Notes:

1. The Income from Operations for the year ended March 31, 2006 improved by 9% over the preceding year driven by strong performance of branded tea sales which grew by 12%. Exit from South India plantation operations have resulted in reduction in sales which have been offset by amalgamation of Tata Tetley Ltd with the Company and by the improvement in branded tea sales.

2. Profit before Tax from Operations at Rs 147.39 crores was 31% higher than the profit earned during the previous year due to the strong brand performance and exit from South India plantation operations. The Profit after Tax at Rs 186.93 crores was 45 % higher than the profit for the corresponding year.

3. Exceptional Income /(Expenditure) during the year comprise of profit on sale of 23 estates in South India - Rs 40.88 crores and 'Other items' consisting of amortization of expenditure incurred on Employee Separation Schemes (Rs 7.21 crores) and Commercial taxes for discontinued business (Rs 8.50 crores).

4. Tata Tetley Ltd (TTY) was amalgamated with the Company with effect from 1st April 2005, in terms of the Scheme of Amalgamation sanctioned by the Hon'ble High Courts of Calcutta and Kerala on 4th January 2006 and 20th December 2005, respectively. Accordingly, the results for the year include the results of TTY.

5. Of the Companies 25 estates in South India, 17 estates were transferred on April 1, 2006 to Kanan Devan Hills Plantations Company Pvt Ltd, mainly owned by employees in which the Company holds 18.2% of the equity capital and 6 estates were transferred during the year to Tata Coffee Ltd., a subsidiary. Both transfers were on a commercial arms length basis.

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 1st January, 2006 Received during the quarter Resolved during the quarter Outstanding as on March 31, 2006	- 2 2 -


7. Previous year's figures have been regrouped, to the extent necessary, to conform to current year's figures and are not strictly comparable to those of the current year, in view of the amalgamation of Tata Tetley Ltd and exit from South India plantation operations.

8. The Board of Directors has recommended a dividend payment of 120% (Previous year 100%).

9. 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 6th, 2006.

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

Rs in Crores   Year ended March 31,2006 PreviousYear ended March 31, 2005 Income from Operations 3123.92 3059.13 Income from Investments (net) 26.94 17.40 Total Income 3150.86 3076.53 Total Expenditure 2561.45 2519.39 (a) (Increase)/ Drecrease in stock (12.94) (23.22) (b) Purchases for Trading / Raw Materials Consumed 723.21 707.77 (C) Staff Costs 421.10 499.80 (d) Other Expenditure 664.19 608.63 Profit before Interest and Depreciation 589.41 557.14 Interest (Net) 102.43 122.76 Gross Profit after Interest but before Depreciation and Taxation 486.98 434.38 Depreciation 75.84 77.85 Profit before Tax and Exceptional Items 411.14 356.53 Exceptional Expenditure / (Income) 7.26 (42.81) Profit before Tax 418.40 313.72 Provision for Taxation - - (a) Current Taxation 121.44 100.78 (b) Deferred Taxation (3.58) (6.93) Profit after Tax 300.54 219.87 Share of Profit from Associated Undertaking 11.70 9.79 Minority Interest 13.09 16.02 Reversal of share of loss of earlier years in respect of an associate company divested during the year - 183 Group Consolidated Net profit 299.15 215.47 Paid up Equity Share Capital (face value of Rs. 10 Each) 56.22 56.22 Reservs excluding Revalution Reserve 1491.52 1440.89 Basic Earnings per Share (Rs) 53.21 38.33 Diluted Earnings per Share (Rs) 49.40 36.74

Notes: 1. The Tata Tea Group of Companies registered a consolidated total income of Rs 3150.86 crores for the year which was 2% higher than the income for the preceding year. Of the current year's consolidated income, 88% was contributed by the Group's world wide branded tea business which registered growth in all key markets. 2. The consolidated Profit before Tax and exceptional items at Rs 411.14 crores and the Group Consolidated Profit after Tax at Rs 299.15 crores increased by 15% and 39%, respectively. 3. Exceptional items during the year represents profit on sale of the holding company's undertaking comprising of certain estates in South India net of expenses - Rs 8.70 crores, curtailment gain in an overseas subsidiary on account of closure of their defined benefit scheme - Rs 14.39 crores and write back of liabilities - Rs 5.52 crores partly offset by amortization of amounts expended on Employee Separation Scheme in the holding company and an Indian subsidiary (Rs 8.39 crores), reorganization expenses in an overseas subsidiary (Rs 4.46 crores) and commercial taxes in respect of a discontinued business (Rs 8.50 crores). The previous year figures included amortization of refinance cost (Rs 32.89 crores) and reorganization charges in an overseas subsidiary (Rs 12.41 crores). 4. Diluted earnings per share have been calculated after considering the option available to investors on the conversion of loan notes issued by an overseas subsidiary to the Company and other Tata Companies. 5. 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. 6. Under Indian GAAP, The Tetley Group's (the Company's 98.58% subsidiary) Income from Operations was Rs 2033.16 crores for the Financial Year 2005/06 as against Rs 1940.30 crores for the preceding year, an increase of 5%. The Profit before tax and exceptional items Rs 196.91 crores and Profit after Tax at Rs 146.55 crores, increased by 13% and 83%, respectively. 7. During the year, The Tetley Group (the Company's 98.58% subsidiary) has changed its accounting policy for pension costs to comply with the requirements of FRS 17 which has become mandatory in the UK. In line with the requirements of FRS17 an amount of Rs 128.17 crores, net of tax, representing an estimate of the opening scheme deficit of Rs 109.01 crores and actuarial losses during the year of Rs 19.16 crores has been charged against opening reserves. 8. Previous year's figures have been regrouped, to the extent necessary, to conform to current year's figures. 9. The aforementioned results were reviewed by the Audit Committee of the Board on June 2, 2006 and subsequently taken on record by the Board of Directors at its meeting held on June 6, 2006

Mumbai, June 6, 2006 R. K. Krishna Kumar (Vice Chairman)   Segment wise Revenue, Results and Capital Employed, under Clause 41, of the Listing Agreement for the year ended 31st March, 2006

Rs/Crore
	Nine months ended December 31 2005	Quarter ended March 31 2006---- 2005		Year ended March 31 2006	Previous Year ended March 31 2005
1. Segment Revenue				-	-
---a) Tea	761.18	218.58	217.88	979.76	884.29
---b) Others	1.70	0.22	2.51	1.92	12.55
-------Total	762.88	218.80	220.39	981.68	896.84
---Less : Inter Segment Revenue	-	-	-	-	-
---Net Segment Revenue	762.88	218.80	220.39	981.68	896.84
2. Segment Results	-	-	-	-	--
---a) Tea	185.58	20.08	5.81	205.66	152.53
---b) Others	(0.75)	0.06	0.03	(0.69)	(0.87)
-------Total	184.83	20.14	5.84	204.97	151.66
---Less : Interest (net)	7.25	1.72	1.47	8.97	8.47
---Add : Unallocable income net of ---------unallocable expenditure	26.54	7.98	21.76	34.52	18.96
Total Profit before Tax	204.12	26.40	26.13	230.52	162.15
3. Segment Capital Employed	-	-	-	-	--
---a) Tea	346.50	315.91	398.67	315.91	398.67
---b) Others	(0.53)	(0.48)	2.46	(0.48)	2.46

 

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 and exceptional income (net).
   
   

• Tata Tea Analysts' Meet June 2006 (.ppt)
• 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 June 30, 2006
• 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