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Quarterly Results

 

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Statement of Standalone Unaudited Financial Results
for the Quarter and Nine Months ended 31st December, 2015

(Rs. in Crores)
Particulars 3 Months
ended
31.12.2015
Corresponding
3 Months
ended
31.12.2014
Preceding
3 Months
ended
30.09.2015
9 Months
ended
31.12.2015
9 Months
ended
31.12.2014
Twelve Months
ended
31.03.2015
  (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
INCOME FROM OPERATIONS              
a) NET SALES / INCOME FROM OPERATIONS (Net of Excise Duty) (1) 9102.66 8800.22 8804.70 26412.89 26894.96 36083.21
b) OTHER OPERATING INCOME (2) 74.07 142.37 99.53 255.77 319.66 424.19
TOTAL INCOME FROM OPERATIONS (Net) (1+2) (3) 9176.73 8942.59 8904.23 26668.66 27214.62 36507.40
EXPENSES              
a) Cost of materials consumed   2760.36 2731.05 2691.47 8020.91 8184.39 10987.83
b) Purchases of stock-in-trade   703.23 579.50 438.00 1770.26 3139.29 3898.66
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade   (128.02) 167.01 89.34 (67.81) (313.40) (214.53)
d) Employee benefits expense   449.81 419.12 450.93 1418.16 1325.65 1780.04
e) Depreciation and amortisation expense   262.54 237.63 258.83 779.56 712.17 961.74
f) Other expenses   1786.16 1581.71 1674.40 4975.99 4648.25 6581.85
TOTAL EXPENSES (4) 5834.08 5716.02 5602.97 16897.07 17696.35 23995.59
PROFIT FROM OPERATIONS BEFORE OTHER INCOME AND FINANCE COSTS (3-4) (5) 3342.65 3226.57 3301.26 9771.59 9518.27 12511.81
OTHER INCOME (6) 677.93 581.99 399.20 1392.14 1172.76 1543.13
PROFIT FROM ORDINARY ACTIVITIES BEFORE FINANCE COSTS (5+6) (7) 4020.58 3808.56 3700.46 11163.73 10691.03 14054.94
FINANCE COSTS (8) 16.09 8.37 10.31 36.86 41.91 57.42
PROFIT FROM ORDINARY ACTIVITIES BEFORE TAX (7-8) (9) 4004.49 3800.19 3690.15 11126.87 10649.12 13997.52
TAX EXPENSE (10) 1351.67 1165.19 1258.90 3777.36 3402.57 4389.79
NET PROFIT FOR THE PERIOD (9-10) (11) 2652.82 2635.00 2431.25 7349.51 7246.55 9607.73
PAID UP EQUITY SHARE CAPITAL (12) 803.67 799.54 802.65 803.67 799.54 801.55
(Ordinary shares of Re. 1/- each)              
RESERVES EXCLUDING REVALUATION RESERVES (13) - - - - - 29881.73
EARNINGS PER SHARE (of Re. 1/- each) (not annualised): (14)            
(a) Basic (Rs.)   3.30 3.30 3.03 9.16 9.10 12.05
(b) Diluted (Rs.)   3.28 3.27 3.01 9.10 9.00 11.93

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 22nd January, 2016.
(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, 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, 1,01,95,100 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, 2015 stands increased to Rs. 803,66,90,171/-.
(vi) This statement is as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Limited Review

The Limited Review, as required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 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, 2015 which needs to be explained.

 

Unaudited Segment-wise Revenue, Results and Capital Employed for the
Quarter and Nine Months ended 31st December, 2015

(Rs. in Crores)
  STANDALONE
Particulars 3 Months
ended
31.12.2015
Corresponding
3 Months
ended
31.12.2014
Preceding
3 Months
ended
30.09.2015
9 Months
ended
31.12.2015
9 Months
ended
31.12.2014
Twelve
Months
ended
31.03.2015
  (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
1. Segment Revenue            
a) FMCG - Cigarettes 4379.86 4141.94 4317.18 12846.65 12593.86 16804.56
- Others 2477.65 2314.12 2351.62 7000.28 6444.74 9011.25
Total FMCG 6857.51 6456.06 6668.80 19846.93 19038.60 25815.81
b) Hotels 345.27 330.26 290.04 923.14 840.54 1186.96
c) Agri Business 1480.99 1597.86 1843.74 5650.09 6952.59 8380.48
d) Paperboards, Paper & Packaging 1260.03 1198.77 1254.14 3779.15 3771.32 4973.90
Total 9943.80 9582.95 10056.72 30199.31 30603.05 40357.15
Less : Inter-segment revenue 841.14 782.73 1252.02 3786.42 3708.09 4273.94
Net sales / Income from operations 9102.66 8800.22 8804.70 26412.89 26894.96 36083.21
2. Segment Results            
a) FMCG - Cigarettes 2983.83 2886.31 2968.94 8733.87 8490.12 11196.27
- Others 18.75 11.46 (11.10) (0.32) (14.44) 34.08
Total FMCG 3002.58 2897.77 2957.84 8733.55 8475.68 11230.35
b) Hotels 25.83 28.71 (5.54) 13.04 7.04 49.08
c) Agri Business 231.44 238.84 293.94 759.23 739.54 903.97
d) Paperboards, Paper & Packaging 240.98 213.88 209.25 704.67 730.92 921.48
Total 3500.83 3379.20 3455.49 10210.49 9953.18 13104.88
Less : i) Finance Costs 16.09 8.37 10.31 36.86 41.91 57.42
ii) Other un-allocable (income) net of un-allocable expenditure (519.75) (429.36) (244.97) (953.24) (737.85) (950.06)
Profit Before Tax 4004.49 3800.19 3690.15 11126.87 10649.12 13997.52
3. Capital Employed            
a) FMCG - Cigarettes * 5028.17 5887.77 5191.79 5028.17 5887.77 5818.58
- Others 4462.86 3681.04 4747.89 4462.86 3681.04 3987.85
Total FMCG 9491.03 9568.81 9939.68 9491.03 9568.81 9806.43
b) Hotels [Note (i)] 4419.31 3732.76 4420.84 4419.31 3732.76 4300.96
c) Agri Business 2002.88 1807.43 1696.95 2002.88 1807.43 1958.84
d) Paperboards, Paper & Packaging 5404.51 5482.34 5422.53 5404.51 5482.34 5425.91
Total Segment Capital Employed 21317.73 20591.34 21480.00 21317.73 20591.34 21492.14

* Segment Liabilities of FMCG-Cigarettes is before considering Rs. 645.44 Crores (31.12.2014 - Rs. 624.89 Crores; 30.09.2015 - Rs. 640.14 Crores; 31.03.2015 - Rs. 629.98 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): Includes Rs. 541.21 Crores (30.09.2015 - Rs. 541.21 Crores; 31.03.2015 - Rs. 515.44 Crores) towards payment to IFCI Limited and applicable stamp duty for purchase of a luxury beach resort in South Goa operating under the name Park Hyatt Goa Resort & Spa, on being the successful bidder. IFCI Limited have issued requisite Sale Certificates in favour of the Company. The erstwhile owners of the property have thereafter challenged the sale. The matter is pending before the Honourable Bombay High Court.

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 (Staples, Snacks and Meals; Dairy and Beverages; Confections); 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 : 22nd January, 2016
Place : Kolkata, India
For and on behalf of the Board


Sd/- Sd/-
Executive Director &
Chief Financial Officer
Chairman

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Financial Results September 2015
Financial Results June 2015 Financial Results March 2015