The Hindu Business Line : Tata Tea posts 38.35 pc increase in Q4 net profit

TATA Tea Ltd (TTL) today reported 38.35 per cent rise in profit after tax for the quarter ended March 2005 (Rs 25.83 crore from the previous corresponding Rs 18.67 crore). Income from operations increased 11.85 per cent to Rs 220.41 crore (Rs 197.05 crore).

At the operational level TTL continued to show a loss for Q4, albeit 61.94 per cent lower at Rs 2.82 crore (Rs 7.41 crore). It was a change in accounting standards that made the resultant charge to profit-and-loss account higher by Rs 4.59 crore in the quarter. Given income from investments (net)/ other income of Rs 28.95 crore, TTL posted a Q4 PBT of Rs 26.13 crore (Rs 24.41 crore).

For 2004-2005, TTL posted a 40.85 per cent gain in PAT to Rs 128.92 crore (Rs 91.53 crore) on a 14.98 per cent growth in income from operations to Rs 899.63 crore (Rs 782.42 crore). The board has recommended a dividend of 100 per cent (85 per cent).

Mr P.T. Singanporia, MD, Tata Tea

At a press briefing addressed by Mr P. Siganporia, Managing Director, Mr L.K. Krishnakumar, Senior Vice-President (Finance), and Mr Peter Unsworth, Managing Director (Supply & Support), Tetley Group, the improved results were attributed to improved realisations, cost reduction, lower interest costs and the 14 per cent volume growth for TTL in the Indian market.

At the consolidated level (including Tetley), TTL posted a FY05 group net profit of Rs 215.47 crore (Rs 196.43 crore) on income from operations of Rs 3,059.13 crore (Rs 2,921.14 crore). There was an exceptional expenditure of Rs 42 crore stemming from the refinancing of Tetley's original borrowings incurred during its leveraged buyout. Its relevant portions included Rs 32 crore in unamortised refinance cost written off in the fiscal and close to Rs 13 crore as organisational restructuring cost.

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