Notes:

1. The Company's branded tea portfolio performed strongly during the quarter ended December 31, 2004 displaying a growth of 16% in sale volumes compared to the corresponding quarter of the previous year. This together with higher tea exports contributed to an increase in Income from Operations by 18% over the same quarter of the preceding year.

2. The Profit before Tax at Rs 35.93 crores and the Profit after Tax at Rs 27.44 crores for the quarter were 65% and 76% higher, respectively, than the profits of the corresponding quarter of the preceding year.

3. Increase in operating expenditure during the quarter as well as the nine months ended December 31, 2004 is mainly due to increased utilization of bought teas in blends.

4. 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, 2004 has been valued at the lower of budgeted cost of production (full year production and expenditure) and net realizable value.

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, 2004	-
   Received during the quarter	1
   Resolved during the quarter	1
   Outstanding as on December 31, 2004	-

   
   

6. Figures of the quarter and nine months ended December 31, 2003 and full year ended March 31, 2004 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 24, 2005.Limited review of these results, as required under Clause 41 of the listing agreement, has been completed by the auditors.

Mumbai, January 24, 2005

Ratan N. Tata (Chairman)

Unaudited Consolidated Financial Results (Provisional) for three months ended December 31, 2004

Rs in Crores
	Three months ended December 31		Nine months ended December 31		PreviousYear ended March 31, 2004
	2004	2003	2004	2003
Income from Operations	806.14	807.27	2268.13	2187.67	3069.68
Income from Investments/Other Income	0.97	14.32	14.15	28.74	40.96
Total Income	807.11	821.59	2282.28	2216.41	3110.64
Total Expenditure	646.07	679.03	1831.33	1809.64	2593.73
Profit before Interest and Depreciation	161.04	142.56	450.95	406.77	516.91
Interest (Net)	29.98	34.23	94.53	97.46	132.04
Gross Profit after Interest but before Depreciation and Taxation	131.06	108.33	356.42	309.31	384.87
Depreciation	19.88	20.54	58.32	60.40	82.68
Profit before Extraordinary Items and Tax	111.18	87.79	298.10	248.91	302.19
Extraordinary Income / (Expense)	8.39	(0.30)	8.79	(1.04)	(1.09)
Profit before Tax	119.57	87.49	306.89	247.87	301.10
Provision for Taxation	30.28	25.19	88.18	75.39	90.64
Profit after Tax	89.29	62.30	218.71	172.48	210.46
Share of Profit/(Loss) in Associated Undertakings	0.43	0.44	4.72	(5.78)	2.93
Minority Interest	7.34	2.71	9.99	5.90	8.39
Group Consolidated Profit	82.38	60.03	213.44	160.80	205.00
Paid up Equity Share Capital (face value of Rs 10 each)	56.22	56.22	56.22	56.22	56.22
EPS before Extraordinary Items (not annualised) - Rs	13.90	10.70	37.17	28.70	36.56
EPS after Extraordinary Items (not annualised) - Rs	14.65	10.68	37.97	28.60	36.46

Notes:
	1.	The Income from Operations for the quarter at Rs 806.14 crores was marginally lower compared to the corresponding period of the preceding year. However, the Profit before Extraordinary Items and Tax for the quarter at Rs 111.18 crores was 27% higher than the same period of the preceding year due to reduction in expenditure.
	2.	Extraordinary items represent profit on sale of investments and on sale of property net of amortisation of payout on voluntary retirement scheme.
	3.	Under Indian GAAP, The Tetley Group's (the Company's 98.58% subsidiary) Income from Operations was Rs 522.24 crores for the current quarter of its Financial Year 2004/05 as against Rs 545.26 crores for the corresponding period of the preceding year. The Profit after Tax for the quarter at Rs 49.75 crores was 23% higher than the profit of the corresponding quarter of the preceding year.
	4.	The results for the quarter do not include the Company's share in the results of Rallis India Ltd, the Company's 24.52% associate, as it's quarterly results are yet to be published.
	5	Previous year's figures have been regrouped/readjusted, to the extent necessary, to make them comparable to current year's figures.
	6	The aforementioned results were reviewed by the Audit Committee of the Board and subsequently taken on record by the Board of Directors at its meeting held on January 24, 2005.

Mumbai: January 24, 2005

Ratan N Tata (Chairman)

Segment wise Revenue, Results and Capital Employed, under Clause 41, of the Listing Agreement for three months ended December 31, 2004

Rs/Crore
	Three months ended December 31		Nine months ended December 31		Year ended March 31
	2004	2003	2004	2003	2004
1. Segment Revenue	-		-		-
---a) Tea	236.66	196.44	666.41	564.58	755.68
---b) Others	0.82	6.01	10.04	20.55	26.25
-------Total	237.48	202.45	676.45	585.13	781.93
---Less : Inter Segment Revenue	-	-	-	-	-
---Net Segment Revenue	237.48	202.45	676.45	585.13	781.93
2. Segment Results	-	-	-	-	-
---a) Tea	44.28	27.16	146.72	105.17	108.71
---b) Others	0.38	0.10	(0.90)	(0.59)	(0.52)
-------Total	44.66	27.26	145.82	104.58	108.19
---Less : Interest (net)	2.49	2.78	7.00	7.39	9.94
---Add : Unallocable income net of ---------unallocable expenditure	(6.24)	(2.70)	(2.80)	(1.37)	21.98
Total Profit before Tax	35.93	21.78	136.02	95.82	120.23
3. Segment Capital Employed	-	-	-	-	-
---a) Tea	444.73	449.09	444.73	449.09	356.75
---b) Others	3.66	5.74	3.66	5.74	6.31

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 includes income from investments.
   
   

Mumbai: January 24, 2005

Ratan N Tata (Chairman)

 

• Tata Tea MerillLynch Investor Conference Presentation (.ppt)
• Tata Tea Analysts' Meet Sept 2005 (.ppt)
• Tata Tea Analysts' Meet June 2005 (.ppt)
• Tata Tea Analysts' Meet 2004-05 (.ppt)
• Tata Tea AGM 2004-2005 (.ppt)
• Tata Tea Annual Report 2005 (.pdf)
• Audited Financial Results for three months ended December 31, 2005
  
• Audited Financial Results for three months ended September 30, 2005
• Unaudited Financial Results (Provisional) for three months ended June 30, 2005
• 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, 2006
• Summarised Audited Financial Results for the year ended 31st March, 2005
• Summarised Audited Financial Results for the year ended 31st March, 2004
• Audited Consolidated Financial Results for the year ended 31st March, 2004