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
Unaudited Consolidated Financial Results for the quarter and nine months ended December 31, 2020
Rs. In Crores
| Particulars | Three months ended | Year to date ended | Year ended | |||
| December 31, 2020 | September 30, | December 31, 2019 * | December 31, 2020 | December 31, 2019 * | March 31, | |
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | |
| Revenue from Operations | 3069.56 | 2781.34 | 2492.96 | 8564.81 | 7232.39 | 9637.42 |
| Other Income | 19.49 | 26.22 | 28.54 | 78.42 | 89.66 | 111.59 |
| Total Income | 3089.05 | 2807.56 | 2521.50 | 8643.23 | 7322.05 | 9749.01 |
| Cost of Materials Consumed | 1392.56 | 1208.11 | 946.79 | 3614.52 | 2733.68 | 3606.66 |
| Purchase of stock in trade | 528.40 | 518.98 | 466.31 | 1580.70 | 1312.68 | 1796.24 |
| Changes in inventories of finished goods, work in progress and stock in trade | (11.40) | (80.94) | (5.27) | (138.89) | 52.38 | 7.78 |
| Employee Benefits Expense | 241.23 | 229.73 | 219.42 | 700.01 | 653.23 | 884.80 |
| Finance Costs | 18.09 | 17.87 | 20.12 | 53.24 | 59.16 | 77.86 |
| Depreciation and Amortisation Expense | 64.40 | 62.57 | 61.44 | 188.87 | 177.67 | 241.71 |
| Advertisement and Sales charges | 209.71 | 166.38 | 201.39 | 509.85 | 495.35 | 676.72 |
| Other Expenses | 347.73 | 339.50 | 346.19 | 1055.06 | 1001.28 | 1373.07 |
| Total Expenses | 2790.72 | 2462.20 | 2256.39 | 7563.36 | 6485.43 | 8664.84 |
| Profit before Exceptional Items and Tax | 298.33 | 345.36 | 265.11 | 1079.87 | 836.62 | 1084.17 |
| Exceptional Items (Net) | (6.13) | (23.90) | (0.84) | 33.28 | (10.40) | (274.79) |
| Profit before Tax | 292.20 | 321.46 | 264.27 | 1113.15 | 826.22 | 809.38 |
| Tax Expense | | | | | | |
| Current tax | (20.17) | (25.18) | (23.08) | (72.45) | (60.32) | (89.05) |
| Deferred tax | (35.00) | (61.95) | (51.96) | (180.25) | (180.50) | (185.14) |
| Total Tax Expense (Net) | (55.17) | (87.13) | (75.04) | (252.70) | (240.82) | (274.19) |
| Net Profit after Tax | 237.03 | 234.33 | 189.23 | 860.45 | 585.40 | 535.19 |
| Share of net profit/(loss) in Associates and Joint Ventures using equity method | 0.35 | 38.85 | (4.62) | (4.34) | (2.81) | (75.08) |
| Group Consolidated Net Profit (A) | 237.38 | 273.18 | 184.61 | 856.11 | 582.59 | 460.11 |
| Attributable to : | | | | | | |
| Owners of the Parent | 218.17 | 257.06 | 169.35 | 802.79 | 536.25 | 459.76 |
| Non Controlling Interest | 19.21 | 16.12 | 15.26 | 53.32 | 46.34 | 0.35 |
| Other Comprehensive Income | | | | | | |
| i) Items that will not be reclassified to profit or loss | | | | | | |
| Remeasurement of the defined benefit plans | (67.10) | (7.18) | (69.38) | (136.01) | (52.49) | 31.18 |
| Changes in fair valuation of equity instruments | 2.27 | 1.07 | 6.63 | 4.94 | 6.42 | 12.50 |
| | (64.83) | (6.11) | (62.75) | (131.07) | (46.07) | 43.68 |
| Tax impact on above items | 12.66 | 0.72 | 12.07 | 20.52 | 9.90 | (3.31) |
|
| (52.17) | (5.39) | (50.68) | (110.55) | (36.17) | 40.37 |
| ii) Items that will be reclassified to profit or loss | | | | | | |
| Exchange differences on translation of foreign operations | 195.54 | 29.91 | 264.36 | 215.23 | 204.63 | 225.69 |
| Gains/(loss) on Effective portion of cash flow hedges | 25.42 | 30.84 | 51.73 | 17.99 | 50.59 | 13.48 |
|
| 220.96 | 60.75 | 316.09 | 233.22 | 255.22 | 239.17 |
| Tax impact on above items | (6.45) | (6.60) | (12.46) | (4.80) | (13.50) | 1.94 |
| | 214.51 | 54.15 | 303.63 | 228.42 | 241.72 | 241.11 |
| Total Other Comprehensive Income (B) | 162.34 | 48.76 | 252.95 | 117.87 | 205.55 | 281.48 |
| Attributable to : | | | | | | |
| Owners of the Parent | 137.91 | 42.21 | 204.58 | 99.27 | 168.18 | 233.89 |
| Non Controlling Interest | 24.43 | 6.55 | 48.37 | 18.60 | 37.37 | 47.59 |
| Total Comprehensive Income (A+B) | 399.72 | 321.94 | 437.56 | 973.98 | 788.14 | 741.59 |
| Attributable to : | | | | | | |
