RNS Number : 1720P
Tata Consumer Products Limited
07 February 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 Financial Results for the quarter and nine months ended December 31, 2022

                 Rs. In Crores

Particulars

Three months ended

Year to date ended

Year ended

December 31,  2022

September 30,  2022

December 31,  2021

December 31,  2022

December 31,  2021

March 31,
 2022

 

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Audited

 

Revenue from Operations

3474.55

3363.05

3208.38

10164.43

9249.96

12425.37

 

Other Income

48.93

29.31

25.04

113.58

92.67

140.06

 

 Total Income

3532.48

3392.36

3233.42

10278.01

9342.63

12565.43

 

 Cost of Materials Consumed

1350.50

1327.27

1161.58

4038.25

3707.24

4908.36

 

 Purchase of stock in trade

705.50

677.49

551.64

2076.46

1579.47

2215.39

 

 Changes in inventories of finished goods, work in progress and stock in trade

(23.98)

(45.55)

93.36

(214.40)

38.57

(39.78)

 

 Employee Benefits Expense

283.02

273.83

258.91

834.29

779.96

1048.00

 

 Finance Costs

23.68

19.55

16.16

59.50

56.37

72.78

 

 Depreciation and Amortisation Expense

75.16

73.14

69.80

221.22

205.90

278.01

 

 Advertisement and Sales charges

228.41

216.90

245.34

656.91

615.43

840.99

 

 Other Expenses

477.44

479.27

435.89

1428.12

1254.84

1733.63

 

 Total Expenses

3119.73

3021.90

2832.68

9100.35

8237.78

11057.38

 

 Profit before Exceptional Items and Tax

403.75

370.46

400.74

1177.66

1104.85

1508.05

 

 Exceptional Items (Net)

78.57

111.22

(13.18)

165.82

(33.41)

(52.06)

 

 Profit before Tax

482.32

481.68

387.56

1343.48

1071.44

1455.99

 

 Tax Expense

 



 



 

  Current tax

(96.11)

(108.79)

(62.95)

(287.55)

(174.14)

(220.24)

 

  Deferred tax

(16.76)

(17.91)

(36.93)

(54.99)

(107.58)

(156.80)

 

 Total Tax Expense (Net)

(112.87)

(126.70)

(99.88)

(342.54)

(281.72)

(377.04)

 

 Net Profit after Tax

369.45

354.98

287.68

1000.94

789.72

1078.95

 

Share of net profit/(loss) in Associates and Joint   Ventures using equity method

(5.02)

34.45

2.39

29.64

(13.61)

(63.79)

 

 Group Consolidated Net Profit (A)

364.43

389.43

290.07

1030.58

776.11

1015.16

 

 Attributable to :







 

 Owners of the Parent

351.76

327.96

265.05

935.18

718.24

935.78

 

 Non Controlling Interest

12.67

61.47

25.02

95.40

57.87

79.38

 

 Other Comprehensive Income

 



 



 

 i) Items that will not be reclassified to profit or loss

 



 



 

Remeasurement of the defined benefit plans

(33.82)

            (50.79)

54.18

            (87.87)

               15.53

               55.91

 

 Changes in fair valuation of equity instruments

2.86

              14.18

(0.18)

              16.79

                 4.69

                 4.67

 

 

 

(30.96)

            (36.61)

               54.00

            (71.08)

               20.22

               60.58

 

Tax impact on above items

7.37

                9.71

(10.90)

              17.36

            (17.34)

            (25.61)

 

 

 

(23.59)

            (26.90)

43.10

            (53.72)

                 2.88

               34.97

 

ii) Items that will be reclassified to profit or loss

 



 



 

Exchange differences on translation of foreign operations

            385.91

 

          (188.33)

18.44

            120.80

             (0.31)

               12.74

 

Gains/(loss) on Effective portion of cash flow hedges

(26.01)

              (5.73)

(14.01)

            (41.48)

               41.80

               10.63

 

  

359.90

          (194.06)

4.43

              79.32

               41.49

               23.37

 

Tax impact on above items

9.35

              (0.91)

2.74

              12.09

            (12.90)

                 0.90

 

  

369.25

          (194.97)

7.17

              91.41

               28.59

               24.27

 

Total Other Comprehensive Income (B)

345.66

          (221.87)

