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Quarterly Results

 

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Unaudited Financial Results for the
Quarter and Nine months ended 31st December, 2013

PART I: Statement of Unaudited Financial Results for the Quarter and Nine months ended 31st December, 2013

(Rs. in Crores)
    STANDALONE
Particulars   3 months
ended
31.12.2013
Corresponding 3 months
ended 31.12.2012
Preceding 3 months
ended 30.09.2013
9 Months ended
31.12.2013
9 Months ended
31.12.2012
Twelve Months
ended 31.03.2013
    (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
GROSS INCOME   12718.24 11237.60 11541.21 35261.65 31406.52 43044.21
GROSS SALES /
INCOME FROM
OPERATIONS
  12223.44 10824.67 11208.28 34158.56 30505.07 41809.82
EXCISE DUTIES   3600.33 3197.60 3432.49 10421.14 9079.79 12204.24
INCOME FROM
OPERATIONS
             
a) NET SALES /
INCOME FROM
OPERATIONS (Net
of Excise Duty)
(1) 8623.11 7627.07 7775.79 23737.42 21425.28 29605.58
b) OTHER
OPERATING
INCOME
(2) 103.74 83.63 86.74 262.66 218.21 295.69
TOTAL INCOME
FROM OPERATIONS
(Net) (1+2)
(3) 8726.85 7710.70 7862.53 24000.08 21643.49 29901.27
EXPENSES              
a) Cost of
materials
consumed
  2796.67 2374.58 2570.45 7555.39 6521.69 8936.21
b) Purchases of
stock-in-trade
  603.22 646.52 541.50 2010.09 2507.46 3375.92
c) Changes in
inventories of
finished goods,
work-in-progress
and stock-in-trade
  39.49 56.00 (133.57) (278.76) (511.62) (246.35)
d) Employee
benefits expense
  400.82 346.02 369.87 1197.56 1043.04 1387.01
e) Depreciation
and amortisation
expense
  225.92 205.22 220.87 662.09 588.87 795.56
f) Other expenses   1602.35 1429.32 1338.44 4264.35 4160.25 5820.97
TOTAL EXPENSES (4) 5668.47 5057.66 4907.56 15410.72 14309.69 20069.32
PROFIT FROM
OPERATIONS
BEFORE OTHER
INCOME AND
FINANCE COSTS
(3-4)
(5) 3058.38 2653.04 2954.97 8589.36 7333.80 9831.95
OTHER INCOME (6) 391.06 329.30 246.19 840.43 683.24 938.70
PROFIT FROM
ORDINARY
ACTIVITIES
BEFORE FINANCE
COSTS (5+6)
(7) 3449.44 2982.34 3201.16 9429.79 8017.04 10770.65
FINANCE COSTS (8) 9.14 25.15 (32.67) (6.58) 62.20 86.47
PROFIT FROM
ORDINARY
ACTIVITIES
BEFORE TAX
(7-8)
(9) 3440.30 2957.19 3233.83 9436.37 7954.84 10684.18
TAX EXPENSE (10) 1054.96 905.34 1003.30 2929.17 2464.43 3265.79
NET PROFIT
FOR THE PERIOD
(9-10)
(11) 2385.34 2051.85 2230.53 6507.20 5490.41 7418.39
PAID UP EQUITY
SHARE CAPITAL
(12) 793.55 787.83 792.00 793.55 787.83 790.18
(Ordinary shares
of Rs. 1/- each)
             
RESERVES
EXCLUDING
REVALUATION
RESERVES
(13)           21444.92
EARNINGS PER
SHARE (of Rs. 1/- each) (not
annualised):
(14)            
(a) Basic (Rs.)   3.01 2.61 2.82 8.22 7.00 9.45
(b) Diluted (Rs.)   2.97 2.57 2.78 8.11 6.91 9.33

 

PART II: Select information for the Quarter and Nine Months ended 31st December, 2013

Particulars 3 months
ended
31.12.2013
Corresponding
3 months
ended 31.12.2012
Preceding
3 months
ended
30.09.2013
9 Months ended
31.12.2013
9 Months ended
31.12.2012
Twelve Months
ended 31.03.2013
A. Particulars of Shareholding            
1. PUBLIC SHAREHOLDING            
- NUMBER OF SHARES 7913252114 7854708537 7896890178 7913252114 7854708537 7878339017
- PERCENTAGE OF SHAREHOLDING 99.72 99.70 99.71 99.72 99.70 99.70
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 31.12.2013
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 17th January, 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 Company does not have any Exceptional or Extraordinary item to report for the above periods.
   
(iv) Gross Income comprises Gross Sales / Income from Operations, Other Operating Income and Other Income.
   
(v) 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'.
   
(vi) During the quarter, 1,55,16,940 Ordinary Shares of Rs. 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, 2013 stands increased to Rs. 793,54,95,840/-.
   
(vii) For the quarter ended 30.09.2013 and nine months ended 31.12.2013, 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.
   
(viii)   The Hon'ble High Court at Calcutta by Order dated 8th January, 2014, has directed the Company to seek approval of its shareholders to the Scheme of Arrangement between Wimco Ltd. and the Company, as approved by the Board of Directors on 28th August, 2013. The Scheme has not been given effect to in these Results pending necessary approvals.
   