| Owners of the Parent | 356.08 | 299.27 | 373.93 | 902.06 | 704.43 | 693.65 |
| Non Controlling Interest | 43.64 | 22.67 | 63.63 | 71.92 | 83.71 | 47.94 |
| Paid-up equity share capital (Face value of Re 1 each) | 92.16 | 92.16 | 92.16 | 92.16 | 92.16 | 92.16 |
| Reserves excluding Revaluation Reserve | | | | | | 13700.84 |
| Earnings per share (Basic & Diluted) (not annualised for the quarter and year to date) - Rs | 2.37 | 2.79 | 1.84 | 8.71 | 5.82 | 4.99 |
* Restated (Refer Note 5)
Notes:
1. For the quarter, Revenue from operations increased by 23% (21% in constant currency) as compared to corresponding quarter of the previous year, led by volume and value growth in the branded business. The Group's business segments catering to out of home consumption continue to be adversely impacted, with progressive recovery from the earlier lows. Profit before exceptional items and tax at Rs 298 Crores is higher by 13% as compared to corresponding quarter of the previous year, mainly on account of growth in revenue and good control over expenditure despite record tea cost inflation in India. Lower tax provision in the current quarter is on account of one time credits and profit mix. Group Consolidated Net Profit is higher by 29%.
2. Exceptional item for the current quarter mainly represent costs relating to the business integration in India of Rs 6 Crores. Exceptional items for the corresponding quarter of the previous year represent costs relating to scheme of merger.
3. The Indian Parliament has approved the Code on Social Security, 2020. Pending notification of the effective date and the relevant rules, the financial impact has not been quantified.
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. Figures of the quarter and year to date ended December 31, 2019 as reported have been restated consequent to the demerger and transfer of Consumer Product Business (foods business) of Tata Chemicals Limited with the Company as the 'Appointed date' of the Scheme was April 1, 2019.
6. Previous period's figures have been regrouped / rearranged, to the extent necessary, to conform to current period's classifications.
7. The aforementioned results were reviewed by the Audit Committee of the Board on February 01, 2021 and subsequently taken on record by the Board of Directors at its Meeting held on February 02, 2021. The Statutory Auditors of the Company have conducted limited review on these results.
8. The Consolidated and Standalone result for the quarter and nine months ended December 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).
Sunil D'Souza
Managing Director and CEO
Mumbai: February 2, 2021
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
Unaudited Consolidated Segment wise Revenue, Results, Assets and Liabilities for the quarter and nine months ended December 31, 2020
Rs. In Crores
| Particulars | Three months ended | Year to date ended | Year ended | |||
| As at December 31, 2020 | As at September 30, 2020 | As at December 31, 2019* | As at December 31, 2020 | As at December 31, 2019* | As at | |
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | |
| Segment Revenue | | | | | | |
| Branded Business | | | | | | |
| India - Beverages | 1275.43 | 1120.00 | 873.12 | 3395.89 | 2622.06 | 3376.89 |
| India - Foods | 630.64 | 580.31 | 531.06 | 1800.01 | 1539.30 | 2063.74 |
| International - Beverages | 926.16 | 800.50 | 851.64 | 2594.04 | 2351.63 | 3226.04 |
| Total Branded Business | 2832.23 | 2500.81 | 2255.82 | 7789.94 | 6512.99 | 8666.67 |
| Non Branded Business | 246.47 | 287.64 | 238.51 | 798.53 | 723.66 | 974.94 |
| Total Segment Revenue | 3078.70 | 2788.45 | 2494.33 | 8588.47 | 7236.65 | 9641.61 |
| Others | 8.39 | 3.24 | 8.20 | 12.70 | 20.21 | 26.63 |
| Less: Inter segment Sales | (17.53) | (10.35) | (9.57) | (36.36) | (24.47) | (30.82) |
| Revenue from Operations | 3069.56 | 2781.34 | 2492.96 | 8564.81 | 7232.39 | 9637.42 |
| Segment Results | | | | | | |
