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Tata Tea: It’s all about extra ordinaries… - Views on News from Equitymaster

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Tata Tea: It’s all about extra ordinaries…

Jan 30, 2006

The world’s second largest branded tea company, Tata Tea, announced dismal consolidated results for the third quarter ending December 2005. While revenue growth was missing, an extraordinary expense to the tune of Rs 123 m took its toll on the bottomline leading to a decline of 27% YoY. However, excluding this anomaly, the bottomline has actually fallen by 2% YoY, which is poor nonetheless.

Consolidated numbers
(Rs m) 3QFY05 3QFY06 Change 9mFY05 9mFY06 Change
Income from operations 8,061 8,117 0.7% 22,681 23,072 1.7%
Expenditure 6,461 6,701 3.7% 18,313 18,658 1.9%
Operating Profit (EBDIT) 1,601 1,416 -11.5% 4,368 4,414 1.1%
Operating Profit Margin (%) 19.9% 17.4%   19.3% 19.1%  
Other income 10 3 -67.0% 142 220 55.2%
Interest (net) 300 283 -5.6% 945 787 -16.8%
Depreciation 199 187 -6.0% 583 548 -6.0%
Profit before Tax 1,112 950 -14.6% 2,981 3,298 10.6%
Extraordinary income/(expense) 84 (123)   88 97 9.8%
Tax 303 223 -26.4% 882 933 5.8%
Minority interest (69) 3   (53) 15  
Profit after Tax/(Loss) 824 601 -27.1% 2,134 2,477 16.0%
Net profit margin (%) 10.2% 7.4%   9.4% 10.7%  
Effective tar rate (%) 27.2% 23.5%   29.6% 28.3%  
No. of Shares (m) 56.2 56.2   56.2 56.2  
Diluted Earnings per share (Rs)         58.7  
P/E ratio (x)         15.9  

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