Deloitte Indiabulls Finance Centre Haskins & Sells LLP Tower 3, 27 Floor

Deloitte Haskins & Sells LLP

Chartered Accountants Indiabulls Finance Centre Tower 3, 27th -32nd Floor Senapati Bapat Marg Elphinstone Road (West) Mumbai ? 400 013 Maharashtra, India

Tele: + 91 22 6185 4000 Fax: +91 22 6185 4001

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF TATA CONSUMER PRODUCTS LIMITED (FORMERLY KNOWN AS TATA GLOBAL BEVERAGES LIMITED)

1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of TATA CONSUMER PRODUCTS LIMITED (the "Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as the "Group"), and its share of the net profit / (loss) after tax and total comprehensive income / (loss) of its associates and joint ventures for the quarter and six months ended September 30, 2020 (the "Statement") being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

2. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements ("SRE") 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India (the "ICAI"). A review of interim financial information consists of making inquiries, primarily of Parent's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

4. The Statement includes the results of the following entities listed in Annexure A.

5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Regd. Office. Indiabulls Finance Centre, Tower 3, 27th -32nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai ? 400 013, Maharashtra, India. (LLP Identification No. AAB-8737)

Deloitte Haskins & Sells LLP

6. We did not review the interim financial information of two subsidiaries included in the unaudited consolidated financial results, whose interim financial information reflect total assets of 919.16 crore as at September 30, 2020 and, total revenues of 89.62 crore and 176.59 crore for the quarter and six months ended September 30, 2020, total net profit after tax of 5.30 crore and 9.49 crore for the quarter and six months ended September 30, 2020 respectively and total comprehensive income of 2.23 crore and 5.86 crore for the quarter and six months ended September 30, 2020 respectively and net cash inflows of 20.51 crore for the six months ended September 30, 2020, as considered in the Statement. These interim financial information have been reviewed by other auditors whose reports have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.

Our conclusion on the Statement is not modified in respect of these matters.

7. The unaudited consolidated financial results also includes the Group's share of loss after tax of 0.29 crore and 0.54 crore for the quarter and six months ended September 30, 2020 and total comprehensive loss of 0.29 crore and 0.54 crore for the quarter and six months ended September 30, 2020, as considered in the Statement, in respect of an associate, based on its interim financial information which has not been reviewed by us. According to the information and explanations given to us by the Management, these interim financial information are not material to the Group.

Our Conclusion on the Statement is not modified in respect of our reliance on the interim financial information certified by the Management.

For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018)

Place: Mumbai Date: November 06, 2020

Sanjiv Pilgaonkar Partner (Membership No. 039826) (UDIN: 20039826AAAAIG4709)

Deloitte Haskins & Sells LLP

Annexure A:

Sr. No

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23

24 25 26 27 28 29 30 31

Name of the Entities: Parent: Tata Consumer Products Limited (Formerly Tata Global Beverages Ltd.) Subsidiaries:Tata Consumer Products UK Group Ltd. (Formerly Tata Global Beverages Group Ltd.) Tata Global Beverages Holdings Ltd. Tata Global Beverages Services Ltd. Tata Consumer Products GB Ltd. (Formerly Tata Global Beverages GB Ltd.) Tata Consumer Products Overseas Holdings Ltd. Tata Global Beverages Overseas Ltd. Lyons Tetley Ltd. Drassington Ltd. Teapigs Ltd. Teapigs US LLC Stansand Ltd. Stansand (Brokers) Ltd. Stansand (Africa) Ltd. Stansand (Central Africa) Ltd. Tata Global Beverages Polska sp.zo.o NourishCo Beverages Limited (Joint Venture to Subsidiary w.e.f May 17, 2020) Tata Consumer Products US Holdings Inc. (Formerly Tata Global Beverages US Holdings Inc.) Tetley USA Inc. Empirical Group LLC Tata Water LLC Good Earth Corporation. Good Earth Teas Inc. Tata Consumer Products Canada Inc. (Formerly Tata Global Beverages Canada Inc.) Tata Consumer Products Australia Pty Ltd. (Formerly Tata Global Beverages Australia Pty Ltd.) Earth Rules Pty Ltd. Tata Global Beverages Investments Ltd. Campestres Holdings Ltd. Kahutara Holdings Ltd. Suntyco Holding Ltd. Onomento Co Ltd. Coffee Trade LLC (liquidated on April 08, 2020)

Deloitte Haskins & Sells LLP

Sr. No 32 33 34 35 36 37 38 39

1 2 3 4 5

1 2 3

Name of the Entities: Tata Consumer Products Capital Ltd. (Formerly Tata Global Beverages Capital Ltd.) Tata Coffee Ltd. Tata Coffee Vietnam Company Ltd.

Consolidated Coffee Inc. Eight O'Clock Holdings Inc. Eight O'Clock Coffee Company Tata Tea Extractions Inc. Tata Tea Holdings Private Ltd. Joint Ventures:Tata Starbucks Private Ltd. Southern Tea LLC Tetley ACI (Bangladesh) Ltd. Tetley Clover (Pvt) Ltd. Joekels Tea Packers (Proprietary) Ltd. Associates:Amalgamated Plantations Pvt. Ltd. Kanan Devan Hills Plantation Co. Pvt. Ltd. TRIL Constructions Ltd.