| Branded Business | | | | | | |
| India - Beverages | 79.31 | 149.33 | 127.56 | 443.94 | 377.99 | 465.14 |
| India - Foods | 93.36 | 92.95 | 66.21 | 300.87 | 209.18 | 266.45 |
| International - Beverages | 122.60 | 100.72 | 79.00 | 348.81 | 232.25 | 360.76 |
| Total Branded Business | 295.27 | 343.00 | 272.77 | 1093.62 | 819.42 | 1092.35 |
| Non Branded Business | 20.36 | 18.11 | 16.16 | 52.42 | 54.46 | 55.65 |
| Total Segment Results | 315.63 | 361.11 | 288.93 | 1146.04 | 873.88 | 1148.00 |
| Add/(Less) | | | | | | |
| Other Income | 16.11 | 23.97 | 20.13 | 69.37 | 75.41 | 93.35 |
| Finance Cost | (18.09) | (17.87) | (20.12) | (53.24) | (59.16) | (77.86) |
| Unallocable items | (15.32) | (21.85) | (23.83) | (82.30) | (53.51) | (79.32) |
| Exceptional Items | (6.13) | (23.90) | (0.84) | 33.28 | (10.40) | (274.79) |
| Profit Before Tax | 292.20 | 321.46 | 264.27 | 1113.15 | 826.22 | 809.38 |
| Segment Assets | | | | | | |
| Branded Business | | | | | | |
| India - Beverages | 2766.70 | 2478.25 | 1906.25 | 2766.70 | 1906.25 | 1554.03 |
| India - Foods | 6163.14 | 6188.80 | 6222.86 | 6163.14 | 6222.86 | 6231.66 |
| International - Beverages | 5434.89 | 5304.98 | 5511.71 | 5434.89 | 5511.71 | 5352.99 |
| Total Branded Business | 14364.73 | 13972.03 | 13640.82 | 14364.73 | 13640.82 | 13138.68 |
| Non Branded Business | 1521.20 | 1515.36 | 1532.26 | 1521.20 | 1532.26 | 1599.93 |
| Total Segment Assets | 15885.93 | 15487.39 | 15173.08 | 15885.93 | 15173.08 | 14738.61 |
| Unallocable Corporate Assets | 3981.94 | 3916.82 | 3199.57 | 3981.94 | 3199.57 | 3763.99 |
| Total Assets | 19867.87 | 19404.21 | 18372.65 | 19867.87 | 18372.65 | 18502.60 |
| Segment Liabilities | | | | | | |
| Branded Business | | | | | | |
| India - Beverages | 1106.58 | 1036.99 | 573.22 | 1106.58 | 573.22 | 538.32 |
| India - Foods | 257.62 | 284.15 | 165.58 | 257.62 | 165.58 | 240.72 |
| International - Beverages | 750.50 | 711.69 | 744.51 | 750.50 | 744.51 | 759.99 |
| Total Branded Business | 2114.70 | 2032.83 | 1483.31 | 2114.70 | 1483.31 | 1539.03 |
| Non Branded Business | 162.65 | 178.36 | 155.02 | 162.65 | 155.02 | 186.98 |
| Total Segment Liabilities | 2277.35 | 2211.19 | 1638.33 | 2277.35 | 1638.33 | 1726.01 |
| Unallocable Corporate Liabilities | 1970.17 | 1972.15 | 1776.55 | 1970.17 | 1776.55 | 1869.26 |
| Total Liabilities | 4247.52 | 4183.34 | 3414.88 | 4247.52 | 3414.88 | 3595.27 |
* Restated (Refer Note 5)
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.
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
Unaudited Standalone Financial Results for the quarter and nine months ended December 31, 2020
Rs. In Crores
| Particulars
| Three months ended | Year to date ended | Year ended | |||
| December 31 | September 30 | December 31 * | December 31 | December 31* | March 31 | |
| 2020 | 2020 | 2019 | 2020 | 2019 | 2020 | |
| | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited |
| Revenue from Operations | 1962.73 | 1736.14 | 1463.45 | 5304.30 | 4354.65 | 5690.24 |
| Other Income | 25.02 | 33.57 | 24.81 | 104.29 | 101.05 | 117.75 |
| Total Income | 1987.75 | 1769.71 | 1488.26 | 5408.59 | 4455.70 | 5807.99 |
| Cost of materials consumed | 1061.64 | 863.14 | 601.49 | 2528.69 | 1777.96 | 2305.02 |
| Purchase of stock-in-trade | 367.97 | 353.86 | 309.21 | 1061.98 | 836.44 | 1123.86 |
| Changes in inventories of finished goods, work-in-progress & stock-in-trade | (57.43) | (87.74) | (10.28) | (139.55) | 70.78 | 44.36 |
| Employees benefits expense | 80.18 | 77.45 | 69.09 | 229.40 | 215.78 | 283.44 |
| Finance costs | 7.22 | 6.46 | 7.16 | 20.21 | 18.94 | 25.73 |
| Depreciation and amortisation expense | 32.41 | 30.84 | 29.40 | 92.84 | 81.82 | 114.82 |
| Advertisement and sales charges | 126.64 | 90.04 | 107.69 | 273.17 | 276.99 | 384.91 |
| Other expenses | 186.62 | 185.66 | 179.36 | 574.09 | 533.06 | 744.63 |
| Total Expenses | 1805.25 | 1519.71 | 1293.12 | 4640.83 | 3811.77 | 5026.77 |
