Unaudited Financial Results (Provisional) for three months ended June 30, 2004
 
Rs in Crores

Three months ended
30th June		 Previous
Year ended
--
2004
2003
31st March 2004
Income from Operations 205.75 181.22 782.68
Total Expenditure 170.28 155.43 685.56
(a) (Increase)/Decrease in stock (10.18) (14.62) 19.36
(b) Consumption of Raw Materials 51.38 34.05 127.15
(c) Staff Costs 52.79 56.74 230.62
(d) Other Expenditure 76.29 79.26 308.43
Profit before Interest and Depreciation 35.47 25.79 97.12
Interest (Net) 2.20 2.33 9.94
Gross Profit after Interest but before Depreciation and Taxation 33.27 23.46 87.18
Depreciation 5.23 5.40 22.04
Profit before Tax from Operations 28.04 18.06 65.14
Income from Investments/Other Income (Net) 2.24 11.39 55.09
Profit before Tax 30.28 29.45 120.23
Provision for Taxation --
 --
 --
(a) Normal 7.55 5.77 29.58
(b) Deferred 0.28 1.35 (0.88)
Profit after Tax 22.45 22.33 91.53
Paid up Equity Share Capital (face value of Rs 10 each) 56.22 56.22 56.22
Reserves excluding Revaluation Reserve --
 --
 897.16
Earnings per share (Not annualised)-Rs 3.99 3.97 16.28
Aggregate of Non Promoter Shareholdings --
 --
 --
- Number of Shares 39,649,734 39,449,734 39,649,734
- Percentage of Share holding 70.53% 70.17% 70.53%

Notes:

  1. The Income from Operations for the quarter ended June 30, 2004 improved by 14% to Rs 205.75 crores driven by a 15% growth in the Company's branded tea sale volume. The Profit before Tax from Operations at Rs 28.04 crores was 55% higher than the profit earned during the corresponding quarter of the preceding year, despite the losses in the plantation divisions.

  2. Expenditure on consumption of raw materials has increased during the quarter due to increased utilization of auction bought teas in brands pursuant to lower production in the Company's plantations divisions during the period because of adverse weather conditions.

  3. Income from investments is lower during quarter ended June 30, 2004 as the preceding year's first quarter included dividend income which is expected to be received during the current year's second quarter.

  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 June 30, 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 April 1, 2004
    -
    Received during the quarter
    -
    Resolved during the quarter
    -
    Outstanding as on June 30, 2004
    -

  6. Previous year's figures have been regrouped, to the extent necessary, to conform to current year's figures. .

  7. 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 July 27, 2004. Limited review of these results, as required under Clause 41 of the Listing Agreement, has been completed by the Auditors.

Mumbai: July 27, 2004
R K Krishna Kumar
(Vice Chairman)
 
Segment wise Revenue, Results and Capital Employed, under Clause 41, of the Listing Agreement for the quarter ended June 30, 2004
 
Rs/Crore
  Three months ended
June 30, 2004		 Three months ended
June 30, 2003		 Year ended
March 31, 2004
1. Segment Revenue - - -
---a) Tea 200.38 175.03 755.68
---b) Others 4.45 6.15 26.25
-------Total 204.83 181.18 781.93
---Less : Inter Segment Revenue - - -
---Net Revenue from Operations 204.83 181.18 781.93
2. Segment Results - - -
---a) Tea 38.22 29.46 108.71
---b) Others (0.48) (0.71) (0.52)
-------Total 37.74 28.75 108.19
---Less : Interest (net) 2.20 2.33 9.94
---Add : Unallocable income net of unallocable
---------expenditure		 (5.26) 3.03 21.98
Total Profit before Tax 30.28 29.45 120.23
3. Segment Capital Employed - - -
---a) Tea 344.68 407.17 356.75
---b) Others 5.52 6.79 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: July 27, 2004
R K Krishna Kumar
(Vice Chairman)

 

 
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