Tata Consumer Products Limited

(Formerly Tata Global Beverages Limited)

Registered Office: 1 Bishop Lefroy Road Kolkata-700020 CIN - L15491WB1962PLC031425, Email : investor.relations@, Website : Unaudited Consolidated Financial Results for the quarter and six months ended September 30, 2020

Rs in Crores

Particulars

Revenue from Operations Other Income

Total Income

Cost of Materials Consumed Purchase of stock in trade Changes in inventories of finished goods, work in progress and stock in trade Employee Benefits Expense Finance Costs Depreciation and Amortisation Expense Advertisement and Sales charges Other Expenses

Total Expenses

Profit before Exceptional Items and Tax Exceptional Items (Net)

Profit before Tax

Tax Expense Current tax Deferred tax

Total Tax Expense (Net)

Net Profit after Tax Share of net profit/(loss) in Associates and Joint Ventures using equity method

Group Consolidated Net Profit (A)

Attributable to : Owners of the Parent Non Controlling Interest

Three months ended

Year to date ended

September 30, 2020

June 30, 2020

September 30, September 30, September 30,

2019 *

2020

2019 *

Year ended

March 31, 2020

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Audited

2781.34 26.22

2713.91 32.71

2347.07 28.03

5495.25 58.93

4739.43 61.12

9637.42 111.59

2807.56

2746.62

2375.10

5554.18

4800.55

9749.01

1208.11 518.98 (80.94) 229.73 17.87 62.57 166.38 339.50

1013.85 533.32 (46.55) 229.05 17.28 61.90 133.76 367.83

907.68 436.46 (18.14) 220.05

20.41 58.66 162.68 323.55

2221.96 1052.30 (127.49)

458.78 35.15

124.47 300.14 707.33

1786.89 846.37 57.65 433.81 39.04 116.23 293.96 655.09

3606.66 1796.24

7.78 884.80

77.86 241.71 676.72 1373.07

2462.20

2310.44

2111.35

4772.64

4229.04

8664.84

345.36 (23.90)

436.18 63.31

263.75 (1.50)

781.54 39.41

571.51 (9.56)

1084.17 (274.79)

321.46

499.49

262.25

820.95

561.95

809.38

(25.18) (61.95) (87.13)

234.33 38.85

273.18

(27.10) (83.30) (110.40)

389.09 (43.54)

345.55

(18.97) (44.63) (63.60)

198.65 9.24

207.89

(52.28) (145.25) (197.53)

623.42 (4.69)

618.73

(37.24) (128.54) (165.78)

396.17 1.81

397.98

(89.05) (185.14) (274.19)

535.19 (75.08)

460.11

257.06 16.12

327.56 17.99

193.16 14.73

584.62 34.11

366.90 31.08

459.76 0.35

Other Comprehensive Income i) Items that will not be reclassified to profit or loss

Remeasurement of the defined benefit plans Changes in fair valuation of equity instruments

Tax impact on above items

ii) Items that will be reclassified to profit or loss Exchange differences on translation of foreign operations Gains/(loss) on Effective portion of cash flow hedges

Tax impact on above items

Total Other Comprehensive Income (B)

Attributable to : Owners of the Parent Non Controlling Interest

(7.18) 1.07 (6.11) 0.72 (5.39)

29.91 30.84 60.75 (6.60) 54.15

48.76

42.21 6.55

(61.73) 1.60

(60.13) 7.14

(52.99)

(10.22) (38.27) (48.49)

8.25 (40.24)

(93.23)

(80.85) (12.38)

20.75 (4.25) 16.50 (4.78) 11.72

30.88 (24.06)

6.82 4.63 11.45

23.17

21.40 1.77

(68.91) 2.67

(66.24) 7.86

(58.38)

19.69 (7.43) 12.26 1.65 13.91

(44.47)

(38.64) (5.83)

16.89 (0.21) 16.68 (2.17) 14.51

(59.73) (1.14)

(60.87) (1.04)

(61.91)

(47.40)

(36.40) (11.00)

31.18 12.50 43.68 (3.31) 40.37

225.69 13.48

239.17 1.94

241.11

281.48

233.89 47.59

Total Comprehensive Income (A+B)

Attributable to : Owners of the Parent Non Controlling Interest

321.94

299.27 22.67

252.32

246.71 5.61

231.06

214.56 16.50

574.26

545.98 28.28

350.58

330.50 20.08

741.59

693.65 47.94

Paid-up equity share capital (Face value of Re 1 each) Reserves excluding Revaluation Reserve Earnings per share (Basic & Diluted) (not annualised for the quarter) - Rs

* Restated (Refer Note 6)

92.16 2.79

92.16 3.55

92.16 2.10

92.16 6.34

92.16 3.98

92.16 13700.84

4.99

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