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Unaudited Financial Results for the Quarter and Nine months ended 31^st December, 2013

PART I: Statement of Unaudited Financial Results for the Quarter and Nine months ended 31st December, 2013

		STANDALONE
(Rs. in Crores)
Particulars		3 months ended 31.12.2013	Corresponding 3 months ended 31.12.2012	Preceding 3 months ended 30.09.2013	9 Months ended 31.12.2013	9 Months ended 31.12.2012	Twelve Months ended 31.03.2013
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
GROSS INCOME		12718.24	11237.60	11541.21	35261.65	31406.52	43044.21
GROSS SALES / INCOME FROM OPERATIONS		12223.44	10824.67	11208.28	34158.56	30505.07	41809.82
EXCISE DUTIES		3600.33	3197.60	3432.49	10421.14	9079.79	12204.24
INCOME FROM OPERATIONS
a) NET SALES / INCOME FROM OPERATIONS (Net of Excise Duty)	(1)	8623.11	7627.07	7775.79	23737.42	21425.28	29605.58
b) OTHER OPERATING INCOME	(2)	103.74	83.63	86.74	262.66	218.21	295.69
TOTAL INCOME FROM OPERATIONS (Net) (1+2)	(3)	8726.85	7710.70	7862.53	24000.08	21643.49	29901.27
EXPENSES
a) Cost of materials consumed		2796.67	2374.58	2570.45	7555.39	6521.69	8936.21
b) Purchases of stock-in-trade		603.22	646.52	541.50	2010.09	2507.46	3375.92
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade		39.49	56.00	(133.57)	(278.76)	(511.62)	(246.35)
d) Employee benefits expense		400.82	346.02	369.87	1197.56	1043.04	1387.01
e) Depreciation and amortisation expense		225.92	205.22	220.87	662.09	588.87	795.56
f) Other expenses		1602.35	1429.32	1338.44	4264.35	4160.25	5820.97
TOTAL EXPENSES	(4)	5668.47	5057.66	4907.56	15410.72	14309.69	20069.32
PROFIT FROM OPERATIONS BEFORE OTHER INCOME AND FINANCE COSTS (3-4)	(5)	3058.38	2653.04	2954.97	8589.36	7333.80	9831.95
OTHER INCOME	(6)	391.06	329.30	246.19	840.43	683.24	938.70
PROFIT FROM ORDINARY ACTIVITIES BEFORE FINANCE COSTS (5+6)	(7)	3449.44	2982.34	3201.16	9429.79	8017.04	10770.65
FINANCE COSTS	(8)	9.14	25.15	(32.67)	(6.58)	62.20	86.47
PROFIT FROM ORDINARY ACTIVITIES BEFORE TAX (7-8)	(9)	3440.30	2957.19	3233.83	9436.37	7954.84	10684.18
TAX EXPENSE	(10)	1054.96	905.34	1003.30	2929.17	2464.43	3265.79
NET PROFIT FOR THE PERIOD (9-10)	(11)	2385.34	2051.85	2230.53	6507.20	5490.41	7418.39
PAID UP EQUITY SHARE CAPITAL	(12)	793.55	787.83	792.00	793.55	787.83	790.18
(Ordinary shares of Rs. 1/- each)
RESERVES EXCLUDING REVALUATION RESERVES	(13)						21444.92
EARNINGS PER SHARE (of Rs. 1/- each) (not annualised):	(14)
(a) Basic (Rs.)		3.01	2.61	2.82	8.22	7.00	9.45
(b) Diluted (Rs.)		2.97	2.57	2.78	8.11	6.91	9.33

PART II: Select information for the Quarter and Nine Months ended 31st December, 2013

Particulars	3 months ended 31.12.2013	Corresponding 3Â months ended 31.12.2012	Preceding 3 months ended 30.09.2013	9 Months ended 31.12.2013	9 Months ended 31.12.2012	Twelve Months ended 31.03.2013
A. Particulars of Shareholding
1. PUBLIC SHAREHOLDING
- NUMBER OF SHARES	7913252114	7854708537	7896890178	7913252114	7854708537	7878339017
- PERCENTAGE OF SHAREHOLDING	99.72	99.70	99.71	99.72	99.70	99.70
2. PROMOTERS AND PROMOTER GROUP SHAREHOLDING	Nil	Nil	Nil	Nil	Nil	Nil
a) Pledged / Encumbered	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.
b) Non - encumbered	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.

B. Investor Complaints	3 months ended 31.12.2013
Pending at the beginning of the quarter	Nil
Received during the quarter	Nil
Disposed off during the quarter	Nil
Remaining unresolved at the end of the quarter	Nil

Notes :

(i)	The Unaudited Financial Results and Segment Results were reviewed by the Audit Committee and approved at the meeting of the Board of Directors of the Company held on 17th January, 2014.

