Notes:

1. The Company's branded tea portfolio continued to witness a healthy growth during the quarter ended September 30, 2004 which together with higher realizations from own garden teas in the auctions, contributed to increased Income from Operations by 16% over the same quarter of the preceding year.

2. The Profit before Tax at Rs 69.81 crores and the Profit after Tax at Rs 53.20 crores for the quarter were 57% and 52% higher, respectively, than the profits of the corresponding quarter of the preceding year.

3. Income from Investments is higher during the quarter ended September 30,2004 as it includes dividend of Rs 8.46 crores which dividend in the previous year, was received in the first quarter.

4. Increase in operating expenditure during the quarter as well as the six months ended September 30, 2004 is commensurate with the higher sales and also due to higher utilization of bought teas in blends.

5. 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, 2004 has been valued at the lower of budgeted cost of production (full year production and expenditure) and net realizable value.
   
   
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 July 1, 2004	-
   Received during the quarter	1
   Resolved during the quarter	1
   Outstanding as on September 30, 2003	-

   
   

7. Figures of the quarter and half year ended September 30, 2004 and full year ended March 31, 2004 have been regrouped to make them comparable.

8. 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 29,2004. Limited review of these results, as required under Clause 41 of the listing agreement, has been completed by the auditors.

Mumbai: October 29, 2004

R. K. Krishna Kumar (Vice Chairman)

Unaudited Consolidated Financial Results (Provisional) for three months ended September 30, 2004

Rs in Crores
	Three months ended September 30		Six months ended September 30		PreviousYear ended March 31, 2004
	2004	2003	2004	2003
Income from Operations	756.07	701.01	1463.06	1380.40	3085.74
Income from Investments	12.58	4.13	13.17	14.42	25.02
Total Income	768.65	705.14	1476.23	1394.82	3110.76
Total Expenditure	611.03	571.17	1185.93	1131.35	2594.94
Profit before Interest and Depreciation	157.62	133.97	290.30	263.47	515.82
Interest (Net)	33.37	31.07	64.55	63.23	132.04
Gross Profit after Interest but before Depreciation and Taxation	124.25	102.90	225.75	200.24	383.78
Depreciation	19.55	20.06	38.44	39.86	82.68
Profit before Tax	104.70	82.84	187.31	160.38	301.10
Provision for Taxation	31.32	26.23	57.90	50.20	90.64
Profit after Tax	73.38	56.61	129.41	110.18	210.46
Share of Profit/(Loss) in Associated Undertakings*	4.29	(6.22)	4.29	(6.22)	2.93
Minority Interest	1.53	1.34	2.64	3.19	8.39
Group Consolidated Profit	76.14	49.05	131.06	100.77	205.00
Paid up Equity Share Capital (face value of Rs 10 each)	56.22	56.22	56.22	56.22	56.22
Earnings per share (Not annualised)-Rs	13.54	8.72	23.31	17.92	36.46

Notes:
	1.	The consolidated turnover for the quarter at Rs 768.65 crores was higher by 9% over the same period of the corresponding year due to strong performance by Tata Tea and it's subsidiaries, Tata Tea (GB) Ltd, Tata Coffee Ltd, Tata Tea Inc and Tata Tetley Ltd. The consolidated Group Profit after Tax for the quarter at Rs 76.14 crores was 55% higher than the same period of the preceding year.
	2.	Total expenditure and Provision for Taxation includes Rs 8.20 crores and Rs 4.92 crores, respectively, pertaining to the previous year.
	3.	Under Indian GAAP, The Tetley Group's (the Company's 98.58% subsidiary) turnover was Rs 466.75 crores for the current quarter of its Financial Year 2004/05 as against Rs 454.65 crores for the corresponding period of the preceding year, an increase of 3%. The Profit before Tax and prior period items for the quarter at Rs 39.40 crores was 6% higher than the profits of the corresponding quarter of the preceding year.
	4.	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 October 29, 2004.

Mumbai: October 29, 2004

R. K. Krishna Kumar (Vice Chairman)

Segment wise Revenue, Results and Capital Employed, under Clause 41, of the Listing Agreement for three months ended September 30, 2004

Rs/Crore
	Three months ended September 30		Six months ended September 30		Year ended March 31
	2004	2003	2004	2003	2004
1. Segment Revenue	-		-		-
---a) Tea	229.37	195.19	429.75	371.97	755.68
---b) Others	4.77	8.39	9.22	14.54	26.25
-------Total	234.14	203.58	438.97	386.51	781.93
---Less : Inter Segment Revenue	-	-	-	-	-
---Net Segment Revenue	234.14	203.58	438.97	386.51	781.93
2. Segment Results	-	-	-	-	-
---a) Tea	64.22	48.55	102.44	78.01	108.71
---b) Others	(0.80)	0.02	(1.28)	(0.69)	(0.52)
-------Total	63.42	48.57	101.16	77.32	108.19
---Less : Interest (net)	2.31	2.28	4.51	4.61	9.94
---Add : Unallocable income net of ---------unallocable expenditure	8.70	(1.70)	3.44	1.33	21.98
Total Profit before Tax	69.81	44.59	100.09	74.04	120.23
3. Segment Capital Employed	-	-	-	-	-
---a) Tea	412.74	450.71	412.74	450.71	356.75
---b) Others	4.24	5.90	4.24	5.90	6.31

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 29, 2004

R. K. Krishna Kumar (Vice Chairman)

 

• 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, 2005
• Summarised Audited Financial Results for the year ended 31st March, 2004
• Audited Consolidated Financial Results for the year ended 31st March, 2004