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Quarterly Results

 

Click here to download the Financial Results

Unaudited Financial Results
for the Quarter and Nine Months ended 31st December, 2014

PART I: Statement of Unaudited Financial Results for the Quarter and Nine Months ended 31st December, 2014

(Rs. in Crores)
Particulars   STANDALONE
  3 months
ended
Corresponding
3 months
ended
Preceding
3 months
ended
9 Months
ended
9 Months
ended
Twelve Months
ended
  31.12.2014 31.12.2013 30.09.2014 31.12.2014 31.12.2013 31.03.2014
  (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
INCOME FROM OPERATIONS              
a) NET SALES / INCOME FROM OPERATIONS (Net of Excise Duty) (1) 8800.22 8623.11 8930.32 26894.96 23737.42 32882.56
b) OTHER OPERATING INCOME (2) 142.37 103.74 93.42 319.66 262.66 356.04
TOTAL INCOME FROM OPERATIONS (Net) (1+2) (3) 8942.59 8726.85 9023.74 27214.62 24000.08 33238.60
EXPENSES              
a) Cost of materials consumed   2731.05 2796.67 2792.72 8184.39 7555.39 10263.28
b) Purchases of stock-in-trade   579.50 603.22 638.99 3139.29 2010.09 3021.47
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade   167.01 39.49 123.45 (313.40) (278.76) (128.41)
d) Employee benefits expense   419.12 400.82 397.87 1325.65 1197.56 1608.37
e) Depreciation and amortisation expense   237.63 225.92 243.22 712.17 662.09 899.92
f) Other expenses*   1581.71 1602.35 1582.06 4648.25 4264.35 6019.05
TOTAL EXPENSES (4) 5716.02 5668.47 5778.31 17696.35 15410.72 21683.68
PROFIT FROM OPERATIONS BEFORE OTHER INCOME AND FINANCE COSTS (3-4) (5) 3226.57 3058.38 3245.43 9518.27 8589.36 11554.92
OTHER INCOME (6) 581.99 391.06 356.22 1172.76 840.43 1107.14
PROFIT FROM ORDINARY ACTIVITIES BEFORE FINANCE COSTS (5+6) (7) 3808.56 3449.44 3601.65 10691.03 9429.79 12662.06
FINANCE COSTS * (8) 8.37 9.14 18.39 41.91 (6.58) 2.95
PROFIT FROM ORDINARY ACTIVITIES BEFORE TAX (7-8) (9) 3800.19 3440.30 3583.26 10649.12 9436.37 12659.11
TAX EXPENSE (10) 1165.19 1054.96 1158.10 3402.57 2929.17 3873.90
NET PROFIT FOR THE PERIOD (9-10) (11) 2635.00 2385.34 2425.16 7246.55 6507.20 8785.21
PAID UP EQUITY SHARE CAPITAL (12) 799.54 793.55 797.43 799.54 793.55 795.32
(Ordinary shares of Re.1/- each)              
RESERVES EXCLUDING REVALUATION RESERVES (13) - - - - - 25414.29
EARNINGS PER SHARE (of Re. 1/- each) (not annualised): (14)            
(a) Basic (Rs.)   3.30 3.01 3.04 9.10 8.22 11.09
(b) Diluted (Rs.)   3.27 2.97 3.01 9.00 8.11 10.96

* For the nine months ended 31.12.2013 and for the twelve months ended 31.03.2014, Other Expenses and Finance Costs are net of liability for earlier years towards Rates and Taxes and Interest thereon of Rs. 157.91 Crores and Rs. 34.77 Crores respectively that were no longer required and therefore written back consequent to a favourable High Court Order.

 

PART II: Select information for the Quarter and Nine Months ended 31st December, 2014

  3 months
ended
Corresponding
3 months
ended
Preceding
3 months
ended
9 Months
ended
9 Months
ended
Twelve
Months
ended
31.12.2014 31.12.2013 30.09.2014 31.12.2014 31.12.2013 31.03.2014
A. Particulars of Shareholding            
1. PUBLIC SHAREHOLDING            
- NUMBER OF SHARES 7975472396 7913252114 7954036697 7975472396 7913252114 7932401330
- PERCENTAGE OF SHAREHOLDING 99.75 99.72 99.75 99.75 99.72 99.74
2. PROMOTERS AND PROMOTER GROUP SHAREHOLDING Nil Nil Nil Nil Nil Nil
a) Pledged / Encumbered N.A. N.A. N.A. N.A. N.A. N.A.
b) Non - encumbered N.A. N.A. N.A. N.A. N.A. N.A.

