Notes:

1. The Income from Operations for the year ended March 31, 2005 improved by 15% over the preceding year driven by strong performance of brand sales.
   
   
2. Profit before Tax from Operations at Rs 111.73 crores was 72% higher than the profit earned during the previous year despite the losses in plantation operations mainly in South India. Taking into account income from investments/other income, Profit after Tax at Rs 128.92 Crores was 41 % higher than the profit for the corresponding year.
   
   
3. In view of the clarifications in the proposed Accounting Standard (AS) 15 (revised 2005), the Company has, with effect from current year, changed the policy of deferral of deficit/surplus arising on account of changes in actuarial assumption, in relation to the defined benefit superannuation /gratuity benefits, to immediate recognition of such deficit/ surplus in the Profit and Loss Account. In view of the change, the charge to the Profit and Loss Account is higher by Rs 4.59 crores- net, which is reflected in expenditure for the quarter ended March 31, 2005.
   
   
4. The Company has, with effect from April 1, 2005, transferred as a going concern a portion of its undertaking comprising of 16 estates in South India, to Kanan Devan Hills Plantations Company Pvt Ltd (principally owned by the employees of the company) by way of lease of land and transfer of other related assets pertaining to the aforesaid undertaking on the basis of an independent valuation. The Company proposes to hold 19% of the equity capital of the new company.
   
   
5. Provision for current taxation is net off reversal of provisions relating to earlier years of Rs 1.99 Crores (Previous Year Rs Nil)
   
   
6. 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, 2005 Received during the quarter Resolved during the quarter Outstanding as on March 31, 2005	0 1 1 0

   
   
   
7. Previous year's figures have been regrouped, to the extent necessary, to conform to current year's figures.
   
   
8. The Board of Directors has recommended a dividend payment of 100% (Previous Year 85%).
   
   
9. The Board of Directors has approved the merger of Tata Tetley Ltd, a 100% subsidiary, with the company effective from April 1, 2005, subject to necessary approvals.
   
   
10. The aforementioned results were reviewed by the Audit Committee of the Board on June 8, 2005 and subsequently taken on record by the Board of Directors at its meeting held on June 9, 2005.
    
    

Audited Consolidated Financial Results for the year ended March 31, 2005

Rs in Crores   Year ended March 31,2005 PreviousYear ended March 31, 2004 Income from Operations 3059.13 2921.14 Income from Investments (net) 17.40 25.02 Total Income 3076.53 2946.16 Total Expenditure 2519.39 2460.54 (a) (Increase)/ Drecrease in stock (23.22) (0.79) (b) Purchases for Trading / Raw Materials Consumed 707.77 611.44 (C) Staff Costs 499.80 530.59 (d) Other Expenditure 1335.04 1319.30 Profit before Interest and Depreciation 557.14 485.62 Interest (Net) 122.76 122.17 Gross Profit after Interest but before Depreciation and Taxation 434.38 363.45 Depreciation 77.85 78.50 Profit before Tax and Exceptional Items 356.53 284.95 Exceptional Expenditure / (Income) 42.81 (2.76) Profit before Tax 313.72 287.71 Provision for Taxation - - (a) Current Taxation 100.78 91.10 (b) Deferred Taxation (6.93) (5.16) Profit after Tax 219.87 201.77 Share of Profit/(Loss) in Associates 9.79 2.93 Minority Interest in Consolidated Profit 16.02 8.27 Reversal of share of loss of earlier years in respect of an associate company divested during the year 1.83 - Group Consolidated Net profit 215.47 196.43 Paid up Equity Share Capital (face value of Rs. 10 Each) 56.21 56.21 Reservs excluding Revalution Reserve 1440.89 1264.98 Basic Earnings per Share (Rs) 38.33 34.95 Diluted Earnings per Share (Rs) 36.74 32.22

Notes: The results of the previous year ended March 31, 2004 included the performance of Tata Tea GB Ltd (the Company's 98.58% UK subsidiary) for a period of thirteen months. These have been restated for a twelve month period to make them comparable with the current year. On a like to like basis, Turnover increased by 4%, Profit before tax and exceptional items increased by 25% and Profit after Tax increased by 10% when compared to the previous year. Under Indian GAAP, The Tetley Group's (the Company's 98.58% subsidiary) Income from Operations was Rs 1940.30 crores for the Financial Year 2004/05 as against on a like to like basis of Rs 1938.94 crores for the preceding year. The Profit before tax and exceptional items was Rs 173.64 crores, 13% higher than the preceding year. The consolidated financial results of the Tata Tea Group of companies have been prepared in accordance with the Accounting Standard AS-21 on Consolidated Financial Statements, AS-23 on Accounting for Investments in Associates in Consolidated Financial Statements and AS-27 on Financial Reporting for Interests in Joint Ventures issued by the Institute of Chartered Accountants of India. Previous year's figures have been regrouped, to the extent necessary, to conform to current year's figures. The aforementioned results were reviewed by the Audit Committee of the Board on June 8, 2005 and subsequently taken on record by the Board of Directors at its meeting held on June 9, 2005.

Mumbai, June 9, 2005 Ratan N. Tata (Chairman)   Segment wise Revenue, Results and Capital Employed, under Clause 41, of the Listing Agreement for the year ended 31st March, 2005

Rs/Crore
	Nine months ended December 31 2003	Quarter ended March 31 2005 ---- 2004		Year ended March 31 2005	Previous Year ended March 31 2004
1. Segment Revenue				-	-
---a) Tea	666.41	217.88	191.05	884.29	755.63
---b) Others	10.04	2.51	5.49	12.55	26.04
-------Total	676.45	220.39	196.54	896.84	781.67
---Less : Inter Segment Revenue	-	-	-	-	-
---Net Segment Revenue	676.45	220.39	196.54	896.84	781.67
2. Segment Results	-	-	-	-	--
---a) Tea	146.72	4.62	3.54	151.34	108.71
---b) Others	(0.90)	0.03	0.07	(0.87)	(0.52)
-------Total	145.82	4.65	3.61	150.47	108.19
---Less : Interest (net)	7.00	1.47	2.55	8.47	9.94
---Add : Unallocable income net of ---------unallocable expenditure	(2.80)	22.95	23.35	20.15	21.98
Total Profit before Tax	136.02	26.13	24.41	162.15	120.23
3. Segment Capital Employed	-	-	-	-	--
---a) Tea	444.73	398.67	356.75	398.67	356.75
---b) Others	3.66	2.46	6.31	2.46	6.31

 

Notes:

1. The definitions of the internal business segmentation and the activitities 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 include expenses incurred on common services at the corporate level and relate to the Company as a whole. Unallocable income includes income from investments.
   
   

• 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