Notes:

1. The Company's main line branded tea portfolio continued to witness a healthy growth during the quarter ended September 30, 2003 which together with higher sale of own garden teas in the auctions, contributed to higher income from operations by 7% over same quarter of the preceding year.

2. The Profit before Tax at Rs 44.59 crores and the Profit after Tax at Rs 34.96 crores were 7% and 14% higher, respectively, than the profits of the corresponding quarter of the preceding year.

3. Increase in operating expenditure during the quarter as well as the six months ended September 30, 2003 is commensurate with the higher production in the plantation divisions and sales during the period.

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 September 30, 2003 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 July 1, 2003	8
   Received during the quarter	2
   Resolved during the quarter	10
   Outstanding as on September 30, 2003	-

   
   

6. Figures of the quarter and half year ended September 30, 2002 and full year ended March 31, 2003 have been regrouped to make them comparable.

7. The aforementioned results were reviewed by the Audit Committee of the Board and taken on record by the Board of Directors at its meeting held on October 31,2003. Limited review of these results, as required under Clause 41 of the listing agreement, has been completed by the auditors.
   
   
8. The Tetley Group (the Company's 98.58% subsidiary, the results of which are not incorporated in these accounts) reported Income from Operations of £ 58.08 m for the second quarter of its Financial Year 2003/04 as against £ 62.14 m reported for the corresponding period of the preceding year. The turnover figures are not comparable on a like to like basis as the preceding year's sales included business in the USA that has since been discontinued. The Profit before Tax for the quarter was £ 4.55 m ( PY £ 1.75 m ) and the Profit after Tax was £ 2.92 m ( PY £ 0.83 m ) , respectively

Mumbai: October 31, 2003

Ratan Tata (Chairman)

Segment wise Revenue, Results and Capital Employed, under Clause 41, of the Listing Agreement for three months ended September 30, 2003

Rs/Crore
	Three months ended September 30		Six months ended September 30		Year ended March 31
	2003	2002	2003	2002	2003
1. Segment Revenue	-		-		-
---a) Tea	195.19	180.59	371.97	355.53	723.15
---b) Others	8.39	9.98	14.54	20.28	35.94
-------Total	203.58	190.57	386.51	375.81	759.09
---Less : Inter Segment Revenue	-	-	-	-	-
---Net Revenue from Operations	203.58	190.57	386.51	375.81	759.09
2. Segment Results	-	-	-	-	-
---a) Tea	48.55	46.89	78.01	77.59	100.21
---b) Others	0.02	(0.21)	(0.69)	0.03	1.62
-------Total	48.57	46.68	77.32	77.62	101.83
---Less : Interest (net)	2.28	3.35	4.61	8.79	14.39
---Add : Unallocable income net of ---------unallocable expenditure	(1.70)	(1.70)	1.33	(2.10)	12.66
Total Profit before Tax	44.59	41.63	74.04	66.73	100.10
3. Segment Capital Employed	-	-	-	-	-
---a) Tea	450.71	453.99	450.71	453.99	412.91
---b) Others	5.90	8.43	5.90	8.43	7.70

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 from investments.
   
   

Mumbai: October 31, 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