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Quarterly Results

 

Click here to download the Financial Results

Statement of Standalone & Consolidated Financial Results
for the Twelve Months ended 31st March, 2016

(Rs. in Crores)
  STANDALONE CONSOLIDATED
  FOR THE QUARTER AND TWELVE
MONTHS ENDED 31st MARCH, 2016
FOR THE TWELVE
MONTHS ENDED
31st MARCH, 2016
Particulars  3
months
ended
31.03.
2016
Corresponding
3 months
ended
31.03.
2015
Preceding
3 months
ended
31.12.
2015
Twelve
months
ended
31.03.
2016
Twelve
months
ended
31.03.
2015
Twelve
months
ended
31.03.
2016
Twelve
months
ended
31.03.
2015
(Audited)* (Audited)* (Unaudited) (Audited) (Audited) (Audited) (Audited)
INCOME
FROM
OPERATIONS
             
a)
NET SALES /
INCOME
FROM
OPERATIONS
(Net of
Excise
Duty)
(1) 10062.38 9188.25 9102.66 36475.27 36083.21 39066.85 38433.31
b) OTHER
OPERATING
INCOME
(2) 106.35 104.53 74.07 362.12 424.19 360.17 401.50
TOTAL INCOME
FROM
OPERATIONS
(Net)
(1+2)
(3) 10168.73 9292.78 9176.73 36837.39 36507.40 39427.02 38834.81
EXPENSES                
a)
Cost of
materials
consumed
  3033.84 2803.44 2760.36 11054.75 10987.83 11160.78 11089.10
b)
Purchases
of stock-in -trade
  819.82 759.37 703.23 2590.08 3898.66 2593.48 3918.80
c)
Changes in
inventories
of finished
goods,
work-in-progress
and
stock-in
-trade
  125.98 98.87 (128.02) 58.17 (214.53) 51.22 (235.72)
d) Employee
benefits expense
  465.35 454.39 449.81 1883.51 1780.04 2946.57 2772.28
e) Depreciation
and amortisation
expense
  254.89 249.57 262.54 1034.45 961.74 1113.43 1027.96
f) Other
expenses
  2036.66 1933.60 1786.16 7012.65 6581.85 7618.62 7088.73
TOTAL
EXPENSES
(4) 6736.54 6299.24 5834.08 23633.61 23995.59 25484.10 25661.15
PROFIT
FROM
OPERATIONS
BEFORE
OTHER
INCOME AND
FINANCE COSTS
(3-4)
(5) 3432.19 2993.54 3342.65 13203.78 12511.81 13942.92 13173.66
OTHER
INCOME
(6) 411.60 370.37 677.93 1803.74 1543.13 1548.73 1256.51
PROFIT
FROM
ORDINARY ACTIVITIES
BEFORE FINANCE
COSTS
(5+6)
(7) 3843.79 3363.91 4020.58 15007.52 14054.94 15491.65 14430.17
FINANCE COSTS (8) 12.27 15.51 16.09 49.13 57.42 58.47 68.12
PROFIT
FROM
ORDINARY
ACTIVITIES
BEFORE
TAX
(7-8)
(9) 3831.52 3348.40 4004.49 14958.39 13997.52 15433.18 14362.05
TAX
EXPENSE
(10) 1336.32 987.22 1351.67 5113.68 4389.79 5371.96 4596.42
NET
PROFIT
FOR THE
PERIOD
(9-10)
(11) 2495.20 2361.18 2652.82 9844.71 9607.73 10061.22 9765.63
SHARE OF
PROFIT
/(LOSS)
OF ASSOCIATES
(12) N.A. N.A. N.A. N.A. N.A. 8.23 12.89
MINORITY
INTEREST
(13) N.A. N.A. N.A. N.A. N.A. 157.84 115.35
NET PROFIT
AFTER
TAXES,
MINORITY
INTERESTS
AND
SHARE OF
PROFIT/
(LOSS)
OF ASSOCIATES
(11+12-13)
(14) 2495.20 2361.18 2652.82 9844.71 9607.73 9911.61 9663.17
PAID UP EQUITY
SHARE CAPITAL
(15) 804.72 801.55 803.67 804.72 801.55 804.72 801.55
(Ordinary shares
of Re 1/- each)
               
RESERVES
EXCLUDING
REVALUATION
RESERVES
(16) - - - 32071.87 29881.73 33102.76 30877.01
EARNINGS
PER
SHARE
(of Re 1/-
each)
(not annualised):
(17)              
(a) Basic (Rs.)   3.10 2.95 3.30 12.26 12.05 12.35 12.11
(b) Diluted (Rs.)   3.09 2.93 3.28 12.20 11.93 12.28 12.00
* The figures for the 3 months ended 31.03.2016 and corresponding 3 months ended 31.03.2015 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 respective financial years.