| Profit before Exceptional Items and Tax | 182.50 | 250.00 | 195.14 | 767.76 | 643.93 | 781.22 |
| Exceptional Items (Net) | (6.37) | (19.30) | (0.84) | (46.67) | (10.40) | (51.81) |
| Profit before Tax | 176.13 | 230.70 | 194.30 | 721.09 | 633.53 | 729.41 |
| Tax Expense | | | | | | |
| Current Tax | 5.11 | (1.83) | (1.42) | 2.15 | (1.50) | 0.61 |
| Deferred Tax | (45.12) | (59.48) | (49.89) | (185.42) | (179.42) | (206.48) |
| Total Tax Expense (net of reversals) | (40.01) | (61.31) | (51.31) | (183.27) | (180.92) | (205.87) |
| Net Profit after Tax (A) | 136.12 | 169.39 | 142.99 | 537.82 | 452.61 | 523.54 |
| Other Comprehensive Income | | | | | | |
| i) Items that will not be reclassified to profit or loss | | | | | | |
| Remeasurement of defined benefit plans | (3.49) | 2.81 | (2.56) | (15.11) | (18.62) | (28.18) |
| Changes in fair valuation of equity instruments | 2.27 | 1.07 | 5.38 | 4.94 | 5.17 | 9.84 |
| | (1.22) | 3.88 | 2.82 | (10.17) | (13.45) | (18.34) |
| Tax impact of above items | 0.86 | (0.69) | 0.64 | 3.80 | 4.03 | 7.47 |
| | (0.36) | 3.19 | 3.46 | (6.37) | (9.42) | (10.87) |
| ii) Items that will be reclassified to profit or loss | | | | | | |
| Gains/(loss) on effective portion of cash flow hedges | (0.64) | 2.67 | (2.20) | 1.19 | (4.86) | (6.53) |
| Tax impact of above item | 0.16 | (0.67) | 0.57 | (0.30) | 1.45 | 2.13 |
| | (0.48) | 2.00 | (1.63) | 0.89 | (3.41) | (4.40) |
| Other Comprehensive Income (Net of tax) (B) | (0.84) | 5.19 | 1.83 | (5.48) | (12.83) | (15.27) |
| Total Comprehensive Income (A+B) | 135.28 | 174.58 | 144.82 | 532.34 | 439.78 | 508.27 |
| Paid-up equity share capital (Face value of Re. 1 each) | 92.16 | 92.16 | 92.16 | 92.16 | 92.16 | 92.16 |
| Reserves excluding Revaluation Reserves | | | | | | 10735.99 |
| Earnings per share (Basic & Diluted) (not annualised for the quarter and year to date) - Rs. | 1.48 | 1.84 | 1.55 | 5.84 | 4.91 | 5.68 |
* Restated (Refer Note 5)
Notes:
1. For the quarter, Revenue from operations at Rs 1963 crores increased by 34% over corresponding quarter of the previous year driven by growth in volume and value mainly in the branded business. Profit before exceptional items at Rs 183 crores is lower as compared to corresponding quarter of previous year mainly on account of the adverse impact of record tea cost inflation and higher investments behind brands, which has been partly offset by growth in revenue and control over expenditure. Tax provision for the current quarter is net of one time credits. Consequently, Profit after tax is marginally lower than corresponding quarter of previous year.
2. Exceptional item for the current quarter represent costs relating to the integration of foods business of Rs 6 crores. Exceptional costs for the corresponding quarter of previous year represents costs relating to scheme of merger.
3. The Indian Parliament has approved the Code on Social Security, 2020. Pending notification of the effective date and the relevant rules, the financial impact has not been quantified.
4. 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.
5. Figures of quarter and year to date ended December 31, 2019 as reported has been restated consequent to the demerger and transfer of Consumer Product Business (foods business) of Tata Chemicals Limited with the Company as the 'Appointed date' of the Scheme was April 1, 2019.
6. Previous period's figures have been regrouped / rearranged, to the extent necessary, to conform to current period's classifications.
7. The aforementioned results were reviewed by the Audit Committee of the Board on February 1, 2021 and subsequently taken on record by the Board of Directors at its meeting held on February 2, 2021. The Statutory Auditors of the Company have conducted limited review on these results.
Sunil D'Souza
Mumbai: February 02, 2021 (Managing Director and CEO)
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