Tata Consumer Products 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 ended June 30, 2022
Rs. in Crores
| Particulars | Three months ended | Year ended | ||
| June 30, 2022 | March 31, 2022 | June 30, 2021 | March 31, 2022 | |
| Unaudited | Refer Note 5 | Unaudited | Audited | |
| Revenue from Operations | 3326.83 | 3175.41 | 3008.46 | 12425.37 |
| Other Income | 35.34 | 47.39 | 28.01 | 140.06 |
| Total Income | 3362.17 | 3222.80 | 3036.47 | 12565.43 |
| Cost of Materials Consumed | 1360.48 | 1201.12 | 1313.64 | 4908.36 |
| Purchase of stock in trade | 693.47 | 635.92 | 542.68 | 2215.39 |
| Changes in inventories of finished goods, work in progress and stock in trade | (144.87) | (78.35) | (73.91) | (39.78) |
| Employee Benefits Expense | 277.44 | 268.04 | 265.41 | 1048.00 |
| Finance Costs | 16.27 | 16.41 | 20.43 | 72.78 |
| Depreciation and Amortisation Expense | 72.92 | 72.11 | 66.79 | 278.01 |
| Advertisement and Sales charges | 211.60 | 225.56 | 158.21 | 840.99 |
| Other Expenses | 471.41 | 478.79 | 402.94 | 1733.63 |
| Total Expenses | 2958.72 | 2819.60 | 2696.19 | 11057.38 |
| Profit before Exceptional Items and Tax | 403.45 | 403.20 | 340.28 | 1508.05 |
| Exceptional Items (Net) | (23.97) | (18.65) | (3.92) | (52.06) |
| Profit before Tax | 379.48 | 384.55 | 336.36 | 1455.99 |
| Tax Expense |
| | | |
| Current tax | (82.65) | (46.10) | (61.16) | (220.24) |
| Deferred tax | (20.32) | (49.22) | (34.55) | (156.80) |
| Total Tax Expense (Net) | (102.97) | (95.32) | (95.71) | (377.04) |
| Net Profit after Tax | 276.51 | 289.23 | 240.65 | 1078.95 |
| Share of net profit/(loss) in Associates and Joint Ventures using equity method | 0.21 | (50.18) | (40.41) | (63.79) |
| Group Consolidated Net Profit (A) | 276.72 | 239.05 | 200.24 | 1015.16 |
| Attributable to : | | | | |
| Owners of the Parent | 255.46 | 217.54 | 185.15 | 935.78 |
| Non Controlling Interest | 21.26 | 21.51 | 15.09 | 79.38 |
| Other Comprehensive Income |
| | | |
| i) Items that will not be reclassified to profit or loss |
| | | |
| Remeasurement of the defined benefit plans | (3.26) | 40.38 | (1.39) | 55.91 |
| Changes in fair valuation of equity instruments | (0.25) | (0.02) | 1.39 | 4.67 |
| | (3.51) | 40.36 | - | 60.58 |
| Tax impact on above items | 0.28 | (8.27) | (12.25) | (25.61) |
|
| (3.23) | 32.09 | (12.25) | 34.97 |
| ii) Items that will be reclassified to profit or loss |
| | | |
| Exchange differences on translation of foreign operations | (76.78) | 13.05 | 123.03 | 12.74 |
| Gains/(loss) on Effective portion of cash flow hedges | (9.74) | (31.17) | 34.04 | 10.63 |
|
| (86.52) | (18.12) | 157.07 | 23.37 |
| Tax impact on above items | 3.65 | 13.80 | (11.11) | 0.90 |
|
| (82.87) | (4.32) | 145.96 | 24.27 |
| Total Other Comprehensive Income (B) | (86.10) | 27.77 | 133.71 | 59.24 |
| Attributable to : |
| | | |
| Owners of the Parent | (78.99) | 28.38 | 112.42 | 50.78 |
| Non Controlling Interest | (7.11) | (0.61) | 21.29 | 8.46 |
| Total Comprehensive Income (A+B) | 190.62 | 266.82 | 333.95 | 1074.40 |
| Attributable to : |
| | | |
| Owners of the Parent | 176.47 | 245.92 | 297.57 | 986.56 |
| Non Controlling Interest | 14.15 | 20.90 | 36.38 | 87.84 |
| Paid-up equity share capital (Face value of Re 1 each) | 92.16 | 92.16 | 92.16 | 92.16 |
| Reserves excluding Revaluation Reserve | 2.77 | 2.36 | 2.01 | 10.15 |
| Earnings per share (Basic & Diluted) (not annualised for the quarter) - Rs | 2.77 | 2.36 | 2.01 | 10.15 |
Notes:
1. For the quarter, Revenue from operations increased by 11% (10% in constant currency) as compared to corresponding quarter of the previous year, mainly driven by underlying growth of 9% in India Business, 8% in International Business and 25% in Non-Branded Business. Profit before exceptional items and tax at Rs 403 Crores is higher by 19% despite higher investments behind brands. Group Consolidated Net Profit at Rs 277 Crores is higher by 38% mainly aided by growth in underlying profitability and improved performance of Joint ventures and Associates partly offset by higher exceptional costs.
