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Quarterly Results

 

Click here to download the Financial Results

Unaudited Financial Results
for the Quarter and Six months ended 30th September, 2014

PART I: Statement of Unaudited Financial Results for the Quarter and Six months ended 30th September, 2014

(Rs. in Crores)
Particulars   STANDALONE
   3 months
ended
Corresponding
3 months
ended
Preceding
3 months
ended
6 Months
ended
6 Months
ended
Twelve
Months
ended
  30.09.2014 30.09.2013 30.06.2014 30.09.2014 30.09.2013 31.03.2014
  (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
INCOME FROM
OPERATIONS
             
a) NET SALES /
INCOME FROM
OPERATIONS
(Net of Excise Duty)
(1) 8930.32 7775.79 9164.42 18094.74 15114.31 32882.56
b) OTHER
OPERATING
INCOME
(2) 93.42 86.74 83.87 177.29 158.92 356.04
TOTAL INCOME
FROM
OPERATIONS
(Net) (1+2)
(3) 9023.74 7862.53 9248.29 18272.03 15273.23 33238.60
EXPENSES              
a) Cost of
materials
consumed
  2792.72 2570.45 2660.62 5453.34 4758.72 10263.28
b) Purchases of
stock-in-trade
  638.99 541.50 1920.80 2559.79 1406.87 3021.47
c) Changes in
inventories
of finished
goods,
work-in-progress
and stock-in-trade
  123.45 (133.57) (603.86) (480.41) (318.25) (128.41)
d) Employee
benefits expense
  397.87 369.87 508.66 906.53 796.74 1608.37
e) Depreciation
and amortisation
expense
  243.22 220.87 231.32 474.54 436.17 899.92
f) Other expenses *   1582.06 1338.44 1484.48 3066.54 2662.00 6019.05
TOTAL EXPENSES (4) 5778.31 4907.56 6202.02 11980.33 9742.25 21683.68
PROFIT FROM
OPERATIONS
BEFORE
OTHER INCOME
AND FINANCE
COSTS (3-4)
(5) 3245.43 2954.97 3046.27 6291.70 5530.98 11554.92
OTHER INCOME (6) 356.22 246.19 234.55 590.77 449.37 1107.14
PROFIT FROM
ORDINARY
ACTIVITIES
BEFORE FINANCE
COSTS (5+6)
(7) 3601.65 3201.16 3280.82 6882.47 5980.35 12662.06
FINANCE COSTS * (8) 18.39 (32.67) 15.15 33.54 (15.72) 2.95
PROFIT FROM
ORDINARY
ACTIVITIES
BEFORE
TAX (7-8)
(9) 3583.26 3233.83 3265.67 6848.93 5996.07 12659.11
TAX EXPENSE (10) 1158.10 1003.30 1079.28 2237.38 1874.21 3873.90
NET PROFIT FOR
THE PERIOD (9-10)
(11) 2425.16 2230.53 2186.39 4611.55 4121.86 8785.21
PAID UP EQUITY
SHARE CAPITAL
(12) 797.43 792.00 795.50 797.43 792.00 795.32
(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.)   3.04 2.82 2.75 5.79 5.21 11.09
(b) Diluted (Rs.)   3.01 2.78 2.72 5.73 5.14 10.96

* For the quarter and six months ended 30.09.2013 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 Six Months ended 30th September, 2014

