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 and nine months ended December 31, 2022

                 Rs. In Crores

Notes:

1.   For the quarter, Revenue from operations increased by 8% (7% in constant currency) as compared to corresponding quarter of the previous year, mainly driven by underlying growth of 8% in India Business, 2% in International Business and 22% in Non-Branded Business. Profit before exceptional items and tax at Rs 404 Crores is 1% higher as compared to corresponding quarter of the previous year reflecting strong growth in the domestic business partly offset by lower profits in the international business due to inflationary pressures and weakness in currency. After considering exceptional items, Group Consolidated Net Profit at Rs 364 Crores is higher by 26%.

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 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 and nine months ended December 31, 2022.

3.   During the quarter, the Holding Company has acquired 10.15% additional stake in Tata Consumer Products UK Group Limited, an overseas subsidiary from Tata Enterprises (Overseas) AG (TEO) thereby making it a wholly owned subsidiary of the Holding Company. This transaction was approved by the Shareholder of the Company on April 29, 2022 and was consummated on October 21, 2022 through preferential issue of 74,59,935 equity shares of the Company to TEO.

4.   The Group has acquired control in an overseas joint venture, Joekels Tea Packers Proprietary Limited, with effect from December 28, 2022, pursuant to acquiring 23.3% additional stake and increasing its shareholding to 75%, consequently Joekels Tea Packers Proprietary Limited has been accounted as a subsidiary.

5.   Exceptional items for the current quarter mainly represent a gain, based on fair valuation, of Rs 88 Crores, determined as per Ind AS 103 - Business Combinations, arising out of acquiring control of an overseas joint venture (Refer Note 4 above) and costs relating to the business restructure & reorganisation of Rs 7 Crores and cost relating to scheme of arrangement of Rs 2 Crores. Exceptional item for the corresponding quarter of the previous year of Rs 13 Crores represents costs relating to the business restructure and redundancy.

6.   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.

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 February 02, 2023 and subsequently taken on record by the Board of Directors at its Meeting held on February 02, 2023. The Statutory Auditors of the Company have conducted limited review on these results.

9.   The Consolidated and Standalone results for the quarter and nine months ended December 31, 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: February 2, 2023

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 Segment wise Revenue, Results, Assets and Liabilities for the quarter and nine months ended December 31, 2022

                 Rs. In Crores

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 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

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, 2022

                 Rs. In Crores

Notes:

1.    For the quarter, Revenue from operations at Rs 2153 Crores increased by 6% over corresponding quarter of the previous year driven by growth in branded business. Profit before tax at Rs 320 Crores is higher by 27% as compared to corresponding quarter of previous year mainly on account of revenue growth. Consequently, Profit after tax is higher by 27% 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 and nine months ended December 31, 2022.

3.    During the quarter, the Company has acquired 10.15% additional stake in Tata Consumer Products UK Group Limited, an overseas subsidiary from Tata Enterprises (Overseas) AG (TEO) thereby making it a wholly owned subsidiary of the Company. This transaction was approved by the Shareholder of the Company on April 29, 2022 and was consummated on October, 21, 2022 through preferential issue of 74,59,935 equity shares of the Company to TEO.

4.    Exceptional item for the current quarter primarily represents costs relating to business restructure and reorganisation of Rs 6 Crores and cost pertaining to Scheme of arrangement of Rs 2 Crore. Exceptional item for the corresponding quarter of previous year represents costs relating to business restructure and redundancy cost of Rs 9 Crores.

5.    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.

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 2, 2023 and subsequently taken on record by the Board of Directors at its meeting held on February 2, 2023. The Statutory Auditors of the Company have conducted limited review on these results.

Mumbai: February 2, 2023