2. The Board of Directors of the Holding Company in its meeting held on March 29, 2022, had approved the composite scheme of arrangement (the Scheme), amongst the Holding Company and its subsidiaries, Tata Coffee Limited (TCL) and TCPL Beverages & Foods Limited (TBFL), in terms of Section 230-232 and other applicable provisions of Companies Act, 2013. The Scheme inter alia provides for the demerger of the Plantation Business (as defined in the Scheme) of TCL into TBFL and as consideration, issue equity shares of the Holding Company to all the shareholders of TCL (other than to itself) in accordance with the Share Entitlement Ratio mentioned in the Scheme. This would be followed immediately by the amalgamation of the TCL comprising of the Remaining Business (as defined in the Scheme) with the Holding Company and as consideration, issue equity shares of the Holding Company to all the shareholders of TCL (other than to itself) in accordance with the Share Exchange Ratio mentioned in the Scheme.
The Scheme would become effective after receipt of all requisite approvals as mentioned in the Scheme. Pending receipt of necessary approvals, no effect of the Scheme has been given in the financial results for the quarter ended June 30, 2022.
3. Exceptional item for the current quarter mainly represent costs relating to the business restructure & reorganisation of Rs 23 Crores and cost relating to scheme of arrangement of Rs 1 Crore. Exceptional item for the corresponding quarter of the previous year represents costs relating to the business restructure of Rs 4 Crores.
4. Share of profit/(loss) in Associates and Joint Ventures include the profit/(loss) of an Associate operating in North India plantations, which are seasonal in nature.
5. Figures of the quarter ended March 31, 2022 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. 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 August 09, 2022 and subsequently taken on record by the Board of Directors at its Meeting held on August 10, 2022. The Statutory Auditors of the Company have conducted limited review on these results.
8. The Consolidated and Standalone result for the quarter ended June 30, 2022 are available on the BSE Limited's website (URL: www.bseindia.com), the National Stock Exchange of India Limited's website (URL: www.nseindia.com) and on the Company's website (URL: www.tataconsumer.com).
