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Tata Global Beverages Ltd announces Q4, FY18-19 results

Posted On: 2019-04-24 11:50:27

Tata Global Beverages Ltd. has announced its results for the quarter and year ended March 2019.

- For the Quarter, revenue from operations increased by 5%. Profit before exceptional items and tax at Rs 161 crores is higher by 24% as compared to corresponding quarter of the previous year mainly due to higher sales, lower commodity cost in International markets and improved performance of non-branded business.

- For the full year, revenue from operations increased by 6%. Profit before exceptional items and tax at Rs. 786 cr is down by 1% mainly due to commodity costs in India and higher spends behind brands.

- Group net profit for the Quarter and Full Year is lower mainly due to higher exceptional items, higher share of losses from JVs and associates and higher one-time tax credits in the previous year.

Some of the key Business updates are:

India update

- For the full year, the India tea business clocked a 9% volume growth and 7% value growth across its brands. For the quarter India registers a 12% volume growth and 11% value growth.

- Chakra Gold becomes the 3rd largest brand in our India branded tea portfolio

- Value added variants were launched for our regional brands Tata Tea Chakra Gold and Tata Tea Kanan Devan to leverage the wellness trend and capitalize on white space opportunities.

- For the first time, a Jaago Re campaign was launched for Chakra Gold, specifically focusing on the women of Andhra Pradesh. Our premium national brand Tata Tea Gold was relaunched with a bold new pack design, supported by a TV campaign.

- Tetley Green Tea recorded healthy double digit growth for the Year backed by its marketing campaign.

- Tata Cha- TGB's pilot in the Out of Home beverage space, now has 6 stores in Bangalore spanning 3 different formats- high street, kiosk and abbreviated. All six stores have received very good consumer response.

International Update

- For the quarter UK business delivered a revenue growth of 4% in underlying terms, led by a volume growth of 7%. For the full year it registered a volume and value growth of 2% and 1% respectively.

- Tetley Cold Infusions- a new innovation which takes tea out of the hot consumption category and into a new usage occasion was launched in the UK in four fruit flavours. The product has received very encouraging consumer response.

- Tetley Super Teas were launched in Canada with three variants- Immune, Boost and Antioxidant. These are Canada's first line of teas fortified with vitamins and minerals. We continue to maintain market leadership in value terms.

- In the US, Eight O' Clock Coffee saw an annual sales improvement of 18% in underlying terms driven by K Cups model change.

JVs Update

- Tata Starbucks clocked a strong ~30% growth in revenues for the Year. It added 30 new stores during the Year, taking the current store count to 146 stores across India. It recently opened its largest coffee forward store in Bengaluru, celebrating every aspect of the coffee journey through live coffee brewing experience.

- NourishCo recorded a good topline growth of ~10% during the year, with continued focus on the national rollout of Tata Gluco Plus. Himalayan natural mineral water was launched in a premium glass bottle packaging for both its still and sparkling variants.

Acquisition of branded tea business of Dhunseri Tea & Industries Limited (DTIL)

- Tata Global Beverages Limited has entered into a non-binding term sheet to acquire the branded tea business of Dhunseri Tea & Industries Limited, for an aggregate consideration of up to Rupees One Hundred and One Crores. The proposed acquisition shall be subject to due-diligence and applicable approvals.

- The Dhunseri branded tea business currently has the brands "Lalghoda" and "Kalaghoda" which are among the leading local brands in Rajasthan, a market dominated by local players. This move is in line with Tata Global Beverages' ambition to grow its branded tea business in India.

Ajoy Misra, Managing Director and CEO of Tata Global Beverages said "The Company has posted steady revenue growth in the last year. Profits have been impacted due to one off items, commodity costs and increased brand investment. The India business recorded good growth during the year and we will continue to focus on white space markets, premiumizing our portfolio, enhancing our digital capability and strengthening our innovation pipeline. In international markets, we are strengthening our portfolio beyond black tea, focusing on process efficiencies and leveraging synergies between markets. Our JVs have performed well and have posted good sales growth in the last year."

Shares of Tata Global Beverages Limited was last trading in BSE at Rs.209.6 as compared to the previous close of Rs. 209.05. The total number of shares traded during the day was 179626 in over 1382 trades.

The stock hit an intraday high of Rs. 211.05 and intraday low of 203.95. The net turnover during the day was Rs. 37289917.


Source: Equity Bulls

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