(ii)	Figures for the previous periods are re-classified / re-arranged / re-grouped, wherever necessary, to correspond with the current period's classification / disclosure.

(iii)	The Company does not have any Exceptional or Extraordinary item to report for the above periods.

(iv)	Gross Income comprises Gross Sales / Income from Operations, Other Operating Income and Other Income.

(v)	The launch and rollout costs of the Company's brands 'Fiama', 'Vivel', 'Superia' and 'Engage' covering the range of personal care products of soaps, face washes, shower gels, shampoos, conditioners, skin care and deodorants, and the continuing significant brand building costs of the Foods businesses are reflected under 'Other expenses' stated above and in Segment Results under 'FMCG-Others'.

(vi)	During the quarter, 1,55,16,940 Ordinary Shares of Rs. 1/- each were issued and allotted under the Company's Employee Stock Option Schemes. Consequently, the issued and paid-up Share Capital of the Company as on 31st December, 2013 stands increased to Rs. 793,54,95,840/-.

(vii)	For the quarter ended 30.09.2013 and nine months ended 31.12.2013, Other Expenses and Finance Costs are net of liability for earlier years towards Rates and Taxes and Interest thereon of Rs. 157.91 Crores and Rs. 34.77 Crores respectively that are no longer required and therefore written back consequent to a favourable High Court Order.

(viii)	The Hon'ble High Court at Calcutta by Order dated 8th January, 2014, has directed the Company to seek approval of its shareholders to the Scheme of Arrangement between Wimco Ltd. and the Company, as approved by the Board of Directors on 28th August, 2013. The Scheme has not been given effect to in these Results pending necessary approvals.

(ix)	This statement is as per Clause 41 of the Listing Agreement.



Limited Review

The Limited Review, as required under Clause 41 of the Listing Agreement has been completed and the related Report forwarded to the Stock Exchanges. This Report does not have any impact on the above 'Results and Notes' for the Quarter ended 31st December, 2013 which needs to be explained.

Unaudited Segment-wise Revenue, Results and Capital Employed for the Quarter and Nine Months ended 31st December, 2013

		STANDALONE
(Rs. in Crores)
		3 months ended 31.12.2013	Corresponding 3 months ended 31.12.2012	Preceding 3 months ended 30.09.2013	9 Months ended 31.12.2013	9 Months ended 31.12.2012	Twelve Months ended 31.03.2013
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
1.	Segment Revenue
	a) FMCG - Cigarettes - Gross	7663.98	6808.49	7103.10	21647.13	19288.47	25987.20
	- Net	4116.07	3657.36	3723.81	11377.27	10346.75	13969.98
	FMCG - Others - Gross	2083.32	1789.47	1968.04	5801.45	4969.12	7012.38
	- Net	2077.82	1782.70	1962.22	5784.70	4946.55	6982.75
	Total FMCG - Gross	9747.30	8597.96	9071.14	27448.58	24257.59	32999.58
	- Net	6193.89	5440.06	5686.03	17161.97	15293.30	20952.73
	b) Hotels - Gross	315.47	309.47	246.99	812.33	758.84	1074.39
	- Net	315.44	309.46	246.97	812.27	758.77	1074.22
	c) Agri Business - Gross	1786.37	1630.97	1772.46	5747.81	5346.27	7200.73
	- Net	1786.37	1630.97	1772.46	5747.81	5346.27	7200.73
	d) Paperboards, Paper & Packaging - Gross	1335.59	1129.62	1253.11	3824.62	3379.44	4504.37
	- Net	1257.43	1061.55	1178.74	3599.31	3179.25	4236.75
	Total - Gross	13184.73	11668.02	12343.70	37833.34	33742.14	45779.07
	- Net	9553.13	8442.04	8884.20	27321.36	24577.59	33464.43
	Less : Inter-segment revenue - Gross	961.29	843.35	1135.42	3674.78	3237.07	3969.25
	- Net	930.02	814.97	1108.41	3583.94	3152.31	3858.85
	Gross sales / Income from operations	12223.44	10824.67	11208.28	34158.56	30505.07	41809.82
	Net sales / Income from operations	8623.11	7627.07	7775.79	23737.42	21425.28	29605.58
2.	Segment Results
	a) FMCG - Cigarettes	2652.64	2233.54	2411.70	7306.06	6213.52	8325.94
	- Liability no longer required written back (Note 1)	-	-	157.91	157.91	-	-
	FMCG - Cigarettes	2652.64	2233.54	2569.61	7463.97	6213.52	8325.94
	FMCG - Others	10.35	(23.98)	(12.69)	(21.27)	(93.13)	(81.26)
	Total FMCG	2662.99	2209.56	2556.92	7442.70	6120.39	8244.68
	b) Hotels	62.20	55.49	8.72	79.86	97.02	137.65
	c) Agri Business	205.40	172.63	284.59	689.30	603.74	731.28
	d) Paperboards, Paper & Packaging	231.69	228.58	220.76	704.05	775.82	963.95
	Total	3162.28	2666.26	3070.99	8915.91	7596.97	10077.56
	Less : i) Finance Costs	9.14	25.15	2.10	28.19	62.20	86.47
	Liability no longer required written back (Note 1)	-	-	(34.77)	(34.77)	-	-
	Finance Costs	9.14	25.15	(32.67)	(6.58)	62.20	86.47
	ii) Other un-allocable (income) net of un-allocable expenditure	(287.16)	(316.08)	(130.17)	(513.88)	(420.07)	(693.09)
	Profit Before Tax	3440.30	2957.19	3233.83	9436.37	7954.84	10684.18
	Tax Expense	1054.96	905.34	1003.30	2929.17	2464.43	3265.79
	Profit After Tax	2385.34	2051.85	2230.53	6507.20	5490.41	7418.39
3.	Capital Employed
	a) FMCG - Cigarettes *	5218.16	4525.03	4663.61	5218.16	4525.03	4953.40
	FMCG - Others	3167.37	2358.33	3162.40	3167.37	2358.33	2531.89
	Total FMCG	8385.53	6883.36	7826.01	8385.53	6883.36	7485.29
	b) Hotels	3576.27	3415.54	3513.82	3576.27	3415.54	3459.90
	c) Agri Business	1793.39	1476.35	1119.90	1793.39	1476.35	1256.56
	d) Paperboards, Paper & Packaging	5184.26	4719.18	5068.80	5184.26	4719.18	4958.27
	Total Segment Capital Employed	18939.45	16494.43	17528.53	18939.45	16494.43	17160.02
* Segment Liabilities of FMCG-Cigarettes is before considering Rs. 662.92 Crores (31.12.2012 - Rs. 810.68 Crores; 30.09.2013 - Rs. 657.75 Crores) in respect of disputed Taxes, the recovery of which has been stayed or where States' appeals are pending before Courts. These have been included under 'Unallocated Corporate Liabilities'. Note 1: Liability for earlier years towards Rates and Taxes and Interest thereon of Rs. 157.91 Crores and Rs. 34.77 Crores respectively have been written back as no longer required, based on a favourable High Court Order; Segment Results of FMCG - Cigarettes and Finance Costs for the quarter ended 30.09.2013 and nine months ended 31.12.2013 include the effect of such write back.

