Unaudited Financial Highlights

Summarised Audited Financial Results for the year ended March 31, 2004


	Nine Months ended Dec 31, 2003	Quarter ended Mar 31, 2004	Quarter ended Mar 31, 2003	Year ended Mar 31, 2004	Previous Year ended Mar 31, 2003
Rs/Crore
Income from Operations	585.37	197.31	193.15	782.68	755.60
Total Expenditure	488.80	196.76	202.12	685.56	669.66
a) (Increase)/Decrease in stock	(31.83)	51.19	47.81	19.36	1.77
b) Consumption of Raw Materials etc.	102.79	24.36	28.43	127.15	129.30
c) Staff Costs	170.67	59.95	63.57	230.62	233.68
d) Other Expenditure	247.17	61.26	62.31	308.43	304.91
Profit before Interest & Depreciation	96.57	0.55	(8.97)	97.12	85.94
Interest (Net)	7.39	2.55	3.05	9.94	14.39
Gross Profit after Interest but before Depreciation and Taxation	89.18	(2.00)	(12.02)	87.18	71.55
Depreciation	16.63	5.41	6.28	22.04	22.65
Profit before Tax from Operations	72.55	(7.41)	(18.30)	65.14	48.90
Income from Investments (Net)/Other Income	23.27	31.82	29.32	55.09	51.20
Profit before Tax	95.82	24.41	11.02	120.23	100.10
Provision for Taxation	-	-	-	-	-
a) Current Taxation	20.50	9.08	3.59	29.58	24.43
b) Deferred Taxation	2.46	(3.34)	(3.93)	(0.88)	5.07
Profit after Tax	72.86	18.67	3.50	91.53	70.60
Net Profit available for the Year				91.53	70.60
Balance in Profit & Loss Account brought forward				106.79	84.03
Transferred from Investment Allowance (Utilised) Reserve				-	2.75
Transferred in from Export Profit Reserve				-	4.57
Amount Available for Appropriation				198.32	161.94
Appropriations				-	-
Dividend - Final				47.79	39.35
Income Tax on Dividend				6.12	5.04
Transfer to Debenture Redemption Reserve				-	3.25
Transfer to General Reserves				48.00	7.50
Balance Carried Forward				96.41	106.79
-				198.32	161.94
Paid up Equity Share (face value of Rs. 10 each)	56.22	56.22	56.22	56.22	56.22
Reserves excluding Revaluation Reserve	-	-	-	897.16	900.55
Earnings per Share - Rs.	12.96	3.32	0.62	16.28	12.56
Aggregate of Non Promoter Shareholdings	-	-	-	-	-
- Number of Shares	39,599,734	39,649,734	39,449,734	39,649,734	39,449,734
- Percentage of Share holding	70.44%	70.53%	70.17%	70.53%	70.17%

Notes:

The Income from Operations for the quarter and for the year ended March 31, 2004 improved by 2% and 4%, respectively, over the preceding year driven by strong performance of brand sales which registered a volume growth of 4% during the year despite the continued decline in the size of the Indian branded tea market.
Profit before Tax from Operations at Rs 65.14 crores was 33% higher than the profit earned during the previous year despite the losses in the plantation divisions. The Profit after Tax at Rs 91.53 crores was 30% higher than the profit for the corresponding year.
Particulars of complaints received from investors during the quarter, complaints resolved and those pending are as follows: -

Particulars of complaints
Numbers

Outstanding as on January 1, 2004
Received during the quarter
Resolved during the quarter
Outstanding as on March 31, 2004

2
2
4
0
Previous year's figures have been regrouped, to the extent necessary, to conform to current year's figures.
The Board of Directors has recommended payment of Rs 8.50/- per share of face value of Rs 10/- each aggregating to Rs 53.91crores, including dividend tax. (Previous year - Rs 44.39 crores @ 70%, including dividend tax).
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 June 24, 2004

Mumbai, June 24, 2004

Ratan N. Tata
(Chairman)

Segment wise Revenue, Results and Capital Employed, under Clause 41, of the Listing Agreement for the year ended 31st March, 2004


	Nine months ended December 31 2003	Quarter ended March 31 2004 --------------2003		Year ended March 31 2004	Previous Year ended March 31 2003
Rs/Crore
1. Segment Revenue				-	-
---a) Tea	564.58	191.10	185.50	755.68	718.00
---b) Others	20.55	5.70	5.99	26.25	35.94
-------Total	585.13	196.80	191.49	781.93	753.94
---Less : Inter Segment Revenue	-	-	-	-	-
---Net Segment Revenue	585.13	196.80	191.49	781.93	753.94
2. Segment Results	-	-	-	-	--
---a) Tea	105.17	3.54	(5.62)	108.71	100.21
---b) Others	(0.59)	0.07	0.88	(0.52)	1.62
-------Total	104.58	3.61	(4.74)	108.19	101.83
---Less : Interest (net)	7.39	2.55	3.05	9.94	14.39
---Add : Unallocable income net of ---------unallocable expenditure	(1.37)	23.35	18.81	21.98	12.66
Total Profit before Tax	95.82	24.41	11.02	120.23	100.10
3. Segment Capital Employed	-	-	-	-	--
---a) Tea	449.09	356.75	412.91	356.75	412.91
---b) Others	5.74	6.31	7.70	6.31	7.70

Notes:

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.
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 include income from investments.

Mumbai: June 24, 2004

Ratan N. Tata
(Chairman)

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