Sunil D'Souza
Managing Director and CEO
Mumbai: August 10, 2022
Tata Consumer Products 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 quarter ended June 30, 2022
Rs. in Crores
| Particulars | Three months ended | Year ended | ||
| June 30, 2022 | March 31, 2022 | June 30, 2021 | March 31, 2022 | |
| Unaudited | Refer Note 5 | Unaudited | Audited | |
| Segment Revenue |
|
|
|
|
| Branded Business | | | | |
| India - Business | 2145.20 | 1953.66 | 1971.76 | 7913.54 |
| International - Business | 836.62 | 890.19 | 767.58 | 3335.66 |
| Total Branded Business | 2981.82 | 2843.85 | 2739.34 | 11249.20 |
| Non Branded Business | 351.70 | 344.64 | 277.64 | 1214.44 |
| Total Segment Revenue | 3333.52 | 3188.49 | 3016.98 | 12463.64 |
| Others | 7.41 | 0.27 | 2.73 | 13.78 |
| Less: Inter segment Sales | (14.10) | (13.35) | (11.25) | (52.05) |
| Revenue from Operations | 3326.83 | 3175.41 | 3008.46 | 12425.37 |
| Segment Results |
| | | |
| Branded Business |
| | | |
| India - Business | 273.15 | 257.53 | 246.73 | 1011.67 |
| International - Business | 104.46 | 128.47 | 96.00 | 478.37 |
| Total Branded Business | 377.61 | 386.00 | 342.73 | 1490.04 |
| Non Branded Business | 39.41 | 29.31 | 18.63 | 92.65 |
| Total Segment Results | 417.02 | 415.31 | 361.36 | 1582.69 |
| Add/Less |
| | | |
| Other Income | 33.13 | 33.75 | 24.54 | 109.94 |
| Finance Cost | (16.27) | (16.41) | (20.43) | (72.78) |
| Unallocable items | (30.43) | (29.45) | (25.19) | (111.80) |
| Exceptional Items | (23.97) | (18.65) | (3.92) | (52.06) |
| Profit Before Tax | 379.48 | 384.55 | 336.36 | 1455.99 |
| Segment Assets |
| | | |
| Branded Business |
| | | |
| India - Business | 8631.72 | 9099.75 | 8430.96 | 9099.75 |
| International - Business | 5410.88 | 5384.58 | 5375.41 | 5384.58 |
| Total Branded Business | 14042.60 | 14484.33 | 13806.37 | 14484.33 |
| Non Branded Business | 1796.75 | 1752.27 | 1594.30 | 1752.27 |
| Total Segment Assets | 15839.35 | 16236.60 | 15400.67 | 16236.60 |
| Unallocable Corporate Assets | 4428.12 | 4880.99 | 4404.29 | 4880.99 |
| Total Assets | 20267.47 | 21117.59 | 19804.96 | 21117.59 |
| Segment Liabilities |
| | | |
| Branded Business |
| | | |
| India - Business | 1278.53 | 1756.03 | 1337.09 | 1756.03 |
| International - Business | 680.26 | 785.88 | 718.26 | 785.88 |
| Total Branded Business | 1958.79 | 2541.91 | 2055.35 | 2541.91 |
| Non Branded Business | 199.96 | 178.91 | 183.01 | 178.91 |
| Total Segment Liabilities | 2158.75 | 2720.82 | 2238.36 | 2720.82 |
| Unallocable Corporate Liabilities | 2197.18 | 2103.21 | 2004.13 | 2103.21 |
| Total Liabilities | 4355.93 | 4824.03 | 4242.49 | 4824.03 |
Notes:
a) The Group has organised business into Branded Segment and Non Branded Segment. Branded Segment is further sub-categorised as India Business and International Business. 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 Business : Sale of branded Tea, Coffee & Water and sale of food products in various value added forms
International Business : Sale of branded Tea, Coffee & Water and sale of food products in various value added forms
ii) Non Branded Business - Plantation and Extraction business for Tea, Coffee and other produce.
c) The segment wiser evenue, 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
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 ended June 30, 2022
Rs. in Crores
| Particulars | Three months ended | Year ended | ||
| | June 30, 2022 | March 31, 2022 | June 30, 2021 | March 31, 2022 |
| | Unaudited | Refer note 5 | Unaudited | Audited |
| Revenue from Operations | 2076.88 | 1948.42 | 1965.89 | 7932.29 |
| Other Income | 53.90 | 37.88 | 146.23 | 238.96 |
| Total Income | 2130.78 | 1986.30 | 2112.12 | 8171.25 |
| Cost of materials consumed | 747.94 | 735.95 | 886.85 | 3195.72 |
| Purchase of stock-in-trade | 551.55 | 441.18 | 416.94 | 1701.63 |
| Changes in inventories of finished goods, work-in-progress & stock-in-trade | (10.26) | (10.18) | (20.11) | 46.40 |
| Employees benefits expense | 97.86 | 80.27 | 88.36 | 348.41 |
| Finance costs | 7.14 | 7.19 | 7.66 | 29.78 |
| Depreciation and amortisation expense | 35.09 | 35.05 | 34.88 | 141.75 |
| Advertisement and sales charges | 127.48 | 142.07 | 86.14 | 511.25 |
