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Budget News

  • Tata Consumer Products
  • October 23,2021  11:07
  • For the quarter ending September 2021, consolidated Net sales (including other operating income) of Tata Consumer Products has increased 9.05% to Rs 3033.12 crore compared to quarter ending september 2020.

    Sales of Branded Business segment has gone up 10.34% to Rs 2,759.35 crore (accounting for 90.79% of total sales).  Sales of Non Branded Business segment has gone down 2.69% to Rs 279.91 crore (accounting for 9.21% of total sales).  Inter-segment sales rose Rs 10.35 crore to Rs 12.42 crore.  

    Profit before interest, tax and other unallocable items (PBIT) has jumped 4.05% to Rs 375.75 crore.  PBIT of Branded Business segment rose 3.27% to Rs 354.21 crore (accounting for 94.27% of total PBIT).  PBIT of Non Branded Business segment rose 18.94% to Rs 21.54 crore (accounting for 5.73% of total PBIT).  

    PBIT margin of Branded Business segment fell from 13.72% to 12.84%.  PBIT margin of Non Branded Business segment rose from 6.30% to 7.70%.  Overall PBIT margin fell from 12.95% to 12.36%.  

    Operating profit margin has declined from 14.37% to 13.63%, leading to 3.43% rise in operating profit to Rs 413.30 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 42.21% to 40.88%.   Purchase of finished goods cost fell from 18.13% to 16.10%.   Employee cost increased from 8.03% to 8.48%.   Other expenses rose from 17.67% to 20.83%.   Selling and administration expenses rose from 5.81% to 7.03%.   

    Other income rose 51.11% to Rs 39.62 crore.  PBIDT rose 6.37% to Rs 452.92 crore.  Provision for interest rose 10.69% to Rs 19.78 crore.  Loan funds declined from Rs 1,461.06 crore as of 30 September 2020 to Rs 1,168.17 crore as of 30 September 2021.  Inventories declined from Rs 2,574.73 crore as of 30 September 2020 to Rs 2,281.93 crore as of 30 September 2021.  Sundry debtors were lower at Rs 651.99 crore as of 30 September 2021 compared to Rs 750.74 crore as of 30 September 2020.  Cash and bank balance rose to Rs 2,564.11 crore as of 30 September 2021 from Rs 2,281.19 crore as of 30 September 2020.  Investments rose to Rs 852.30 crore as of 30 September 2021 from Rs 809.06 crore as of 30 September 2020 .  

    PBDT rose 6.18% to Rs 433.14 crore.  Provision for depreciation rose 10.77% to Rs 69.31 crore.  Fixed assets increased to Rs 4,507.61 crore as of 30 September 2021 from Rs 1,588.69 crore as of 30 September 2020.  Intangible assets declined from Rs 10,180.95 crore to Rs 7,601.22 crore.  

    Profit before tax grew 5.35% to Rs 363.83 crore.  Share of profit/loss was 37.17% lower at Rs 24.41 crore.  Extraordinary items were increased to Rs -16.31 crore.  Provision for tax was expense of Rs 86.13 crore, compared to Rs 87.13 crore.  Effective tax rate was 23.16% compared to 24.18%.

    Minority interest increased 10.17% to Rs 17.76 crore.  Net profit attributable to owners of the company increased 4.27% to Rs 268.04 crore.  

    Equity capital stood at Rs 92.16 crore as of 30 September 2021 to Rs 92.16 crore as of 30 September 2020.  Per share face Value remained same at Rs 1.00.  

    Promoters' stake was 34.68% as of 30 September 2021 ,compared to 34.68% as of 30 September 2020 .  Promoters pledged stake was 1.20% as of 30 September 2021 ,compared to 2.71% as of 30 September 2020 .  

    For year-to-date (YTD) results analysis.

    Net sales (including other operating income) of Tata Consumer Products has increased 9.94% to Rs 6041.58 crore.  Sales of Branded Business segment has gone up 10.91% to Rs 5,498.69 crore (accounting for 90.79% of total sales).  Sales of Non Branded Business segment has gone up 0.99% to Rs 557.55 crore (accounting for 9.21% of total sales).  Inter-segment sales rose Rs 18.83 crore to Rs 23.67 crore.  