A. Particulars of
Shareholding
3 months
ended
Corresponding
3 months
ended
Preceding
3 months
ended
6 Months
ended
6 Months
ended
Twelve
Months
ended
30.09.2014 30.09.2013 30.06.2014 30.09.2014 30.09.2013 31.03.2014
1. PUBLIC SHAREHOLDING            
- NUMBER OF SHARES 7954036697 7896890178 7934240720 7954036697 7896890178 7932401330
- PERCENTAGE OF
SHAREHOLDING
99.75 99.71 99.74 99.75 99.71 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
30.09.2014
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 Unaudited Financial Results, Segment Results and Statement of Assets and Liabilities were reviewed by the Audit Committee and approved at the meeting of the Board of Directors of the Company held on 31st October, 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) 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, 1,92,38,871 Ordinary Shares of Re. 1/- each were issued and allotted, as follows:- - 1,91,51,110 Ordinary Shares of Re. 1/- each under the Company's Employee Stock Option Schemes - 87,761 Ordinary Shares of Re. 1/- each pursuant to the Scheme of Arrangement for demerger of the Non-Engineering Business of Wimco Limited into the Company.
Consequently, the issued and paid-up Share Capital of the Company as on 30th September, 2014 stands increased to Rs. 797,42,55,211/-.
   
(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 June, 2014 and 30th September, 2014 and for the six months ended 30th September, 2014 reflect the effect of the Scheme, and consequently, the figures for the previous periods are not strictly comparable.
Pavan Poplar Limited and Prag Agro Farm Limited have become direct subsidiaries of the Company with effect from 27th June, 2014, consequent upon the Scheme becoming effective.
   
(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 six 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 30th September, 2014 which needs to be explained.

(Rs. in Crores)
STATEMENT OF ASSETS AND LIABILITIES STANDALONE
As at current
half year end
As at previous
year end
30.09.2014 * 31.03.2014
(Unaudited) (Audited)
A EQUITY AND LIABILITIES    
1 SHAREHOLDERS' FUNDS    
  (a) Share Capital 797.43 795.32
  (b) Reserves and surplus 30295.58 25466.70
  (c) Money received against share warrants - -
    Shareholders' Funds 31093.01 26262.02
2 SHARE APPLICATION MONEY PENDING ALLOTMENT - -
3 NON-CURRENT LIABILITIES    
  (a) Long-term borrowings 50.02 51.00
  (b) Deferred tax liabilities (net) 1396.20 1296.96
  (c) Other long-term liabilities 6.84 5.09
  (d) Long-term provisions 110.20 110.00
    Non-Current Liabilities 1563.26 1463.05
4 CURRENT LIABILITIES    
  (a) Short-term borrowings 566.36 0.14
  (b) Trade payables 1763.48 1987.59
  (c) Other current liabilities 4458.33 3631.88
  (d) Short-term provisions 713.98 5884.71
    Current Liabilities 7502.15 11504.32
    TOTAL EQUITY AND LIABILITIES 40158.42 39229.39
B ASSETS    
1 NON-CURRENT ASSETS    
  (a) Fixed assets 14990.36 14308.47
  (b) Non-current investments 2377.15 2512.17
  (c) Deferred tax assets (net) - -
  (d) Long-term loans and advances 1353.08 1480.02
  (e) Other non-current assets - -
    Non-Current Assets 18720.59 18300.66
2 CURRENT ASSETS    
  (a) Current investments 6603.65 6311.26
  (b) Inventories 8463.43 7359.54
  (c) Trade receivables 2000.82 2165.36
  (d) Cash and bank balances 3593.11 3289.37
  (e) Short-term loans and advances 523.32 783.51
  (f) Other current assets 253.50 1019.69
    Current Assets 21437.83 20928.73
    TOTAL ASSETS 40158.42 39229.39

* Refer Note (vi).

 

Unaudited Segment-wise Revenue, Results and Capital Employed for the
Quarter and Six Months ended 30th September, 2014

