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Quarterly Results

 

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Audited Financial Results for the
Quarter and Twelve Months ended 31st March, 2014

PART I: Statement of Audited Financial Results for the Quarter and Twelve Months ended 31st March, 2014

(Rs. in Crores)
    STANDALONE CONSOLIDATED
Particulars   3 months
ended
Corresponding
3 months
ended
Preceding
3 months
ended
Twelve
Months
ended
Twelve
Months
ended
Twelve
Months
ended
Twelve
Months
ended
31.03.2014 31.03.2013 31.12.2013 31.03.2014 31.03.2013 31.03.2014 31.03.2013
    (Audited) (Audited) (Unaudited) (Audited) (Audited) (Audited) (Audited)
GROSS INCOME   12914.15 11635.83 12718.24 48175.80 43044.21 50550.61 45102.45
GROSS SALES / INCOME FROM OPERATIONS   12554.06 11304.75 12223.44 46712.62 41809.82 49247.28 43920.76
EXCISE DUTIES   3408.92 3124.45 3600.33 13830.06 12204.24 14262.58 12597.31
INCOME FROM OPERATIONS                
a) NET SALES / INCOME FROM OPERATIONS (Net of Excise Duty) (1) 9145.14 8180.30 8623.11 32882.56 29605.58 34984.70 31323.45
b) OTHER OPERATING INCOME (2) 93.38 77.10 103.74 356.04 295.69 332.38 304.09
TOTAL INCOME FROM OPERATIONS (Net) (1+2) (3) 9238.52 8257.40 8726.85 33238.60 29901.27 35317.08 31627.54
EXPENSES                
a) Cost of materials consumed   2707.89 2414.05 2796.67 10263.28 8936.21 10376.05 9069.82
b) Purchases of stock-in -trade   1011.38 868.46 603.22 3021.47 3375.92 2976.98 3305.23
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade   150.35 265.27 39.49 (128.41) (246.35) (112.74) (256.84)
d) Employee benefits expense   410.81 343.40 400.82 1608.37 1387.01 2504.24 2145.63
e) Depreciation and amortisation expense   237.83 206.69 225.92 899.92 795.56 964.92 859.11
f) Other expenses   1754.70 1659.90 1602.35 6019.05 5820.97 6520.66 6189.36
TOTAL EXPENSES (4) 6272.96 5757.77 5668.47 21683.68 20069.32 23230.11 21312.31
PROFIT FROM OPERATIONS BEFORE OTHER INCOME AND FINANCE COSTS (3-4) (5) 2965.56 2499.63 3058.38 11554.92 9831.95 12086.97 10315.23
OTHER INCOME (6) 266.71 253.98 391.06 1107.14 938.70 970.95 877.60
PROFIT FROM ORDINARY ACTIVITIES BEFORE FINANCE COSTS (5+6) (7) 3232.27 2753.61 3449.44 12662.06 10770.65 13057.92 11192.83
FINANCE COSTS (8) 9.53 24.27 9.14 2.95 86.47 6.37 87.18
PROFIT FROM ORDINARY ACTIVITIES BEFORE TAX (7-8) (9) 3222.74 2729.34 3440.30 12659.11 10684.18 13051.55 11105.65
TAX EXPENSE (10) 944.73 801.36 1054.96 3873.90 3265.79 4060.93 3412.07
NET PROFIT FOR THE PERIOD (9-10) (11) 2278.01 1927.98 2385.34 8785.21 7418.39 8990.62 7693.58
SHARE OF PROFIT/(LOSS) OF ASSOCIATES (12) N.A. N.A. N.A. N.A. N.A. 10.57 10.87
MINORITY INTEREST (13) N.A. N.A N.A. N.A. N.A. 109.81 96.38
NET PROFIT AFTER TAXES, MINORITY INTERESTS AND SHARE OF PROFIT/(LOSS) OF ASSOCIATES (11+12-13) (14) 2278.01 1927.98 2385.34 8785.21 7418.39 8891.38 7608.07
PAID UP EQUITY SHARE CAPITAL (15) 795.32 790.18 793.55 795.32 790.18 795.32 790.18
(Ordinary shares of Re. 1/- each)                
RESERVES EXCLUDING REVALUATION RESERVES (16) - - - 25414.29 21444.92 26342.33 22265.63
EARNINGS PER SHARE (of Re. 1/- each) (not annualised): (17)              
(a) Basic (Rs.)   2.87 2.44 3.01 11.09 9.45 11.22 9.69
(b) Diluted (Rs.)   2.83 2.41 2.97 10.96 9.33 11.09 9.56