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 20th May, 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', 'Engage', 'Savlon' and 'Shower to Shower' covering the range of personal care products of soaps, face washes, shower gels, skin care, deodorants, handwash and ayurvedic talc, 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 1,05,16,820 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, 2016 stands increased to Rs. 8,04,72,06,991.
(vi) The Company, on 22nd March, 2016, acquired the entire equity share capital of Technico Agri Sciences Limited from Technico Pty Limited, Australia (wholly owned subsidiary of the Company). Consequently, Technico Agri Sciences Limited has become a direct subsidiary of the Company.
(vii) The Company's cigarette factories were shut from 1st April to 15th April, 2016 pending clarity with respect to Rules on health warnings on cigarette packaging. The Hon'ble Supreme Court on 4th May, 2016 passed an Order transferring to the Karnataka High Court all writ petitions pending in various Courts challenging the Rules prescribing the 85% pictorial warnings on packages of tobacco products and observed that all parties should endeavour to follow the Rules. The cigarette factories were again shut from 4th May and production progressively resumed from 8th May, 2016.
(viii) The Board of Directors of the Company has recommended a dividend of Rs. 8.50 (including a Special Dividend of Rs. 2.00) per Ordinary Share of Re. 1/- each for the financial year ended 31st March, 2016 and the dividend, if declared, will be paid on Monday, 25th July, 2016 to those members entitled thereto.
(ix) The Register of Members of the Company shall remain closed for the purpose of dividend from Wednesday, 1st June, 2016 to Friday, 3rd June, 2016, both days inclusive.
(x) The 105th Annual General Meeting of the Company has been convened for Friday, 22nd July, 2016.
(xi) This statement is as per Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015.

 

(Rs. in Crores)
STATEMENT OF ASSETS AND LIABILITIES STANDALONE CONSOLIDATED
Particulars As at
current
year end
31.03.2016
As at
previous
 year end
31.03.2015
As at
current
year  end
31.03.2016
As at
previous
 year end
31.03.2015
  (Audited) (Audited) (Audited) (Audited)
A. EQUITY
AND LIABILITIES
       
1. SHAREHOLDERS' FUNDS        
(a) Share Capital 804.72 801.55 804.72 801.55
(b) Reserves and surplus 32124.28 29934.14 33159.69 30933.94
(c) Money received
against share warrants
-  -    -
Shareholders' Funds 32929.00 30735.69 33964.41 31735.49
2. SHARE
APPLICATION
MONEY
PENDING
ALLOTMENT
-  - -  -
3. MINORITY INTEREST -  - 262.33 225.11
4. NON-CURRENT LIABILITIES        
(a) Long-term borrowings 25.83 38.69 42.81 60.68
(b) Deferred tax liabilities (net) 1848.42 1631.60 1862.21 1642.77
(c) Other long-term liabilities 15.13 7.05 50.92 42.67
(d) Long-term provisions 112.19 100.72 136.01 124.16
Non-Current Liabilities 2001.57 1778.06 2091.95 1870.28
5. CURRENT LIABILITIES        
(a) Short-term borrowings 3.60 0.02 43.95 195.39
(b) Trade payables 2265.59 1904.62 2404.20 2020.47
(c) Other current liabilities 4000.08 3671.18 4108.09 3782.04
(d) Short-term provisions 8318.59 6106.09 8388.85 6162.01
Current Liabilities 14587.86 11681.91 14945.09 12159.91
TOTAL EQUITY AND LIABILITIES 49518.43 44195.66 51263.78 45990.79
B. ASSETS        
1. NON-CURRENT ASSETS        
(a) Fixed assets 16705.36 16292.63 18285.35 17771.51
(b) Goodwill on consolidation -  - 226.51 231.97
(c) Non-current investments 6392.90 2441.64 4556.45 807.68
(d) Deferred tax assets (net) -  - 41.75 38.57
(e) Long-term loans and advances 2285.43 1506.36 2341.28 1565.47
(f) Other non-current assets -  - 1.24  1.24
Non-Current Assets 25383.69 20240.63 25452.58 20416.44
2. CURRENT ASSETS        
(a) Current investments 6461.34 5963.82 6605.66 6135.09
(b) Inventories 8519.82 7836.76 9156.41 8586.87
(c) Trade receivables 1686.35 1722.40 1919.84 1982.07
(d) Cash and bank balances 6563.95 7588.61 7012.92 7896.22
(e) Short-term loans and advances 501.84 549.89 557.46 568.67
(f) Other current assets 401.44 293.55 558.91 405.43
Current Assets 24134.74 23955.03 25811.20 25574.35
TOTAL ASSETS 49518.43 44195.66 51263.78 45990.79

 

Standalone (For the Quarter and Twelve Months ended 31st March, 2016) and Consolidated (For the Twelve Months ended 31st March, 2016)
Segment-wise Revenue, Results and Capital Employed

