Notes:

1. The income from operations for the quarter and the year ended March 31, 2003 declined by 5 % vis-a-vis the income for the corresponding quarter of the preceding year due to the difficult operating environment.
   
   
2. Profit before Tax from operations at Rs 54.74 crores was 2% lower than the profit earned in the preceding year. Income from investments for the quarter ended March 31, 2003 include Rs 25.24 crores being the maiden dividend received from Tata Tea (GB) Ltd, the Company's 98.58% subsidiary that owns The Tetley Group Ltd.
   
   
3. Consumption of raw materials during the quarter ended March 31, 2003 is higher on account of increased purchase of tea and spices for exports and utilization of a higher proportion of auction purchased teas. Staff costs are lower on account of continued improvement in labour productivity in the plantations.
   
   
4. On account of seasonality in the tea industry there is generally a loss from operations in the North-East in the last quarter of the year when production ceases in the winter months but fixed costs continue to be incurred.
   
   
5. Previous year's figures have been regrouped, to the extent necessary, to conform to the current year's figures.
   
   
6. The Board of Directors has recommended payment of dividend at Rs 7/- per share of face value of Rs 10/- each aggregating to Rs 44.39 crores, including dividend tax for the year 2002/03 (previous year - Rs 39.35 crores being @ 70%).
   
   
7. The aforementioned results were taken on record by the Board of Directors at its meeting held on June 25, 2003.
   
   
8. The Tetley Group Ltd, (the Company's 98.58% subsidiary, the results of which are not incorporated in these accounts) reported a turnover for the 2002/03 accounting year of £ 256.0 million (PY - £ 257.9 million). The current year's turnover is not strictly comparable to the preceding financial year as during September, 2002 The Tetley Group Ltd sold its Private Label business in the USA, the full year income of which is reflected in the 2001/02 accounting year turnover. The Profit before Tax of £ 12.8 million as well as the Profit after Tax of £9.4 million earned by the Company during 2002/03 was 146% higher than the respective profitability for the preceding year.

   The Tetley Group Ltd declared a dividend of £ 4 million for 2002/03 of which Rs 25.24 crores was directly received by Tata Tea Ltd (refer point 2 above) and an additional Rs 4.40 crores was received by Tata Tea Inc, USA, a 100% subsidiary of Tata Tea Ltd.
   
   

Mumbai: June 25, 2003

Ratan N. Tata (Chairman)

Segment wise Revenue, Results and Capital Employed, under Clause 41, of the Listing Agreement for three months ended March, 2003

Rs/Crore
	Nine months ended December 31 2002	Quarter ended March 31 2003 --------------2002		Year ended March 31 2003	Previous Year ended March 31 2002
1. Segment Revenue				-	-
---a) Tea	537.27	185.88	194.64	723.15	745.56
---b) Others	29.95	5.99	6.64	35.94	32.32
-------Total	567.22	191.87	201.28	759.09	777.88
---Less : Inter Segment Revenue	-	-	0.75	-	1.50
---Net Revenue from Operations	567.22	191.87	200.53	759.09	776.38
2. Segment Results	-	-	-	-	--
---a) Tea	105.83	(5.62)	(15.68)	100.21	106.45
---b) Others	0.74	0.88	0.58	1.62	0.06
-------Total	106.57	(4.74)	15.10	101.83	106.51
---Less : Interest (net)	11.34	3.05	4.58	14.39	21.39
---Add : Unallocable income net of ---------unallocable expenditure	(6.15)	18.81	(5.30)	12.66	0.69
Total Profit before Tax	89.08	11.02	(24.98)	100.10	85.81
3. Segment Capital Employed	-	-	-	-	--
---a) Tea	468.40	412.91	406.66	412.91	406.66
---b) Others	8.49	7.70	6.08	7.70	6.08

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 investments.
   
   

Mumbai: June 25, 2003

Ratan N. Tata (Chairman)

 

• 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