 

PART II: Select information for the Quarter and Twelve Months ended 31st March, 2014

A. Particulars of Shareholding 3 months
ended
Corresponding
3 months
ended
Preceding
3 months
ended
Twelve
Months
ended
Twelve
Months
ended
31.03.2014 31.03.2013 31.12.2013 31.03.2014 31.03.2013
1. PUBLIC SHAREHOLDING          
- NUMBER OF SHARES 7932401330 7878339017 7913252114 7932401330 7878339017
- PERCENTAGE OF SHAREHOLDING 99.74 99.70 99.72 99.74 99.70
2. PROMOTERS AND PROMOTER GROUP SHAREHOLDING Nil Nil Nil Nil Nil
a) Pledged / Encumbered N.A. N.A. N.A. N.A. N.A.
b) Non - encumbered N.A. N.A. N.A. N.A. N.A.

B. Investor Complaints 3 months ended
31.03.2014
Pending at the beginning of the quarter Nil
Received during the quarter 2
Disposed off during the quarter 2
Remaining unresolved at the end of the quarter Nil

 

Notes :

(i) The audited 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 23rd May, 2014.
   
(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 figures for the last quarter are the balancing figures between the audited figures in respect of the full financial year and the year to date figures upto the third quarter of the financial year.
   
(iv) The Company does not have any Exceptional or Extraordinary item to report for the above periods.
   
(v) Gross Income comprises Gross Sales / Income from Operations, Other Operating Income and Other Income.
   
(vi) 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'.
   
(vii) During the quarter, 1,76,87,110 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 March, 2014 stands increased to Rs. 7,95,31,82,950/-.
   
(viii) 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 are no longer required and therefore written back consequent to a favourable High Court Order.
   
(ix) The Board of Directors of the Company, at its meeting held on 28th August 2013,proposed a Scheme of Arrangement under Sections 391 and 394 read with Sections 78, 80, 100 and other applicable provisions of the Companies Act, 1956, between its subsidiary, Wimco Limited (‘Wimco’) and the Company and their respective shareholders (‘the Scheme’) for demerger of the Non-Engineering business of Wimco to the Company with effect from 1st April, 2013. The Members of the Company approved the Scheme on 24th March 2014. The Hon’ble High Courts at Bombay and Calcutta have also sanctioned the Scheme on 10th April, 2014 and 14th May, 2014, respectively. Certified copies of the Orders from the Courts are awaited. The Scheme would become effective upon filing of such certified copies of the Orders with the respective Registrar of Companies. Pending this, the Scheme has not been given effect to in these financial statements.
 
(x) North East Nutrients Private Limited (‘NENPL’), became a subsidiary of the Company with effect from 6th February, 2014, consequent upon acquisition of 76% of NENPL’s share capital.
 
(xi) The Board of Directors of the Company has recommended a dividend of Rs. 6/- per Ordinary Share of Re. 1/- each for the financial year ended 31st March, 2014 and the dividend, if declared, will be paid on Thursday, 31st July, 2014 to those members entitled thereto.
   
(xii) The Register of Members of the Company shall remain closed for the purpose of dividend from Thursday, 5th June, 2014 to Monday, 9th June, 2014, both days inclusive.
   
(xiii) The 103rd Annual General Meeting of the Company has been convened for Wednesday, 30th July, 2014.