B. Investor Complaints 3 months ended
31.12.2014
Pending at the beginning of the quarter Nil
Received during the quarter Nil
Disposed off during the quarter Nil
Remaining unresolved at the end of the quarter Nil

 

Notes :

(i) The Unaudited Financial Results and Segment Results were reviewed by the Audit Committee and approved at the meeting of the Board of Directors of the Company held on 21st January, 2015.
   
(ii) Figures for the previous periods are re-classified / re-arranged / re-grouped, wherever necessary, to correspond with the current period's classification / disclosure.
   
(iii) The Company does not have any Exceptional or Extraordinary item to report for the above periods.
   
(iv) The launch and rollout costs of the Company's brands 'Fiama Di Wills', 'Vivel', 'Superia' and 'Engage' covering the range of personal care products of soaps, face washes, shower gels, shampoos, conditioners, skin care and deodorants, and the continuing significant brand building costs of the Foods businesses are reflected under 'Other expenses' stated above and in Segment Results under 'FMCG-Others'.
   
(v) During the quarter, 2,11,80,320 Ordinary Shares of Re. 1/- each were issued and allotted under the Company's Employee Stock Option Schemes. Consequently, the issued and paid-up Share Capital of the Company as on 31st December, 2014 stands increased to Rs. 799,54,35,531/-.
   
(vi) The Scheme of Arrangement between Wimco Limited ('Wimco') and the Company became effective on 27th June, 2014 on filing of the Order of the Hon'ble High Court with the respective Registrar of Companies. The Scheme, with effect from 1st April 2013, provided for the demerger of the Non Engineering Business of Wimco into the Company. The results for the quarters ended 30th September, 2014 and 31st December, 2014 and for the nine months ended 31st December, 2014 reflect the effect of the Scheme, and consequently, the figures for the previous periods are not strictly comparable.
   
(vii)

Pursuant to the enactment of the Companies Act 2013, (the 'Act'), the Company has, effective 1st April 2014, reviewed and revised the estimated useful lives of its fixed assets, generally in accordance with the provisions of Schedule II of the Act. The consequential impact [after charging Rs. 48.32 Crores (net of tax of Rs. 24.88 Crores) to Retained Earnings in line with the transition provision specified in Schedule II] on the depreciation charged and on the results for the quarter and nine months is not material.

   
(viii) This statement is as per Clause 41 of the Listing Agreement.

Limited Review :

The Limited Review, as required under Clause 41 of the Listing Agreement has been completed and the related Report forwarded to the Stock Exchanges. This Report does not have any impact on the above 'Results and Notes' for the Quarter ended 31st December, 2014 which needs to be explained.

 

Unaudited Segment-wise Revenue, Results and Capital Employed for the
Quarter and Nine Months ended 31st December, 2014

(Rs. in Crores)
  STANDALONE
  3 Months
ended
Corresponding
3 Months
ended
Preceding
3 Months
ended
9 Months
ended
9 Months
ended
Twelve
Months
ended
31.12.2014 31.12.2013 30.09.2014 31.12.2014 31.12.2013 31.03.2014
  (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
1. Segment Revenue            
  a) FMCG
- Cigarettes
4141.94 4116.07 4250.86 12593.86 11377.27 15456.05
  - Others 2314.12 2077.82 2196.01 6444.74 5784.70 8099.21
  Total FMCG 6456.06 6193.89 6446.87 19038.60 17161.97 23555.26
  b) Hotels 330.26 315.44 261.59 840.54 812.27 1132.78
  c) Agri Business 1597.86 1786.37 2058.67 6952.59 5747.81 7752.05
  d) Paperboards, Paper & Packaging 1198.77 1257.43 1284.07 3771.32 3599.31 4860.51
  Total 9582.95 9553.13 10051.20 30603.05 27321.36 37300.60
  Less : Inter-segment revenue 782.73 930.02 1120.88 3708.09 3583.94 4418.04
  Net sales / Income from operations 8800.22 8623.11 8930.32 26894.96 23737.42 32882.56
2. Segment Results            
  a) FMCG
- Cigarettes
2886.31 2652.64 2882.06 8490.12 7306.06 9858.00
  - Liability no longer required written back [Note (i)] - - - - 157.91 157.91
  FMCG
- Cigarettes
2886.31 2652.64 2882.06 8490.12 7463.97 10015.91
  - Others 11.46 10.35 (10.31) (14.44) (21.27) 21.82
  Total FMCG 2897.77 2662.99 2871.75 8475.68 7442.70 10037.73
  b) Hotels [Note (ii)] 28.71 62.20 (9.58) 7.04 79.86 139.71
  c) Agri Business 238.84 205.40 298.25 739.54 689.30 834.78
  d) Paperboards, Paper & Packaging 213.88 231.69 242.14 730.92 704.05 892.46
  Total 3379.20 3162.28 3402.56 9953.18 8915.91 11904.68
  Less : i) Finance Costs 8.37 9.14 18.39 41.91 28.19 37.72
  Liability no longer required written back [Note (i)] - - - - (34.77) (34.77)
  Finance Costs 8.37 9.14 18.39 41.91 (6.58) 2.95
  ii) Other un-allocable (income) net of un-allocable expenditure (429.36) (287.16) (199.09) (737.85) (513.88) (757.38)
  Profit Before Tax 3800.19 3440.30 3583.26 10649.12 9436.37 12659.11
  Tax Expense 1165.19 1054.96 1158.10 3402.57 2929.17 3873.90
  Profit After Tax 2635.00 2385.34 2425.16 7246.55 6507.20 8785.21
3. Capital Employed            
  a) FMCG
- Cigarettes *
5887.77 5218.16 5661.80 5887.77 5218.16 5705.48
  - Others 3681.04 3167.37 3963.28 3681.04 3167.37 3383.53
  Total FMCG 9568.81 8385.53 9625.08 9568.81 8385.53 9089.01
  b) Hotels 3732.76 3576.27 3705.84 3732.76 3576.27 3625.39
  c) Agri Business 1807.43 1793.39 1677.73 1807.43 1793.39 2052.44
  d) Paperboards, Paper & Packaging 5482.34 5184.26 5522.55 5482.34 5184.26 5319.08
  Total Segment Capital Employed 20591.34 18939.45 20531.20 20591.34 18939.45 20085.92