    Profit before interest, tax and other unallocable items (PBIT) has slumped 11.24% to Rs 737.11 crore.  PBIT of Branded Business segment fell 12.70% to Rs 696.94 crore (accounting for 94.55% of total PBIT).  PBIT of Non Branded Business segment rose 25.30% to Rs 40.17 crore (accounting for 5.45% of total PBIT).  

    PBIT margin of Branded Business segment fell from 16.10% to 12.67%.  PBIT margin of Non Branded Business segment rose from 5.81% to 7.20%.  Overall PBIT margin fell from 15.07% to 12.17%.  

    Operating profit margin has declined from 16.05% to 13.45%, leading to 7.87% decline in operating profit to Rs 812.79 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 39.52% to 41.76%.   Purchase of finished goods cost fell from 18.72% to 16.86%.   Employee cost increased from 8.16% to 8.55%.   Other expenses rose from 17.92% to 19.50%.   Selling and administration expenses rose from 5.34% to 6.07%.   

    Other income rose 14.76% to Rs 67.63 crore.  PBIDT fell 6.45% to Rs 880.42 crore.  Provision for interest rose 14.40% to Rs 40.21 crore.  Loan funds declined from Rs 1,461.06 crore as of 30 September 2020 to Rs 1,168.17 crore as of 30 September 2021.  Inventories declined from Rs 2,574.73 crore as of 30 September 2020 to Rs 2,281.93 crore as of 30 September 2021.  Sundry debtors were lower at Rs 651.99 crore as of 30 September 2021 compared to Rs 750.74 crore as of 30 September 2020.  Cash and bank balance rose to Rs 2,564.11 crore as of 30 September 2021 from Rs 2,281.19 crore as of 30 September 2020.  Investments rose to Rs 852.30 crore as of 30 September 2021 from Rs 809.06 crore as of 30 September 2020 .  

    PBDT fell 7.26% to Rs 840.21 crore.  Provision for depreciation rose 9.34% to Rs 136.1 crore.  Fixed assets increased to Rs 4,507.61 crore as of 30 September 2021 from Rs 1,588.69 crore as of 30 September 2020.  Intangible assets declined from Rs 10,180.95 crore to Rs 7,601.22 crore.  

    Profit before tax down 9.91% to Rs 704.11 crore.  Share of profit/loss was 241.15% lower at Rs -16 crore.  Provision for tax was expense of Rs 181.84 crore, compared to Rs 197.53 crore.  Effective tax rate was 27.23% compared to 24.20%.

    Minority interest decreased 3.69% to Rs 32.85 crore.  Net profit attributable to owners of the company decreased 22.48% to Rs 453.19 crore.  

    Equity capital stood at Rs 92.16 crore as of 30 September 2021 to Rs 92.16 crore as of 30 September 2020.  Per share face Value remained same at Rs 1.00.  

    Promoters' stake was 34.68% as of 30 September 2021 ,compared to 34.68% as of 30 September 2020 .  Promoters pledged stake was 1.20% as of 30 September 2021 ,compared to 2.71% as of 30 September 2020 .  

    Cash flow from operating activities increased to Rs 542.82 crore for YTD ended September 2021 from Rs 532.77 crore for YTD ended September 2020.  Cash flow used in acquiring fixed assets during the YTD ended September 2021 stood at Rs 88.75 crore, compared to Rs 63.12 crore during the YTD ended September 2020.  

    Full year results analysis.

    Net sales (including other operating income) of Tata Consumer Products has increased 20.39% to Rs 11602.03 crore.  Sales of Branded Business segment has gone up 21.29% to Rs 10,511.67 crore (accounting for 90.35% of total sales).  Sales of Non Branded Business segment has gone up 15.10% to Rs 1,122.17 crore (accounting for 9.65% of total sales).  Inter-segment sales rose Rs 30.82 crore to Rs 45.26 crore.  

    Profit before interest, tax and other unallocable items (PBIT) has jumped 24.89% to Rs 1,433.74 crore.  PBIT of Branded Business segment rose 22.93% to Rs 1,342.85 crore (accounting for 93.66% of total PBIT).  PBIT of Non Branded Business segment rose 63.32% to Rs 90.89 crore (accounting for 6.34% of total PBIT).  

    PBIT margin of Branded Business segment rose from 12.60% to 12.77%.  PBIT margin of Non Branded Business segment rose from 5.71% to 8.10%.  Overall PBIT margin rose from 11.91% to 12.32%.  

