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Tata Tea: Sipping away to glory

Nov 3, 2003

Tea major, Tata Tea Limited, has reported encouraging numbers for the September quarter. The company reported a 7% growth in revenues during the quarter, indicating that the hot beverage sector is seeing revival in the demand scenario. The company finished the quarter with a 14% bottomline growth.

India operations
(Rs m) 2QFY03 2QFY04 Change 1HFY03 1HFY04 Change
Net sales 1,906 2,038 6.9% 3,758 3,867 2.9%
Other Income 79 80 0.5% 169 204 20.2%
Expenditure 1,479 1,591 7.6% 3,064 3,172 3.5%
Operating Profit (EBDIT) 427 447 4.7% 694 695 0.1%
Operating Profit Margin (%) 22.4% 21.9%   18.5% 18.0%  
Interest 34 23 -31.9% 88 46 -47.6%
Depreciation 56 58 3.0% 109 112 3.2%
Profit before Tax & extraordinary items 416 446 7.1% 667 740 11.0%
Tax 109 96 -11.2% 166 168 0.9%
Profit after Tax/(Loss) 308 350 13.6% 501 573 14.3%
Net profit margin (%) 16.2% 17.2%   13.3% 14.8%  
No. of Shares (eoy) (m) 56.2 56.2   56.2 56.2  
Diluted Earnings per share (Rs)* 21.9 24.9   17.8 20.4  
Current P/e ratio (x)   10.9     13.3  
*(annualised)            

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