* Segment Liabilities of FMCG-Cigarettes is before considering Rs. 624.89 Crores (31.12.2013 - Rs. 662.92 Crores; 30.09.2014 - Rs. 678.00 Crores; 31.03.2014 - Rs. 667.98 Crores) in respect of disputed Taxes, the recovery of which has been stayed or where States' appeals are pending before Courts. These have been included under 'Unallocated Corporate Liabilities'.

Note (i): Liability for earlier years towards Rates and Taxes and Interest thereon of Rs. 157.91 Crores and Rs. 34.77 Crores respectively have been written back as no longer required, based on a favourable High Court Order; Segment Results of FMCG - Cigarettes and Finance Costs for nine months ended 31.12.2013 and for twelve months ended 31.03.2014 include the effect of such write back.

Note (ii): The Segment Results for Hotels are after considering an incremental charge of Rs. 12.56 Crores and Rs. 40.22 Crores for the quarter and nine months ended 31st December, 2014 respectively towards depreciation from the review and revision of estimated useful lives of fixed assets in accordance with the provisions of Schedule II to the Companies Act, 2013. The impact of such revision on the results of all other reported Segments is not material.

Notes :
(1) The Company's corporate strategy aims at creating multiple drivers of growth anchored on its core competencies. The Company is currently focused on four business groups : FMCG, Hotels, Paperboards, Paper & Packaging and Agri Business. The Company's organisational structure and governance processes are designed to support effective management of multiple businesses while retaining focus on each one of them.
 
(2) The business groups comprise the following :
FMCG : Cigarettes - Cigarettes, Cigars etc.
  : Others - Branded Packaged Foods Businesses (Bakery and Confectionery Foods; Snack Foods; Staples, Spices and Ready to Eat Foods); Apparel; Education and Stationery Products; Personal Care Products; Safety Matches and Agarbattis.
Hotels - Hoteliering.
Paperboards, Paper
& Packaging
- Paperboards, Paper including Specialty Paper & Packaging including Flexibles.
Agri Business - Agri commodities such as soya, spices, coffee and leaf tobacco.
   
(3) Segment results of 'FMCG : Others' are after considering significant business development, brand building and gestation costs of Branded Packaged Foods businesses and Personal Care Products business.
   
(4) The Company's Agri Business markets agri commodities in the export and domestic markets; supplies agri raw materials to the Branded Packaged Foods Businesses and sources leaf tobacco for the Cigarettes Business.
   
(5) Figures for the corresponding previous periods are re-arranged, wherever necessary, to conform to the figures of the current period.

   
Registered Office :
Virginia House, 37 J.L. Nehru Road,
Kolkata 700 071, India
Dated : 21st January, 2015
Place : Kolkata, India
For and on behalf of the Board


   
Executive Director Chairman

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Financial Results September 2014
Financial Results June 2014 Financial Results March 2014