50.27

              37.69

               31.47

               59.24

 

 Attributable to :

 



 



 

 Owners of the Parent

368.62

          (198.12)

44.52

              91.51

               22.40

               50.78

 

 Non Controlling Interest

(22.96)

            (23.75)

5.75

            (53.82)

                 9.07

                 8.46

 

 Total Comprehensive Income (A+B)

710.09

167.56

340.34

1068.27

807.58

1074.40

 

 Attributable to :

 



 



 

 Owners of the Parent

720.38

129.84

309.57

1026.69

740.64

986.56

 

 Non Controlling Interest

(10.29)

37.72

30.77

41.58

66.94

87.84

 

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

92.90

92.16

               92.16

92.90

               92.16

               92.16

 

 Reserves excluding Revaluation Reserve

 



 


15027.92

 

Earnings per share (not annualised for the quarter and year to dateended)

 



 



 

Basic - Rs

3.79

3.56

2.88

10.12

7.79

10.15

 

Diluted - Rs

3.79

3.56

2.88

10.12

7.79

10.15

 



 

 

 

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

Particulars

Three months ended

Year to date ended

Year ended

December 31, 2022

September 30, 2022

December 31, 2021

December 31, 2022

December 31, 2021

March 31,
2022

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Audited

Segment Revenue

 

 

 

 

 

 

Branded Business







India Business

2165.34

2159.95

2010.04

6470.49

5959.88

7913.54

International Business

929.93

838.87

896.62

2605.42

2445.47

3335.66

Total Branded Business

3095.27

2998.82

2906.66

9075.91

8405.35

11249.20

Non Branded Business

391.30

371.80

312.25

1114.80

869.80

1214.44

Total Segment Revenue

3486.57

3370.62

3218.91

10190.71

9275.15

12463.64

Others

10.78

13.71

4.50

31.90

13.51

13.78

Less: Inter segment Sales

(22.80)

(21.28)

(15.03)

(58.18)

(38.70)

(52.05)

Revenue from Operations

3474.55

3363.05

3208.38

10164.43

9249.96

12425.37

Segment Results

 



 



Branded Business

 



 



India Business

300.40

307.68

262.89

881.23

754.14

1011.67

International Business

88.42

59.71

144.21

252.59

349.90

478.37

Total Branded Business

388.82

367.39

407.10

1133.82

1104.04

1490.04

Non Branded Business

27.18

29.98

23.17

96.57

63.34

92.65

Total Segment Results

416.00

397.37

430.27

1230.39

1167.38

1582.69

Add/(Less)

 



 

 


Other Income

44.28

25.41

18.94

102.82

76.19

109.94

Finance Cost

(23.68)

(19.55)

(16.16)

(59.50)

(56.37)

(72.78)

Unallocable items

(32.85)

(32.77)

(32.31)

(96.05)

(82.35)

(111.80)

Exceptional Items

78.57

111.22

(13.18)

165.82

(33.41)

(52.06)

Profit Before Tax

482.32

481.68

387.56

1343.48

1071.44

1455.99

Segment Assets

 



 



Branded Business

 



 



India Business

9600.51

9197.90

9391.59

9600.51

9391.59

9099.75

International Business

6092.08

5420.05

5338.40

6092.08

5338.40

5384.58

Total Branded Business

15692.59

14617.95

14729.99

15692.59

14729.99

14484.33

Non Branded Business

1776.42

1831.69

1646.85

1776.42

1646.85

1752.27

Total Segment Assets

17469.01

16449.64

16376.84

17469.01

16376.84

16236.60

Unallocable Corporate Assets

4362.58

4361.56

4072.81

4362.58

4072.81

4880.99

Total Assets

21831.59

20811.20

20449.65

21831.59

20449.65

21117.59

Segment Liabilities

 



 



Branded Business

 



 



India Business

1922.02

1692.93

1691.30

1922.02

1691.30

1756.03

International Business

831.43

805.77

716.98

831.43

716.98

785.88

Total Branded Business

2753.45

2498.70

2408.28

2753.45

2408.28

2541.91

Non Branded Business

188.83

194.04

158.58

188.83

158.58

178.91

Total Segment Liabilities

2942.28

2692.74

2566.86

2942.28

2566.86

2720.82

Unallocable Corporate Liabilities

2095.08

2041.66

1809.38

2095.08

1809.38

2103.21

Total Liabilities

5037.36

4734.40

4376.24

5037.36

4376.24

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 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

