| Operating Profit before working capital changes | 805.01 | 439.50 |
| Adjustments for: |
|
|
| Trade Receivables & Other Assets | (118.96) | (102.51) |
| Inventories | 80.96 | (102.51) |
| Trade payables & Other Liabilities | 37.05 | (9.18) |
| Cash generated from Operations | 804.06 | 225.30 |
| Direct Taxes paid (net) | (59.03) | (127.83) |
| Net Cash from/(used in) Operating Activities | 745.03 | 97.47 |
| B. Cash Flow from Investing Activities |
|
|
| Payment for Property, Plant and Equipment and Intangibles | (65.28) | (53.52) |
| Sale of Property, Plant and Equipment | 0.11 | 0.17 |
| Sale of Non Current Investments carried at Fair value through OCI | 53.20 | 1.16 |
| Acquisition of Business | (101.01) | - |
| Investment in Joint Ventures | (53.00) | (35.80) |
| (Purchase) / Sale of Current Investments (net) | (201.89) | 73.39 |
| (Placement) / Redemption Fixed deposits (net) | (430.65) | 240.00 |
| Dividend Income received | 47.15 | 81.25 |
| Interest Income received | 41.38 | 35.42 |
| Inter Corporate Deposits and Loans (net) | 1.75 | 3.50 |
| Net cash from / (used in) Investing Activities | (708.24) | 345.57 |
| C. Cash Flow from Financing Activities |
|
|
| Working Capital facilities (net) | 35.00 | (60.00) |
| Payment of Lease Liabilities | (28.97) | - |
| Dividend | (157.78) | (157.78) |
| Dividend Tax paid | (29.12) | (24.67) |
| Finance Cost paid | (17.11) | (4.71) |
| Net Cash from / (used in) Financing Activities | (197.98) | (247.16) |
| Net increase / (decrease) in Cash and Cash Equivalents (A+B+C) | (161.19) | 195.88 |
| Opening balance of Cash & Cash equivalent | 404.43 | 208.55 |
| Closing Cash & Cash Equivalent | 243.24 | 404.43 |
|
|
|
|
| Reconciliation with Balance Sheet |
|
|
| Cash and Cash Equivalents | 243.24 | 404.43 |
| Add : Bank Overdraft |
| 4.53 |
| Balance at the end of the year | 243.24 | 408.96 |
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