(Rs. in Crores)
Particulars STANDALONE CONSOLIDATED
3
Months
ended
31.03.2016
Corresponding
3
Months
ended
31.03.2015
Preceding
3
Months
ended
31.12.2015
Twelve
Months
ended
31.03.2016
Twelve
Months
ended
31.03.2015
Twelve
Months
ended
31.03.2016
Twelve
Months
ended
31.03.2015
  (Audited)* (Audited)* (Unaudited) (Audited) (Audited) (Audited) (Audited)
1.
Segment Revenue
             
a) FMCG
- Cigarettes
4639.17 4210.70 4379.86 17485.82 16804.56 18685.98 17765.99
- Others 2704.12 2566.51 2477.65 9704.40 9011.25 9723.85 9027.23
Total
FMCG
7343.29 6777.21 6857.51 27190.22 25815.81 28409.83 26793.22
b) Hotels 362.97 346.42 345.27 1286.11 1186.96 1358.92 1256.16
c) Agri
Business
1806.79 1427.89 1480.99 7456.88 8380.48 7456.88 8380.47
d) Paperboards,
Paper &
Packaging
1238.24 1202.58 1260.03 5017.39 4973.90 5017.39 4973.90
e) Others - - - - - 1,825.59 1748.02
Total 10751.29 9754.10 9943.80 40950.60 40357.15 44068.61 43151.77
Less : Inter
-segment revenue
688.91 565.85 841.14 4475.33 4273.94 5001.76 4718.46
Net sales /
Income
from
operations
10062.38 9188.25 9102.66 36475.27 36083.21 39066.85 38433.31
2.
Segment Results
             
a) FMCG
- Cigarettes
3018.56 2706.15 2983.83 11752.43 11196.27 12348.08 11636.85
- Others 70.83 48.52 18.75 70.51 34.08 57.46 31.22
Total
FMCG
3089.39 2754.67 3002.58 11822.94 11230.35 12405.54 11668.07
b) Hotels 42.65 42.04 25.83 55.69 49.08 60.89 52.44
c) Agri
Business
174.49 164.43 231.44 933.72 903.97 933.72 903.97
d) Paperboards,
Paper &
Packaging
202.95 190.56 240.98 907.62 921.48 907.62 921.48
e) Others - - - - - 166.10 231.60
Total 3509.48 3151.70 3500.83 13719.97 13104.88 14473.87 13777.56
Less :
i) Finance
Costs
12.27 15.51 16.09 49.13 57.42 58.47 68.12
ii) Other
un-allocable
(income) net
of un-allocable
expenditure
(334.31) (212.21) (519.75) (1287.55) (950.06) (1017.78) (652.61)
Profit Before Tax 3831.52 3348.40 4004.49 14958.39 13997.52 15433.18 14362.05
3. Capital
Employed
             
a) FMCG
- Cigarettes **
5249.10 5818.58 5028.17 5249.10 5818.58 5726.81 6348.29
- Others 4852.00 3987.85 4462.86 4852.00 3987.85 4992.23 4051.48
Total
FMCG
10101.10 9806.43 9491.03 10101.10 9806.43 10719.04 10399.77
b) Hotels
[Note (i)]
4474.90 4300.96 4419.31 4474.90 4300.96 5193.03 4944.01
c) Agri
Business
2358.73 1958.84 2002.88 2358.73 1958.84 2479.60 2097.42
d) Paperboards,
Paper &
Packaging
5520.32 5425.91 5404.51 5520.32 5425.91 5509.93 5423.70
e) Others - - - - - 678.82 708.98
Total Segment
Capital Employed
22455.05 21492.14 21317.73 22455.05 21492.14 24580.42 23573.88

* The figures for the 3 months ended 31.03.2016 and corresponding 3 months ended 31.03.2015 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 respective financial years.

** Segment Liabilities of FMCG-Cigarettes is before considering Rs. 651.54 Crores (31.03.2015 - Rs.629.98 Crores; 31.12.2015 - Rs. 645.44 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): On being the successful bidder under the SARFAESI Act, the Company paid an amount of Rs. 515.44 Crores in 2014-15 to IFCI Limited as consideration for the purchase of a 5 star hotel resort in Goa operating under the name Park Hyatt Goa Resort & Spa and IFCI issued requisite Sale certificate in favour of the Company. The erstwhile owners of the property thereafter challenged the sale. By its judgement dated 23.03.2016, the Bombay High Court set aside the sale and directed IFCI Limited to refund the sale consideration to the Company. The Company and IFCI Limited have approached the Hon'ble Supreme Court against the High Court judgment. The Hon'ble Supreme Court by its interim order dated 22.04.2016 has issued notice in the matter, ordered status quo and directed that the sale consideration shall remain with IFCI. In the absence of a stay on the order of the High Court, the amount of ` 515.44 Crores and the stamp duty paid in 2015-16 amounting to Rs. 25.77 Crores, has been adjusted in 2015-16 from Capital Work In Progress and reflected in Capital Advance.

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.
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 : 20th May, 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 December 2015
Financial Results September 2015 Financial Results June 2015