 

 

Particulars 

 

Three months ended

Year to date ended

Year ended

 December 31

September 30

 December 31

 December 31

December 31

 March 31

 

2022

2022

2021

2022

2022

 

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Audited

 

Revenue from Operations

2153.31

2130.78

2030.48

6360.97

5983.87

7932.29

 

Other Income

43.42

               24.09

23.80

121.41

201.08

238.96

 

Total Income

2196.73

2154.87

2054.28

6482.38

6184.95

8171.25

 

Cost of materials consumed

779.59

791.57

746.38

2319.10

2459.77

3195.72

 

Purchase of stock-in-trade

602.03

551.73

440.47

1705.31

1260.45

1701.63

 

Changes in inventories of finished goods, work-in-progress & stock-in-trade

              (66.49)

             (49.10)

57.64

         (125.85)

                 56.58

46.40

 

Employees benefits expense

100.77

95.65

90.91

294.28

268.14

348.41

 

Finance costs

7.33

7.30

7.28

21.77

                 22.59

29.78

 

Depreciation and amortisation expense

36.55

36.19

35.73

107.83

               106.70

141.75

 

Advertisement and sales charges

141.84

144.27

150.14

413.59

               369.18

511.25

 

Other expenses

267.48

260.62

264.30

783.58

               746.48

1017.99

 

Total Expenses

1869.10

1838.23

1792.85

5519.61

5289.89

6992.93

 

Profit before Exceptional Items and Tax

327.63

316.64

261.43

962.77

895.06

1178.32

 

Exceptional Items (Net)

(8.00)

               (6.95)

 (9.41)

 (26.05)

 (16.60)

         (27.23)

 

Profit before Tax

319.63

             309.69

              252.02

936.72

               878.46

1151.09

 

Tax Expense




 


 

 

Current Tax

              (68.75)

             (67.37)

 (28.31)

 (197.94)

 (101.39)

       (130.09)

 

Deferred Tax

              (13.62)

             (12.80)

 (36.23)

 (39.17)

 (97.51)

       (135.25)

 

Total Tax Expense ( net of reversals)

              (82.37)

             (80.17)

 (64.54)

 (237.11)

 (198.90)

       (265.34)

 

Net Profit after Tax (A)

237.26

             229.52

 187.48

 699.61

          885.75

 

Other Comprehensive Income

 



 



 

i) Items that will not be reclassified to profit or loss

 



 



 

Remeasurement of defined benefit plans

                  0.43

               (0.22)

 2.62

 10.12

           30.15

 

Changes in fair valuation of equity instruments

                  2.86

               14.19

 (0.18)

 16.79

 4.69

            4.98

 


                  3.29

              13.97

 2.44

 26.91

 3.38

           35.13

 

Tax impact of above items

                (0.45)

               (1.56)

 (0.69)

 (4.47)

 (0.55)

           (9.06)

 


                  2.84

               12.41

 1.75

 22.44

 2.83

           26.07

 

ii) Items that will be reclassified to profit or loss

 



 



 

    Gains/(loss) on effective portion of cash flow hedges

                (0.63)

              (0.54)

 (0.61)

 (1.39)

 0.89

           (1.65)

 

Tax impact of above item

                  0.16

                0.13

 0.16

 0.35

 (0.22)

             0.41

 


                (0.47)

              (0.41)

 (0.45)

 (1.04)

 0.67

           (1.24)

 

Other Comprehensive Income (Net of tax) (B)

2.37

12.00

1.30

21.40

 3.50

24.83

 

Total Comprehensive Income (A+B)

239.63

241.52

188.78

721.01

               683.06

910.58

 

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

92.90

              92.16

                92.16

92.90

92.16

92.16

 

Reserves excluding Revaluation Reserves

 



 

 

11647.89

 

 

Earnings per Shares ( not annualised for the quarter and year to date ended)

 



 



 

Basic - Rs

2.56

2.49

2.03

7.58

7.37

9.61

 

Diluted - Rs

2.56

2.49

2.03

7.58

7.37

9.61

 



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.

 

 

 

                                                                                                         

 


                Sunil D'Souza

Managing Director and CEO

Mumbai: February 2, 2023

 

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