 

(Rs. in Crores)
STATEMENT OF ASSETS AND LIABILITIES STANDALONE CONSOLIDATED
Particulars As at
current year end
31.03.2014
As at
previous year end
31.03.2013
As at
current year end
31.03.2014
As at
previous year end
31.03.2013
(Audited) (Audited) (Audited) (Audited)
A EQUITY AND LIABILITIES        
1 SHAREHOLDERS' FUNDS        
  (a) Share Capital 795.32 790.18 795.32 790.18
  (b) Reserves and surplus 25466.70 21497.67 26441.64 22367.72
  (c) Money received against share warrants - - - -
  Shareholders' Funds 26262.02 22287.85 27236.96 23157.90
2 SHARE APPLICATION MONEY PENDING ALLOTMENT - - - -
3 MINORITY INTEREST N. A. N. A. 203.03 179.89
4 NON-CURRENT LIABILITIES        
  (a) Long-term borrowings 51.00 66.40 76.40 90.80
  (b) Deferred tax liabilities (net) 1296.96 1203.72 1306.99 1213.59
  (c) Other long-term liabilities 5.09 3.11 42.74 40.47
  (d) Long-term provisions 110.00 125.62 131.75 144.75
  Non-Current Liabilities 1463.05 1398.85 1557.88 1489.61
5 CURRENT LIABILITIES        
  (a) Short-term borrowings 0.14 - 150.24 -
  (b) Trade payables 1987.59 1668.98 2106.25 1771.56
  (c) Other current liabilities 3631.88 3528.62 3673.10 3560.03
  (d) Short-term provisions 5884.71 5133.13 5956.47 5194.39
  Current Liabilities 11504.32 10330.73 11886.06 10525.98
  TOTAL EQUITY AND LIABILITIES 39229.39 34017.43 40883.93 35353.38
B ASSETS        
1 NON-CURRENT ASSETS        
  (a) Fixed assets 14308.47 12697.13 15741.53 13885.35
  (b) Goodwill on consolidation N. A. N. A. 297.14 316.51
  (c) Non-current investments 2512.17 2000.86 798.52 814.17
  (d) Deferred tax assets (net) - - 35.52 24.11
  (e) Long-term loans and advances 1480.02 1727.97 1428.92 1246.30
  (f) Other non-current assets - - 1.24 1.24
  Non-Current Assets 18300.66 16425.96 18302.87 16287.68
2 CURRENT ASSETS        
  (a) Current investments 6311.26 5059.43 6485.50 5167.11
  (b) Inventories 7359.54 6600.20 8255.24 7522.09
  (c) Trade receivables 2165.36 1163.34 2439.21 1395.76
  (d) Cash and bank balances 3289.37 3615.00 3490.19 3828.30
  (e) Short-term loans and advances 783.51 512.14 816.20 529.61
  (f) Other current assets 1019.69 641.36 1094.72 622.83
  Current Assets 20928.73 17591.47 22581.06 19065.70
  TOTAL ASSETS 39229.39 34017.43 40883.93 35353.38

 

Audited Segment-wise Revenue, Results and Capital Employed for the
Quarter and Twelve Months ended 31st March, 2014