Notes:
(1)	The Company's corporate strategy aims at creating multiple drivers of growth anchored on its core competencies. The Company is currently focused on four business groups : FMCG, Hotels, Paperboards, Paper & Packaging and Agri Business. The Company's organisational structure and governance processes are designed to support effective management of multiple businesses while retaining focus on each one of them.
(2)	The business groups comprise the following :
	FMCG	: Cigarettes	-	Cigarettes, Cigars and Smoking Mixtures.
		: Others	-	Branded Packaged Foods Businesses (Bakery and Confectionery Foods; Snack Foods; Staples, Spices and Ready to Eat Foods); Apparel; Education and Stationery Products; Personal Care Products; Safety Matches and Agarbattis.
	Hotels		-	Hoteliering.
	Paperboards, Paper & Packaging		-	Paperboards, Paper including Specialty Paper & Packaging including Flexibles.
	Agri Business		-	Agri commodities such as soya, spices, coffee and leaf tobacco.
(3)	Segment results of 'FMCG : Others' are after considering significant business development, brand building and gestation costs of Branded Packaged Foods businesses and Personal Care Products business.
(4)	The Company's Agri Business markets agri commodities in the export and domestic markets; supplies agri raw materials to the Branded Packaged Foods Businesses and sources leaf tobacco for the Cigarettes Business. The segment results for the quarter and nine months are after absorbing costs relating to the strategic e-Choupal initiative.
(5)	Figures for the corresponding previous periods are re-arranged, wherever necessary, to conform to the figures of the current period.

Registered Office :
Virginia House, 37 J.L. Nehru Road,
Kolkata 700 071, India
Dated : 17th January, 2014
Place : Kolkata, India

For and on behalf of the Board


Executive Director	Chairman

Click here for Commentary on Performance

Quarterly Results

Unaudited Financial Results for the Quarter and Nine months ended 31st December, 2013

PART I: Statement of Unaudited Financial Results for the Quarter and Nine months ended 31st December, 2013

PART II: Select information for the Quarter and Nine Months ended 31st December, 2013

Unaudited Segment-wise Revenue, Results and Capital Employed for the Quarter and Nine Months ended 31st December, 2013

Unaudited Financial Results for the Quarter and Nine months ended 31^st December, 2013