Notes:

1. The Company's branded tea sales continued to perform strongly during the quarter ended December 31, 2003, which contributed to higher Income from Operations by 7% over corresponding quarter of the preceding year. The Profit before Tax from operations improved by 9% to Rs 20.68 crores for the quarter.

2. In view of the seasonality of the cropping pattern in the North India Plantation operations and in accordance with the accounting practice consistently followed in the past for quarterly and half yearly results, stock of teas in the North India plantation operations as on December 31, 2003 has been valued at the lower of budgeted cost of production (full year production and expenditure) and net realizable value.

3. The results for the nine months are not necessarily reflective of the results, which would be achieved in a twelve-month period due to the seasonal nature of the industry.

4. The Shareholders of the Company at the general meeting held on September 8, 2003 and the High Court of Judicature at Kolkata vide its order dated December 23, 2003 have approved the utilization of the Securities Premium Account in accordance with provision of Section 78 read with Section 100 of the Companies Act, 1956 towards adjustment of Miscellaneous Expenditure (to the extent not written off) of Rs 40.99 crores. Accordingly, amortisation of Miscellaneous Expenditure has been discontinued, the impact of which was Rs 2.92 crores for the quarter.

5. Particulars of complaints received from investors during the quarter, complaints resolved and those pending are as follows : -
   
   

   Particulars of complaints	Numbers
   Outstanding as on October 1, 2003	-
   Received during the quarter	4
   Resolved during the quarter	2
   Outstanding as on December 31, 2003*	2

   
   --------------------------* Since resolved
   

6. Figures of the quarter and nine months ended December 31, 2002 and financial year ended March 31, 2003 have been regrouped to make them comparable..

7. The aforementioned results were reviewed by the Audit Committee of the Board and taken on record by the Board of Directors at its meeting held on January 23,2004. The auditors, as required under Clause 41 of the listing agreement, have completed limited review of these results.
   
   
8. 8. The Tetley Group (the Company's 98.58% subsidiary, the results of which are not incorporated in these accounts) reported Income from Operations of £ 170.96 mn for the first nine months of its financial year 2003/04 as against £ 196.08 mn reported for the corresponding period of the preceding year. The turnover figures are not comparable on a like to like basis as the preceding year's sales included turnover of business since discontinued. The Profit before Tax for the nine months ending November,29,2003 was £ 17.92 mn (PY £ 16.38 m).However, the profitability is strictly not comparable as the preceding year's profits for the corresponding period included a non-recurring benefit of £ 5.2 mn, net of provisions made for reorganization expenditure. Thus on a like to like basis, net of exceptional items, the operating PBT for the nine months ended November 29, 2003 was higher by 56%.

Mumbai, January 23, 2004

Ratan Tata (Chairman)

Segment wise Revenue, Results and Capital Employed, under Clause 41, of the Listing Agreement for nine months ended December 31, 2003

Rs/Crore
	Three months ended December 31		Nine months ended December 31		Year ended March 31
	2003	2002	2003	2002	2003
1. Segment Revenue	-		-		-
---a) Tea	197.91	181.74	569.88	537.27	723.15
---b) Others	6.01	9.67	20.55	29.95	35.94
-------Total	203.92	191.41	590.43	567.22	759.09
---Less : Inter Segment Revenue	-	-	-	-	-
---Net Revenue from Operations	203.92	191.41	590.43	567.22	759.09
2. Segment Results	-	-	-	-	-
---a) Tea	27.16	28.24	105.17	105.83	100.21
---b) Others	0.10	0.71	(0.59)	0.74	1.62
-------Total	27.26	28.95	104.58	106.57	101.83
---Less : Interest (net)	2.78	2.55	7.39	11.34	14.39
---Add : Unallocable income net of ---------unallocable expenditure	(2.70)	(4.05)	(1.37)	(6.15)	12.66
Total Profit before Tax	21.78	22.35	95.82	89.08	100.10
3. Segment Capital Employed	-	-	-	-	-
---a) Tea	449.09	468.40	449.09	468.40	412.91
---b) Others	5.74	8.49	5.74	8.49	7.70

Notes:

1. The definitions of the internal business segmentation and the activities encompassed therein are as follows :
   
   Tea : Cultivation & manufacture of black tea and instant tea, tea buying/blending and sale of tea in bulk or value added form.
   
   Others : Cultivation & production of coffee, other minor crops, trading in commodities, etc.
   
   
2. The segment wise revenue, results and capital employed figures relate to the respective amounts directly identifiable to each of the segments. Unallocable expenditure includes expenses incurred on common services at the corporate level and relate to the Company as a whole. Unallocable income comprises of income from investments.
   
   

Mumbai: January 23, 2004

Ratan N Tata (Chairman)

Unaudited Consolidated Financial Results (Provisional) for nine months ended December 31, 2003

Rs in Crores
	Nine months ended December 31		Previous Year ended March 31, 2003
	2003	2002
Income from Operations	2123.15	2200.34	2958.02
Income from Investments	15.84	15.92	16.02
Total Income from Operations	2138.99	2216.27	2974.04
Total Expenditure	1750.27	1843.76	2540.80
Profit before Interest and Depreciation	388.72	372.51	433.24
Interest (Net)	94.73	129.19	165.56
Gross Profit after Interest but before Depreciation and Taxation	293.99	243.31	267.68
Depreciation	59.54	65.89	88.77
Profit before Tax	234.45	177.42	178.91
Provision for Taxation	78.97	45.37	61.83
Profit after Tax	155.48	132.05	117.08
Share of Profit/(Loss) in Associated Undertakings*	(6.24)	(5.67)	(23.05)
Minority Interest	5.69	6.86	10.69
Group Consolidated Profit	143.55	119.52	83.34
Paid up Equity Share Capital (face value of Rs 10 each)	56.22	56.22	56.22
Earnings per share (Not annualised)-Rs	25.53	21.26	14.82

The consolidated financial accounts take into consideration the published unaudited financial results
of Rallis India Limited for the six months ended September 30, 2003 as the nine months accounts for
the period ended December 31, 2003 are not yet available.

Figures of the nine months ended December 31,2002 and financial year ended March 31,2003 have
been regrouped to make them comparable.

Mumbai: January 23, 2004

H R Khusrokhan (Managing Director)

 

• Tata Tea Nine Months Ended Analysts' Meet 2004-05 (.ppt)
• Tata Tea Half Yearly Analysts' Meet 2004-05 (.ppt)
• Tata Tea Analysts' Meet 2003-04 (.ppt)
• Tata Tea AGM 2003-2004 (.ppt)
• Tata Tea Annual Report 2003 (.pdf)
• Unaudited Financial Results (Provisional) for three months ended December 31, 2004
• Unaudited Financial Results (Provisional) for three months ended September 30, 2004
• Unaudited Financial Results (Provisional) for three months ended June 30, 2004
• Summarised Audited Financial Results for the year ended 31st March, 2004
• Audited Consolidated Financial Results for the year ended 31st March, 2004
• Unaudited Financial Results (Provisional) for three months ended December 31, 2003
• Unaudited Financial Results (Provisional) for three months ended September 30, 2003
• Unaudited Financial Results (Provisional) for three months ended June 30, 2003
• Summarised Audited Financial Results for the year ended 31st March, 2003
  
• Audited Consolidated Financial Results for the year ended 31st March, 2003