(Rs. in Crores)
    STANDALONE
    3 Months
ended
Corresponding
3 Months
ended
Preceding
3 Months
ended
6 Months
ended
6 Months
ended
Twelve
Months
ended
    30.09.2014 30.09.2013 30.06.2014 30.09.2014 30.09.2013 31.03.2014
    (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
1. Segment Revenue            
  a) FMCG
- Cigarettes
4250.86 3723.81 4201.06 8451.92 7261.20 15456.05
  - Others 2196.01 1962.22 1934.61 4130.62 3706.88 8099.21
  Total FMCG 6446.87 5686.03 6135.67 12582.54 10968.08 23555.26
  b) Hotels 261.59 246.97 248.69 510.28 496.83 1132.78
  c) Agri Business 2058.67 1772.46 3296.06 5354.73 3961.44 7752.05
  d) Paperboards,
Paper & Packaging
1284.07 1178.74 1288.48 2572.55 2341.88 4860.51
  Total 10051.20 8884.20 10968.90 21020.10 17768.23 37300.60
  Less :
Inter-segment
revenue
1120.88 1108.41 1804.48 2925.36 2653.92 4418.04
  Net sales /
Income
from operations
8930.32 7775.79 9164.42 18094.74 15114.31 32882.56
2. Segment Results            
  a) FMCG
- Cigarettes
2882.06 2411.70 2721.75 5603.81 4653.42 9858.00
  - Liability no
longer
required
written
back [Note (i)]
- 157.91 - - 157.91 157.91
  FMCG
- Cigarettes
2882.06 2569.61 2721.75 5603.81 4811.33 10015.91
  - Others (10.31) (12.69) (15.59) (25.90) (31.62) 21.82
  Total FMCG 2871.75 2556.92 2706.16 5577.91 4779.71 10037.73
  b) Hotels [Note (ii)] (9.58) 8.72 (12.09) (21.67) 17.66 139.71
  c) Agri Business 298.25 284.59 202.45 500.70 483.90 834.78
  d) Paperboards,
Paper & Packaging
242.14 220.76 274.90 517.04 472.36 892.46
  Total 3402.56 3070.99 3171.42 6573.98 5753.63 11904.68
  Less : i) Finance Costs 18.39 2.10 15.15 33.54 19.05 37.72
  Liability no longer
required written
back [Note (i)]
- (34.77) - - (34.77) (34.77)
  Finance Costs 18.39 (32.67) 15.15 33.54 (15.72) 2.95
  ii) Other un-allocable
(income) net of
un-allocable
expenditure
(199.09) (130.17) (109.40) (308.49) (226.72) (757.38)
  Profit Before Tax 3583.26 3233.83 3265.67 6848.93 5996.07 12659.11
  Tax Expense 1158.10 1003.30 1079.28 2237.38 1874.21 3873.90
  Profit After Tax 2425.16 2230.53 2186.39 4611.55 4121.86 8785.21
3. Capital Employed            
  a) FMCG
- Cigarettes *
5661.80 4663.61 5087.46 5661.80 4663.61 5705.48
  - Others 3963.28 3162.40 3941.74 3963.28 3162.40 3383.53
  Total FMCG 9625.08 7826.01 9029.20 9625.08 7826.01 9089.01
  b) Hotels 3705.84 3513.82 3648.46 3705.84 3513.82 3625.39
  c) Agri Business 1677.73 1119.90 2299.03 1677.73 1119.90 2052.44
  d) Paperboards,
Paper & Packaging
5522.55 5068.80 5454.09 5522.55 5068.80 5319.08
  Total Segment
Capital Employed
20531.20 17528.53 20430.78 20531.20 17528.53 20085.92

* Segment Liabilities of FMCG-Cigarettes is before considering Rs. 678.00 Crores (30.09.2013 - Rs. 657.75 Crores; 30.06.2014 - Rs. 673.08 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 the quarter and six months ended 30.09.2013 and for the 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. 13.38 Crores and Rs. 27.66 Crores for the quarter and six months ended 30th September, 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) ITC Grand Chola, the Company's 600-key super premium integrated luxury hotel complex in Chennai was inaugurated on 15th September, 2012. The Hotel has been accredited as the World's largest LEED Platinum rated hotel, in the new construction category. The segment results of 'Hotels' for the quarter reflect the gestation cost of the newly opened property.
   
(5) 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.
   
(6) 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 : 31st October, 2014
Place : New Delhi, India
For and on behalf of the Board


   
Executive Director Chairman

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Financial Results June 2014
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