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Notes:
1. The Consolidated Income from Operations for the quarter at Rs 1397 crores has increased by 18% as compared to the corresponding period of the previous year due to strong branded performance aided by improved price realization in key markets which offset the increase in commodity costs.2. Profit before exceptional items for the quarter at Rs 162 crores (Operating Profit) has increased by 21% as compared to the corresponding period of the previous year due to improved operating performance and lower net interest costs.
3. During the quarter, consequent to a favourable exchange rate movement, there is a notional unrealized gain on translation of short term foreign currency financial assets held by an overseas subsidiary, reversing the trend of unfavourable exchange rate movements experienced during the first quarter of this year. During the year ended 31st March 2009, favourable exchange rate movements had resulted in significant unrealized gains.
4.Other Exceptional items for the quarter comprises of
(a) Reorganization costs of Rs 3 crores relating to restructuring of business.
(b) Amortization of amounts incurred on Employee Separation Scheme amounting to Rs 2 crores
(c) Profit on sale of shares held in Rallis India Ltd of Rs 186 crores computed after adjustment for share of profit of the associate (net of dividend) accounted for in earlier years in accordance with the relevant accounting standard
In the corresponding period of the previous year, other exceptional expenditure comprised of reorganization costs and amortization of amounts incurred on Employee Separation schemes partially offset by profit on sale of shares.
5. During the quarter, the Company increased its stake in one of its subsidiaries, Mount Everest Mineral Water Limited (MEMWL), from 40.11% to 40.27%. Further, due to the issue of fresh shares, by Amalgamated Plantations Private Limited (APPL), the shareholding of the company in APPL has reduced from 49.78% to 49.07%.
6. Consequent to the sale of shares in Rallis India Limited on August 20, 2009 it ceased to be an associate of the Company.
7. With effect from 1st September 2009, the Tetley Group through its subsidiary, which has financial participation by European Bank for Reconstruction and Development, acquired 51% stake in an existing Russian beverage company. Accordingly, the Russian beverage company has been consolidated as a subsidiary in these results.
8. Earnings per share (EPS) (basic and diluted- not annualised) for the quarter ended September 30, 2009 of Rs. 46.48 is higher than Rs 35.21 reported for the corresponding period of the previous year , due to the impact of exceptional items. Net of the impact of exceptional items the EPS (basic and diluted - not annualised) for the current quarter is Rs. 17.93 as compared to Rs 17.12 for the corresponding period of the previous year, reflecting the improved performance.
9. The share of Profit / (loss) in Estate Management Services Limited, Sri Lanka, an associate company, have not been included in the results of the quarter, as the same is not yet available. This is, however, estimated not to have a material impact on the results of the Group for the quarter.
10. The major part of the Company's business arises from operations outside India and through its subsidiaries. In view of this the company has opted to publish only consolidated results for this quarter as permitted under SEBI guidelines. The standalone results shall be available on the Company's website as well as on the website of the stock exchanges where the Company's shares are listed. The Total Operating Income, Net Profit after Tax and Earnings per share of the Company's standalone financial results are given below:
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Rs. in Crores
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Quarter Ended 30th September
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Half Year Ended 30th September
|
|
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2009-10
|
2008-09
|
2009-10
|
2008-09
|
|
Total Operating Income
|
426
|
324
|
846
|
639
|
|
Profit after Tax
|
258
|
44
|
301
|
82
|
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Earnings per Share - Rs (Not Annualised)
|
41.73
|
7.08
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48.67
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13.18
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11. Previous period's figures have been regrouped / rearranged, to the extent necessary, to conform to current period's figures.
12. The aforementioned results were reviewed by the Audit Committee of the Board on October 26, 2009 and subsequently taken on record by the Board of Directors at its Meeting held on October 28, 2009 The statutory auditors of the company have limited reviewed these results.
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