    Operating profit margin has declined from 13.41% to 13.31%, leading to 19.47% rise in operating profit to Rs 1,543.76 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 37.45% to 42.02%.   Purchase of finished goods cost fell from 18.65% to 17.99%.   Employee cost decreased from 9.19% to 8.26%.   Other expenses fell from 21.29% to 18.60%.   Selling and administration expenses fell from 7.03% to 6.18%.   

    Other income rose 8.77% to Rs 121.38 crore.  PBIDT rose 18.62% to Rs 1665.14 crore.  Provision for interest fell 11.78% to Rs 68.69 crore.  Loan funds rose to Rs 1,634.07 crore as of 31 March 2021 from Rs 1,512.41 crore as of 31 March 2020.  Inventories rose to Rs 2,249.16 crore as of 31 March 2021 from Rs 1,712.03 crore as of 31 March 2020.  Sundry debtors were lower at Rs 761.32 crore as of 31 March 2021 compared to Rs 922.41 crore as of 31 March 2020.  Cash and bank balance rose to Rs 3,074.88 crore as of 31 March 2021 from Rs 1,621.46 crore as of 31 March 2020.  Investments declined from Rs 1,322.85 crore as of 31 March 2020 to Rs 805.89 crore as of 31 March 2021.  

    PBDT rose 20.41% to Rs 1596.45 crore.  Provision for depreciation rose 5.39% to Rs 254.74 crore.  Fixed assets increased to Rs 4,539.41 crore as of 31 March 2021 from Rs 4,417.56 crore as of 31 March 2020.  Intangible assets increased from Rs 7,333.83 crore to Rs 7,596.57 crore.  

    Profit before tax grew 23.75% to Rs 1,341.71 crore.  Share of profit/loss was 15.65% higher at Rs -63.33 crore.  Extraordinary items were increased to Rs -30.65 crore.  Provision for tax was expense of Rs 317.27 crore, compared to Rs 274.19 crore.  Effective tax rate was 25.43% compared to 37.34%.

    Minority interest increased 20,977.10% to Rs 73.77 crore.  Net profit attributable to owners of the company increased 86.33% to Rs 856.69 crore.  

    Equity capital stood at Rs 92.16 crore as of 31 March 2021 to Rs 92.16 crore as of 31 March 2020.  Per share face Value remained same at Rs 1.00.  

    Promoters' stake was 34.68% as of 31 March 2021 ,compared to 34.68% as of 31 March 2020 .  Promoters pledged stake was 1.20% as of 31 March 2021 ,compared to 2.71% as of 31 March 2020 .  

    Cash flow from operating activities increased to Rs 1,656.37 crore for year ended March 2021 from Rs 1,082.23 crore for year ended March 2020.  Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 210.68 crore, compared to Rs 159.58 crore during the year ended March 2020.  

    Other Highlights

    In Q2 FY22, the India Packaged Beverages business recorded a 10% revenue growth, India Foods business registered a 23% revenue growth, E-commerce recorded 39% growth, International business grew 3%, NourishCo grew by 121% and The institutional channel recorded growth of 117% on YoY basis.

    In Q2 FY22, E-commerce contributed around 7% of domestic sales.

    In Q2 FY22, UK recorded 1% revenue growth, USA recorded 1% coffee revenue growth and canada declined 1% on YoY basis.

    In Q2 FY22, India beverages contributed 46% of total sales, India foods 26% and International beverages 28%.

    Tata Starbucks recorded revenue growth of 128% in Q2 FY22 on a relatively low base of last year that was impacted by reduced mobility.

    Company Signed an MOU with Indian Institute of Millets Research (IIMR) to unlock the full potential of millets as a healthier and more sustainable alternative to traditional grains.

    The tea prices have come off significantly from the highs but remain higher than pre-COVID levels.

    Management Commentary: Sunil D'Souza, Managing Director & CEO of Tata Consumer Products said We delivered another quarter of double-digit revenue growth despite a high base last year. Our India business performed well, both our Beverages and Foods businesses recorded strong revenue growth with both tea and salt seeing market share gains. We continue to expand our distribution reach across channels while investing behind our brands. Innovation remains a focus area and we will further accelerate its pace as we move forward. Going forward, we will stay focused on driving growth in our core businesses while adding new levers of growth. While the worst of tea inflation seems to be behind us, we are now seeing inflationary trends in packaging and freight costs. We will address these by further strengthening operating efficiencies and driving net revenue management. We will continue to progress our transformation agenda while delivering profitable and sustainable growth.