| Other expenses | 255.48 | 271.51 | 233.79 | 1017.99 |
| Total Expenses | 1812.28 | 1703.04 | 1734.51 | 6992.93 |
| Profit before Exceptional Items and Tax | 318.50 | 283.26 | 377.61 | 1178.32 |
| Exceptional Items (Net) | (11.10) | (10.63) | - | (27.23) |
| Profit before Tax | 307.40 | 272.63 | 377.61 | 1151.09 |
| Tax Expense | | | |
|
| Current Tax | (61.82) | (28.70) | (42.44) | (130.09) |
| Deferred Tax | (12.75) | (37.74) | (31.43) | (135.25) |
| Total Tax Expense (net of reversals) | (74.57) | (66.44) | (73.87) | (265.34) |
| Net Profit after Tax (A) | 232.83 | 206.19 | 303.74 | 885.75 |
| Other Comprehensive Income |
| | | |
| i) Items that will not be reclassified to profit or loss |
| | | |
| Remeasurement of defined benefit plans | 9.91 | 31.46 | (4.74) | 30.15 |
| Changes in fair valuation of equity instruments | (0.26) | 0.29 | 1.39 | 4.98 |
| | 9.65 | 31.75 | (3.35) | 35.13 |
| Tax impact of above items | (2.46) | (8.51) | 1.19 | (9.06) |
| | 7.19 | 23.24 | (2.16) | 26.07 |
| ii) Items that will be reclassified to profit or loss |
| | | |
| Gains/(loss) on effective portion of cash flow hedges | (0.22) | (2.54) | (0.05) | (1.65) |
| Tax impact of above item | 0.06 | 0.63 | 0.01 | 0.41 |
| | (0.16) | (1.91) | (0.04) | (1.24) |
| Other Comprehensive Income (B) | 7.03 | 21.33 | (2.20) | 24.83 |
| Total Comprehensive Income (A+B) | 239.86 | 227.52 | 301.54 | 910.58 |
| Paid-up equity share capital (Face value of Re. 1 each) | 92.16 | 92.16 | 92.16 | 92.16 |
| Reserves excluding Revaluation Reserves |
| | | 11647.89 |
| Earnings per share not annualised for the quarter end) |
| | | |
| Basic - Rs | 2.53 | 2.24 | 3.30 | 9.61 |
| Diluted - Rs | 2.53 | 2.24 | 3.30 | 9.61 |
Notes:
1. For the quarter, Revenue from operations at Rs 2077 Crores increased by 6% over corresponding quarter of the previous year driven by growth in branded business. Profit before tax at Rs 307 Crores is lower by 19% as compared to corresponding quarter of previous year mainly on account of lower other income (previous year had higher dividend from subsidiaries) and higher spends behind brands which has been partly offset by revenue growth and improved gross margins. Consequently, Profit after tax is also lower over the corresponding quarter of previous year.
2. The Board of Directors of the Company in its meeting held on March 29, 2022, have approved the composite scheme of arrangement (the Scheme) , amongst the Company and its subsidiaries, Tata Coffee Limited (TCL) and TCPL Beverages & Foods Limited (TBFL), in terms of Section 230-232 and other applicable provisions of Companies Act, 2013. The Scheme inter alia provides for the demerger of the Plantation Business (as defined in the Scheme) of TCL into TBFL and as consideration, issue equity shares of the Company to all the shareholders of TCL (other than to itself) in accordance with the Share Entitlement Ratio mentioned in the Scheme. This would be followed immediately by the amalgamation of the TCL comprising of the Remaining Business (as defined in the Scheme) with the Company and as consideration, issue equity shares of the Company to all the shareholders of TCL (other than to itself) in accordance with the Share Exchange Ratio mentioned in the Scheme.
The Scheme would become effective after receipt of all requisite approvals as mentioned in the Scheme. Pending receipt of necessary approvals, no effect of the Scheme has been given in the financial results for the quarter ended June 30, 2022.
3. Exceptional item for the current quarter represent costs relating to the business restructure and reorganisation of Rs 10 Crores and cost pertaining to Scheme of arrangement of Rs 1 Crore.
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 the quarter ended March 31, 2022 is 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. 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 August 9, 2022 and subsequently taken on record by the Board of Directors at its meeting held on August 10, 2022. The Statutory Auditors of the Company have conducted limited review on these results.
Sunil D'Souza
Managing Director and CEOMumbai: August 10, 2022
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