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Tata Tea: Non-operational fillip...

Jan 27, 2003

Hot beverages major, Tata Tea, has reported a 3% YoY dip in net sales during December quarter. Domestic sales continue to be under pressure on account of the continued slowdown in the organized retail market for branded teas and lower CTC tea prices in auctions. The company has recorded an 18% dip in bottomline, largely due to the extraordinary income effect in December quarter last year.

(Rs m) 3QFY02 3QFY03 Change 9mFY02 9mFY03 Change
Net Sales 1,975 1,914 -3.1% 5,759 5,672 -1.5%
Other Income 14 50 256.4% 44 79 77.9%
Expenditure 1,685 1,660 -1.5% 4,643 4,724 1.7%
Operating Profit (EBDIT) 290 254 -12.4% 1,116 949 -15.0%
Operating Profit Margin (%) 14.7% 13.3%   19.4% 16.7%  
Interest (net) 66 26 -61.6% 168 113 -32.5%
Depreciation 54 55 3.2% 159 164 2.8%
Profit before Tax 184 224 21.2% 833 751 -9.8%
Extraordinary items 70 0 - 250 140 -44.0%
Tax 48 54 12.6% 200 220 9.8%
Profit after Tax 207 170 -17.9% 883 671 -24.0%
Net profit margin (%) 10.5% 8.9%   15.3% 11.8%  
Effective tax rate (%) 25.9% 24.1%   24.0% 29.3%  
No. of Shares (eoy) (m) 56.2 56.2   56.2 56.2  
Diluted earnings per share* 14.7 12.1   20.9 15.9  
P/E ratio   13.5     10.2  
(* annualised)            

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