    Tata Consumer Products : Consolidated Results

     

    Quarter endedYear to DateYear ended
    Particulars202109202009Var.(%)202109202009Var.(%)202103202003Var.(%)
    Net Sales (including other operating income)3,033.122,781.349.056,041.585,495.259.9411,602.039,637.4220.39
    OPM (%)13.6314.37-74 bps13.4516.05-260 bps13.3113.41-10 bps
    OP413.3399.583.43812.79882.23-7.871,543.761,292.1519.47
    Other Inc.39.6226.2251.1167.6358.9314.76121.38111.598.77
    PBIDT452.92425.86.37880.42941.16-6.451,665.141,403.7418.62
    Interest19.7817.8710.6940.2135.1514.468.6977.86-11.78
    PBDT433.14407.936.18840.21906.01-7.261,596.451,325.8820.41
    Depreciation69.3162.5710.77136.1124.479.34254.74241.715.39
    PBT363.83345.365.35704.11781.54-9.911341.711084.1723.75
    Share of Profit/(Loss) from Associates24.4138.85-37.17-16-4.69-241.15-63.33-75.0815.65
    PBT before EO388.24384.211.05688.11776.85-11.421278.381009.0926.69
    EO Income-16.31-23.931.76-20.2339.41PL-30.65-274.7988.85
    PBT after EO371.93360.313.23667.88816.26-18.181247.73734.369.92
    Taxation86.1387.13-1.15181.84197.53-7.94317.27274.1915.71
    PAT285.8273.184.62486.04618.73-21.45930.46460.11102.23
    Minority Interest (MI)17.7616.1210.1732.8534.11-3.6973.770.3520,977.10
    Net profit268.04257.064.27453.19584.62-22.48856.69459.7686.33
    P/(L) from discontinued operations net of tax00-00-00-
    Net profit after discontinued operations268.04257.064.27453.19584.62-22.48856.69459.7686.33
    EPS (Rs)*3.032.972.275.076.04-16.049.536.9636.93
    * EPS is on current equity of Rs 92.16 crore, Face value of Rs 1, Excluding extraordinary items.
    # EPS is not annualised
    bps : Basis points
    EO : Extraordinary items
    Figures in Rs crore
    Source: Capitaline Corporate Database

    Tata Consumer Products : Consolidated Segment Results

     

    Quarter endedYear to DateYear ended
    % of (Total)202109202009Var.(%)% of (Total)202109202009Var.(%)% of (Total)202103202003Var.(%)
    Sales
    Tea000-
    Coffee & Other Produce000-
    Branded Business90.792,759.352,500.8110.3490.795,498.694,957.7110.9190.3510,511.678,666.6721.29
    Non Branded Business9.21279.91287.64-2.699.21557.55552.060.999.651,122.17974.9415.1
    Total Reported Sales1003,039.262,788.458.991006,056.245,509.779.9210011,633.849,641.6120.66
    Less: Inter segment revenues12.4210.352023.6718.8325.745.2630.8246.85
    Net Sales1003,026.842,778.108.951006,032.575,490.949.8610011,588.589,610.7920.58
    PBIT
    Tea000-
    Coffee & Other Produce000-
    Branded Business94.27354.213433.2794.55696.94798.35-12.793.661,342.851,092.3522.93
    Non Branded Business5.7321.5418.1118.945.4540.1732.0625.36.3490.8955.6563.32
    Total PBIT100375.75361.114.05100737.11830.41-11.241001,433.741,148.0024.89
    Less : Interest19.7817.8710.6940.2135.1514.468.6977.86-11.78
    Add: Other un-allcoable-8.45-21.78-61.2-13.0225.69PL-53.99-260.76-79.3
    PBIT Margin(%)
    Tea000
    Coffee & Other Produce000
    Branded Business12.8413.72-87.8812.6716.1-342.8512.7712.617.08
    Non Branded Business7.76.3139.937.25.81139.748.15.71239.14
    PBT100347.52321.468.11100683.88820.95-16.71001,311.06809.3861.98
    Figures in Rs crore
    Source: Capitaline Corporate Database

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