Unaudited Financial Results (Provisional) for three months ended June 30, 2003
 
Rs in Crores

Three months ended
30th June		 Previous
Year ended
--
2003
2002
31st March 2003
Income from Operations 182.97 185.24 760.75
Other Income 1.47 1.20 5.88
Total Income from Operations 184.44 186.44 766.63
Total Expenditure 158.16 158.47 674.85
(a) (Increase)/Decrease in stock (14.62) (0.33) 1.77
(b) Consumption of Raw Materials 34.05 29.86 129.30
(c) Staff Costs 56.74 56.50 233.68
(d) Other Expenditure 81.99 72.44 310.10
Profit before Interest and Depreciation 26.28 27.97 91.78
Interest (Net) 2.33 5.44 14.39
Gross Profit after Interest but before Depreciation and Taxation 23.95 22.53 77.39
Depreciation 5.40 5.22 22.65
Profit before Tax from Core Operations 18.55 17.31 54.74
Income from Investments 10.90 7.79 45.36
Profit before Tax 29.45
 25.10
 100.10
Provision for Taxation --
 --
 --
(a) Normal 5.77 4.92 24.43
(b) Deferred 1.35 0.83 5.07
Profit after Tax 22.33 19.35 70.60
Paid up Equity Share Capital(face value of Rs 10 each) 56.22 56.22 56.22
Reserves excluding Revaluation --
 --
 900.55
Reserve --
 --
 --
Earnings per share(Not annualised)-Rs 3.97 3.44 12.56
Aggregate of Non Promoter Shareholdings --
 --
 --
- Number of Shares 39,449,734 39,449,734 39,449,734
- Percentage of Share holding 70.17% 70.17% 70.17%

Notes:

  1. The Company's mainline branded tea portfolio sales witnessed a healthy growth during the quarter ended June 30,2003. However, due to a decline in commodity exports, the income from operations for the quarter was lower than the income for the corresponding quarter of the preceding year by 1%.

  2. The Profit before Tax at Rs 29.45 crores and the Profit after Tax at Rs 22.33 crores were 17% and 15%, respectively, higher than the profits of the corresponding quarter of the preceding year.

  3. 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 Indian plantation operations as on June 30,2003 has been valued at the lower of budgeted cost of production (full year production and expenditure) and net realizable value.

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

    Particulars of complaints
    Numbers
    Outstanding as on April 1, 2003
    Nil
    Received during the quarter
    94
    Resolved during the quarter
    86
    Outstanding as on June 30, 2003
    8

  5. Figures of the quarter ended June 30, 2002 have been regrouped to make them comparable.

  6. 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 July 31, 2003. Limited review of these results, as required under Clause 41 of the Listing Agreement, has been completed by the Auditors.

  7. The Tetley Group (the Company's 98.58% subsidiary, the results of which are not incorporated in these accounts) reported a turnover of £ 57.43 m for the first quarter of its Financial Year 2003/04 as against £ 70.63 m 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 business in the USA that has since been discontinued. The profit before Tax of £ 5.23 m as well as the Profit after Tax of £ 3.40 m were 69% and 55% higher than the corresponding profits for the preceding year's quarter, respectively

Mumbai: July 31, 2003
Ratan N. Tata
(Chairman)
 
Segment wise Revenue, Results and Capital Employed, under Clause 41,of the Listing Agreement for the quarter ended June 2003
 
Rs/Crore
  Three months ended
June 30, 2003		 Three months ended
June 30, 2002		 Previous year ended
March 31, 2003
1. Segment Revenue - - -
---a) Tea 176.78 174.94 723.15
---b) Others 6.15 10.30 35.94
-------Total 182.93 185.24 759.09
---Less : Inter Segment Revenue - - -
---Net Revenue from Operations 182.93 185.24 759.09
2. Segment Results - - -
---a) Tea 29.46 30.70 100.21
---b) Others (0.71) 0.24 1.62
-------Total 28.75 30.94 101.83
---Less : Interest (net) 2.33 5.44 14.39
---Add : Unallocable income net of unallocable
---------expenditure		 3.03 (0.40) 12.66
Total Profit before Tax 29.45 25.10 100.10
3. Segment Capital Employed - - -
---a) Tea 407.17 394.82 412.91
---b) Others 6.79 8.72 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 comprise expenses incurred on common services at the corporate level and relate to the Company as a whole. Unallocable income includes income from investments.

Mumbai: July 31, 2003
Ratan N Tata
(Chairman)

 

 
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