(ix)  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, 2013 which needs to be explained.

Unaudited Segment-wise Revenue, Results and Capital Employed for the
Quarter and Nine Months ended 31st December, 2013

(Rs. in Crores)
    STANDALONE
    3 months
ended
31.12.2013
Corresponding
3 months
ended
31.12.2012
Preceding 3 months
ended 30.09.2013
9 Months ended
31.12.2013
9 Months ended
31.12.2012
Twelve Months
ended 31.03.2013
    (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
1. Segment Revenue            
  a) FMCG - Cigarettes - Gross 7663.98 6808.49 7103.10 21647.13 19288.47 25987.20
- Net 4116.07 3657.36 3723.81 11377.27 10346.75 13969.98
FMCG - Others - Gross 2083.32 1789.47 1968.04 5801.45 4969.12 7012.38
- Net 2077.82 1782.70 1962.22 5784.70 4946.55 6982.75
Total FMCG - Gross 9747.30 8597.96 9071.14 27448.58 24257.59 32999.58
- Net 6193.89 5440.06 5686.03 17161.97 15293.30 20952.73
  b) Hotels - Gross 315.47 309.47 246.99 812.33 758.84 1074.39
- Net 315.44 309.46 246.97 812.27 758.77 1074.22
  c) Agri Business - Gross 1786.37 1630.97 1772.46 5747.81 5346.27 7200.73
- Net 1786.37 1630.97 1772.46 5747.81 5346.27 7200.73
  d) Paperboards,
Paper & Packaging - Gross
1335.59 1129.62 1253.11 3824.62 3379.44 4504.37
- Net 1257.43 1061.55 1178.74 3599.31 3179.25 4236.75
Total - Gross 13184.73 11668.02 12343.70 37833.34 33742.14 45779.07
- Net 9553.13 8442.04 8884.20 27321.36 24577.59 33464.43
  Less : Inter-segment revenue - Gross 961.29 843.35 1135.42 3674.78 3237.07 3969.25
- Net 930.02 814.97 1108.41 3583.94 3152.31 3858.85
Gross sales / Income from operations 12223.44 10824.67 11208.28 34158.56 30505.07 41809.82
  Net sales / Income from operations 8623.11 7627.07 7775.79 23737.42 21425.28 29605.58
2. Segment Results            
  a) FMCG - Cigarettes 2652.64 2233.54 2411.70 7306.06 6213.52 8325.94
- Liability no longer required written back (Note 1) - - 157.91 157.91 - -
FMCG - Cigarettes 2652.64 2233.54 2569.61 7463.97 6213.52 8325.94
FMCG - Others 10.35 (23.98) (12.69) (21.27) (93.13) (81.26)
Total FMCG 2662.99 2209.56 2556.92 7442.70 6120.39 8244.68
  b) Hotels 62.20 55.49 8.72 79.86 97.02 137.65
  c) Agri Business 205.40 172.63 284.59 689.30 603.74 731.28
  d) Paperboards, Paper & Packaging 231.69 228.58 220.76 704.05 775.82 963.95
Total 3162.28 2666.26 3070.99 8915.91 7596.97 10077.56
  Less : i) Finance Costs 9.14 25.15 2.10 28.19 62.20 86.47
Liability no longer required written back (Note 1) - - (34.77) (34.77) - -
Finance Costs 9.14 25.15 (32.67) (6.58) 62.20 86.47
ii) Other un-allocable (income) net of un-allocable expenditure (287.16) (316.08) (130.17) (513.88) (420.07) (693.09)
  Profit Before Tax 3440.30 2957.19 3233.83 9436.37 7954.84 10684.18
  Tax Expense 1054.96 905.34 1003.30 2929.17 2464.43 3265.79
  Profit After Tax 2385.34 2051.85 2230.53 6507.20 5490.41 7418.39
3. Capital Employed            
  a) FMCG - Cigarettes * 5218.16 4525.03 4663.61 5218.16 4525.03 4953.40
FMCG - Others 3167.37 2358.33 3162.40 3167.37 2358.33 2531.89
Total FMCG 8385.53 6883.36 7826.01 8385.53 6883.36 7485.29
  b) Hotels 3576.27 3415.54 3513.82 3576.27 3415.54 3459.90
  c) Agri Business 1793.39 1476.35 1119.90 1793.39 1476.35 1256.56
  d) Paperboards, Paper & Packaging 5184.26 4719.18 5068.80 5184.26 4719.18 4958.27
  Total Segment Capital Employed 18939.45 16494.43 17528.53 18939.45 16494.43 17160.02
 
* Segment Liabilities of FMCG-Cigarettes is before considering Rs. 662.92 Crores (31.12.2012 - Rs. 810.68 Crores; 30.09.2013 - Rs. 657.75 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 quarter ended 30.09.2013 and nine months ended 31.12.2013 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 and Smoking Mixtures.
  : 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. The segment results for the quarter and nine months are after absorbing costs relating to the strategic e-Choupal initiative.
(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 : 17th January, 2014
Place : Kolkata, India
For and on behalf of the Board


   
Executive Director Chairman

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Financial Results September 2013
Financial Results June 2013 Financial Results March 2013