Audited Consolidated Financial Results for the year ended 31st March, 2003
 
(Rs/Crore)

Year ended
31st March, 2003		 Previous
Year ended
31st March, 2002
Income from Operations 3371.46 3046.20
Investment Income 16.02 25.13
Total Income 3387.48 3071.33
Total Expenditure 2954.24 2672.27
a) (Increase)/Decrease in stock 9.94 (5.47)
b) Consumption of Raw Materials 630.80 601.03
c) Staff Costs 493.75 500.89
d) Other Expenditure 1819.75 1575.82
Profit before Interest and Depreciation

Interest (Net)		 433.24

165.56 		399.06

180.39
Gross Profit after Interest but
before Depreciation and Taxation

Depreciation 		267.68


88.77 		218.67


92.02
Profit before tax

Provision for Taxation
a) Current Taxation
b) Deferred Taxation		 178.91


53.62
8.21		 126.65


21.64
1.52
Profit after tax 117.08 103.49
Share of Profit/(Loss) from associated undertaking (23.05) -
Minority Interest in Consolidated Profit/(Loss) 10.69 4.82
Profit after Tax adjusted for Share of Profit/(Loss) from Associated Undertaking and Minority Interest 83.34 98.67
Paid up Equity Share Capital (face value of Rs 10 each) 56.22 56.22
Reserves excluding Revaluation Reserve 1105.16
 1002.27
Earnings per Share-Rs 14.82 17.55

Notes:

  1. The consolidated financial results of the Tata Tea Group of companies have been prepared in accordance with the Accounting Standard AS-21 on Consolidated Financial Statements, AS-23 on Accounting for Investments in Associates in Consolidated Financial Statements as well as AS-27 on Financial Reporting for Interests in Joint Ventures issued by the Institute of Chartered Accountants of India.

  2. Since Accounting Standards AS-23 and AS-27 became applicable with effect from April 1, 2002, previous year's figures are not strictly comparable with the current year's results.

  3. The undernoted subsidiary and associate companies accounts have been considered for the purpose of preparing the consolidated Financial Accounts :-
    Nature of Holding Company Ownership % directly or
    through a subsidiary
    Subsidiary Companies Tata Tea (GB) Ltd.
    Tata Coffee Ltd.
    Tata Tea Inc.
    Tata Tetley Ltd.
    98.58
    50.67
    100.00
    99.29
    Associate Companies Estate Management
    Services Pvt. Ltd.
    Rallis India

    49.00
    24.52

  4. In the meeting held on June 25, 2003 the Board of Directors had adopted the unaudited consolidated financial results of Tata Tea Ltd, which included the published 9 months results of Rallis India Ltd (an associate company) ended December 31, 2002. Consequent to the publication of Rallis India Ltd's stand alone audited results for the year ended March 31, 2003 at a subsequent date, these have been incorporated in the audited consolidated financial statements of the company. The consolidated financial results of Rallis India Ltd are as yet not available.

  5. The share of profit/(loss) from associated undertakings now stands at Rs (23.05) crores as compared to Rs (8.57) crores reported in the unaudited results earlier. It may be noted that the variation between the audited consolidated financial results of Tata Tea Ltd vis a vis the unaudited consolidated financial results as published earlier is limited to the increase in the loss of the associated undertakings contributed entirely by Rallis India Ltd on account of subsequent availability of the stand alone audited results of that company for the year ended March 31, 2003.

  6. The aforementioned results were taken on record by a Committee of the Board of Directors at its meeting held on July 23,2003.
Mumbai, July 23, 2003
H R Khusrokhan
((Managing Director)

 
 
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