Deloitte - Tata Consumer Products

Deloitte Haskins & Sells LLP

Chartered Accountants lndiabulls Finance Centre Tower 3, 27"'-32"" Floor Senapati Bapat Marg Elphinstone Road (West) Mumbai - 400 013 Maharashtra, India

Tel: +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 GLOBAL BEVERAGES LIMITED

1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of TATA GLOBAL BEVERAGES LIMITED (the "Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as the "Group"), and its share

of the net profit I (loss) after tax and total comprehensive income 1 (loss) of its

associates and joint ventures for the quarter and nine months ended December 31, 2019 (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 becom e 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

Regd . Offi ce: lndiabulls Finance Centre, Tower 3, 27'h - 32"' Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai- 400 01 3, Maharasht ra, India. (LLP Identification No. AAB-8737)

Deloitte Haskins & Sells LLP

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.

6 . We did not review the interim financial information of two subsid iaries included in the unaudited consolidated financial results, whose interim financial information reflect total revenues of Rs 67.76 crore and Rs 154.97 crore for the quarter and nine

months ended December 31, 2019 respectively, total net profit I (loss) after tax of

Rs 0.29 crore and Rs. (1.13) crore for the quarter and nine months ended December

31, 2019 respectively and total comprehensive income I (loss) of Rs 3 .52 crore and

Rs (3.36) crore for the quarter and nine months ended December 31, 2019 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 th e 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 includes the Group's share of loss after tax of Rs 0 .02 crore and Rs 0.96 crore for the quarter and nine months ended December 31, 2019 respectively and total comprehensive loss of Rs 0.02 crore and Rs 0.96 crore for the quarter and nine months ended December 31, 2019 respectively, as considered in the Statement, in respect of an associate based on its interim financial information which have 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. 117366WIW-100018)

Place: Mumbai Date : February 04, 2020

Sanjiv V. Pilgaonkar

Partner (Membership No. 039826)

UDIN: 2 0 o 3Cli S' 2 6 ll tlAAil X '1~.2.2..

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 32 33 34 35

Name of the Entities: Parent: Tata Global Beverages Limited Subsidiaries:Tata Global Beverages Group Ltd. Tata Global Beverages Holdings Ltd. Tata Global Beverages Services Ltd. Tata Global Beverages GB Ltd. Tata Global Beverages 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 Tata Global Beverages Czech Republic a.s. Tata Global Beverages US Holdings Inc. Tetley USA Inc. Empirical Group LLC Tata Water LLC Good Earth Corporation . Good Earth Teas Inc. Tata Global Beverages Canada Inc. 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 Tata Global Beverages Capital Ltd Tata Coffee Ltd. Tata Coffee Vietnam Company Ltd.

Consolidated Coffee Inc.

Deloitte Haskins & Sells LLP

Sr. No 36 37 38 39

1 2 3 4 5 6

1 2 3

Name of the Entities: Eight O'Clock Holdings I nc. Eight O'Clock Coffee Com pa ny Tata Tea Extractions Inc. Tata Tea Holdi ngs Pr iva t e Ltd. Joint Ventures:NourishCo Bev erages Ltd. Tata Starbucks Private Lt d. Southern Tea LLC Tetley ACI ( Bang ladesh) Ltd . Tetl ey Clover ( Pvt) Ltd . Joekels Tea Packers (Proprietary) Ltd . Associates:Amalgamated Plantations Pvt. Ltd. Kanan Devan Hills Plantation Co. Pvt. Ltd. TRIL Constru ctio ns Ltd.

l.