(Rs. in Crores)
  STANDALONE CONSOLIDATED
  3 Months
ended
Corresponding
3 Months
ended
Preceding
3 Months
ended
Twelve
Months
ended
Twelve
Months
ended
Twelve
Months
ended
Twelve
Months
ended
31.03.2014 31.03.2013 31.12.2013 31.03.2014 31.03.2013 31.03.2014 31.03.2013
  (Audited) (Audited) (Unaudited) (Audited) (Audited) (Audited) (Audited)
1. Segment Revenue              
  a) FMCG - Cigarettes - Gross 7429.35 6698.73 7663.98 29076.48 25987.20 30417.58 27136.12
  - Net 4078.78 3623.23 4116.07 15456.05 13969.98 16368.46 14738.38
  - Others - Gross 2320.35 2043.26 2083.32 8121.80 7012.38 8140.94 7037.71
  - Net 2314.51 2036.20 2077.82 8099.21 6982.75 8116.47 6997.86
  Total FMCG - Gross 9749.70 8741.99 9747.30 37198.28 32999.58 38558.52 34173.83
  - Net 6393.29 5659.43 6193.89 23555.26 20952.73 24484.93 21736.24
  b) Hotels - Gross 320.52 315.55 315.47 1132.85 1074.39 1197.91 1138.89
  - Net 320.51 315.45 315.44 1132.78 1074.22 1197.84 1138.72
  c) Agri Business - Gross 2004.24 1854.46 1786.37 7752.05 7200.73 7752.05 7200.73
  - Net 2004.24 1854.46 1786.37 7752.05 7200.73 7752.05 7200.73
  d) Paperboards, Paper & Packaging - Gross 1341.42 1124.93 1335.59 5166.04 4504.37 5166.04 4504.37
  - Net 1261.20 1057.50 1257.43 4860.51 4236.75 4860.51 4236.75
  e) Others - Gross - - - - - 1555.38 1245.96
  - Net - - - - - 1539.27 1232.38
  Total - Gross 13415.88 12036.93 13184.73 51249.22 45779.07 54229.90 48263.78
  - Net 9979.24 8886.84 9553.13 37300.60 33464.43 39834.60 35544.82
  Less : Inter- segment revenue - Gross 861.82 732.18 961.29 4536.60 3969.25 4982.62 4343.02
  - Net 834.10 706.54 930.02 4418.04 3858.85 4849.90 4221.37
  Gross sales / Income from operations 12554.06 11304.75 12223.44 46712.62 41809.82 49247.28 43920.76
  Net sales / Income from operations 9145.14 8180.30 8623.11 32882.56 29605.58 34984.70 31323.45
2. Segment Results              
  a) FMCG - Cigarettes 2551.94 2112.42 2652.64 9858.00 8325.94 10261.47 8694.42
  - Liability no longer required written back (Note 1) - - - 157.91 - 157.91 -
  FMCG - Cigarettes 2551.94 2112.42 2652.64 10015.91 8325.94 10419.38 8694.42
  - Others 43.09 11.87 10.35 21.82 (81.26) 11.96 (88.90)
  Total FMCG 2595.03 2124.29 2662.99 10037.73 8244.68 10431.34 8605.52
  b) Hotels 59.85 40.63 62.20 139.71 137.65 145.55 149.29
  c) Agri Business 145.48 127.54 205.40 834.78 731.28 834.78 731.28
  d) Paperboards, Paper & Packaging 188.41 188.13 231.69 892.46 963.95 892.46 963.95
  e) Others - - - - - 181.12 136.32
  Total 2988.77 2480.59 3162.28 11904.68 10077.56 12485.25 10586.36
  Less : i) Finance Costs 9.53 24.27 9.14 37.72 86.47 41.14 87.18
  Liability no longer required written back (Note 1) - - - (34.77) - (34.77)  
  Finance Costs 9.53 24.27 9.14 2.95 86.47 6.37 87.18
  ii) Other un-allocable (income) net of un-allocable expenditure (243.50) (273.02) (287.16) (757.38) (693.09) (572.67) (606.47)
  Profit Before Tax 3222.74 2729.34 3440.30 12659.11 10684.18 13051.55 11105.65
  Tax Expense 944.73 801.36 1054.96 3873.90 3265.79 4060.93 3412.07
  Profit After Tax 2278.01 1927.98 2385.34 8785.21 7418.39 8990.62 7693.58
3. Capital Employed              
  a) FMCG- Cigarettes * 5705.48 4953.40 5218.16 5705.48 4953.40 6227.72 5281.88
  - Others 3383.53 2531.89 3167.37 3383.53 2531.89 3419.11 2550.24
  Total FMCG 9089.01 7485.29 8385.53 9089.01 7485.29 9646.83 7832.12
  b) Hotels 3625.39 3459.90 3576.27 3625.39 3459.90 4225.75 4012.30
  c) Agri Business 2052.44 1256.56 1793.39 2052.44 1256.56 2176.48 1399.36
  d) Paperboards, Paper & Packaging 5319.08 4958.27 5184.26 5319.08 4958.27 5313.08 4953.13
  e) Others - - - - - 667.19 580.94
  Total Segment Capital Employed 20085.92 17160.02 18939.45 20085.92 17160.02 22029.33 18777.85
* Segment Liabilities of FMCG-Cigarettes is before considering Rs.667.98 Crores (31.03.2013 - Rs.840.55 Crores; 31.12.2013 - Rs.662.92 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 1: 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 the twelve months ended 31.03.2014 include the effect of such write back.

 

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, Smoking Mixtures 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.
Others (In Consolidated Segment) - Information Technology services, Filter Rods etc.
   
(3) Segment results of 'FMCG : Others' are after considering significant business development, brand building and gestation costs of the 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 : 23rd May, 2014
Place : New Delhi, India
For and on behalf of the Board


   
Executive Director Chairman

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Financial Results December 2013
Financial Results September 2013 Financial Results June 2013