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Tata Tea: Strategy on course

Jan 27, 2004

Tea major, Tata Tea, has reported nearly 7% revenue growth for the December quarter. The company managed to hold its operating margins steady, but a hike in the company's tax provision as well as a significant dip in other income resulted in Tata Tea reporting an 8% decline in net profit for the quarter. These results however, only reflect Tata Tea's Indian operations.

India operations
(Rs m) 3QFY03 3QFY04 Change 9mFY03 9mFY04 Change
Net sales 1,914 2,040 6.6% 5,672 5,907 4.1%
Other Income 50 29 -41.5% 219 233 6.2%
Expenditure 1,660 1,769 6.6% 4,724 4,941 4.6%
Operating Profit (EBDIT) 254 271 6.4% 949 966 1.8%
Operating Profit Margin (%) 13.3% 13.3% 16.7% 16.3%
Interest 26 28 9.0% 113 74 -34.8%
Depreciation 55 54 -1.6% 164 166 1.6%
Profit before Tax 224 218 -2.6% 891 958 7.6%
Tax 54 62 15.4% 220 230 4.5%
Profit after Tax/(Loss) 170 156 -8.2% 671 729 8.6%
Net profit margin (%) 8.9% 7.6%   11.8% 12.3%  
No. of Shares (eoy) (m) 56.2 56.2   56.2 56.2  
Diluted Earnings per share (Rs)* 12.1 11.1   15.9 17.3  
Current P/e ratio (x)   30.5     19.6  
*(annualised)            

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