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TATA

Tata Global Beverages Limited

Registered orra : 1 Bishop Lefroy Road Kokilta-700020

a N - l15491WB1962PLC03142.5, Email: investor.relations@, Website :

Unaudited Consolidated Financial Results for the quarter and nine months ended December 31, 2019

Rs in Crores

Particulars

Revenue from Operations Other Income

Total Income

Cost of Materials Consumed Purchase of stock in trade Changes in inventories of fi nished goods, work in progress and stock in trade Employee Benefits Expense Finance Costs Depreciation and Amortisation Expen se 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 profitj(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

December September December

31, 2019

30,2019

31, 2018

Unaudited Unaudited Unaudited

1961.90

18 34.06

19 12.58

25.95

25.29

22 .59

Year to Date ended

December 31, 2019

December 31, 2018

Unaudited Unaudited

Year Ended March 31,

2019

Audited

5693.09 81.77

5476.04 121.90

7251.50 157.13

1987.85

18 5 9.3 5

1935 . 17

5774.86

5597.94

7408.63

895.89 176.43 (16.02) 208.95

19.22 49.15 171.92 285.11

857.27 174.62 (21.63) 199.00

20.07 46.82 136.69 2 53 .46

8 61.77 148.69 46.47 205.14

12.9 5 29.6 2 155.23 299.06

2585.64 515.18 23.01 610.05 57.53 141.97 416.97 803.17

248 1. 13 538.24

15 .93 6 03 .29

36.99 89 .59 417.93 807.88

3294.18 727.87 ( 14.41) 806.30 52.47 122.57 547.52 1104 .13

1790.65

1666. 30

1758.93

5153.52

4990.98

6640.63

197.20 (0.84)

193.05 (1.50 )

176.24

621.34 (10.40}

606.96 (24.90)

7 68.00 (33 .29)

196.36

191.55

176.24

610.94

58 2.0 6

734.71

(54.96} (0.93}

(55.89)

140.47 {4.62)

135.85

(32.17) ( 16.15) (48.32)

143.23 9.24

152.47

(42.79) (12. 13) (54.92)

121.32 (12.43) 108.89

(159.91} (18.22}

(178.13)

432.81 (2.81}

430.00

( 177.61) (24.44) (202.05)

380.Ql 40 .98

4 20 .99

(256.03) (4.85)

(260.88)

473.83 ( 16.85) 456.98

120.59 15.26

137.74 14.73

99.32 9.57

383.66 46.34

385.29 35.70

4 08 .19 48.79

Other Comprehensive Income i} I tems that wdl not be reclasslfie:J to profit or loss

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

Tax impact on above items

;;} Items tttat w;/1 be reclassifie:J to profit or loss Exchange differences on translation of fcreign operations Gains/(loss) on effective portion of cash How hedges

Tax impact on above items

Total Other Comprehensive Income (B)

(69.38} 6.63

(62.75} 12.07 (50.68}

264.36 51.73

316.09 (12.46} 303.63

252.95

20 .75 (4.25) 16.50 (4.78 11.72

30.88 (24.06)

6.82 4.63 11.45

23 .17

( 19.19) 4.15

( 15.04) 6.00 (9.04)

(288 .8 1) 13 .85

(274 .96) (6 .83)

( 2 8 1. 79}

(290. 83)

(52.49} 6.42

( 4 6 .0 7 } 9.90

(36.17}

204.63 50.59

255.22 (13.50) 241.72

205.55

33.61 5. 10

38.71 (4.04} 34.67

(21.1 1) (7.13)

(28.24) 0.55

(27.69)

6 .98

86.47 (5.20) 81.27 ( 13.27) 68.00

17.04 ( 12.06)

4.98 0.88 5.86

73.86

Attributa ble to : Owners of the Paren t Non Control ling I nterest

Total Comprehensive Income (A+B}

Attributable to : Owners of the Parent Non Controlling Interest

204.58 48.37

388.80

325.17 63.63

21.40 1.77

175.64

159 .14 16 .50

(248.06 ) (42.77)

(181.94)

( 148 .74) (33.20)

168.18 37.37

635.55

551.84 83.71

10.90 (3 .92)

4 27. 97

396. 19 31.78

70.58 3 .28

530 .84

478.77 52 .07

Paid?up equity share capital (Face value of Re 1 each) Reserves excluding Revaluation Reserve Earn ings per share (Basic & Diluted) (not annualised for the quarter and year to date}? Rs

63.11 1.91

63. 11 2.18

63.11 1.57

63.11 6.08

63 .11 6.10

63 .11 7246.72

6.47

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