For the first quarter ended 30th June 2008, the company, not supported by any “exceptional item” this time, has posted a good performance. Despite rising operating expenses, which actually dented its OPM and EBITDA, the lower interest and depreciation outgo helped the company recoup and post a robust NPM and PAT.
Consolidated income for the quarter, on a YoY, rose 11% but operating expenses actually saw a 15%v rise. This led to EBITDA falling by 8%. OPM slipped from 17.33% to 14.32%. 24% of the operating expense was towards advertising expenses but, on a QoQ, this has come donw marginally by 8%.
The interest outgo for the quarter was down from 29.01 crore at Rs.10.90 crore and depreciation also slipped down marginally by 14%. This led to PBT rising by 6.28%. Tax outgo was up over 3 times. In Q1FY08, the company had to provide for Rs.57.04 crore under its exceptional item and this dented the PAT. And due to this factor, the PAT for Q1 seems very good vis-à-vis Q1FY08, showing a rise of 66% at Rs.75.69 crore. In Q4FY08, the company had a PAT of Rs.113 crore and this was mainly on account of Rs.161.69 crore which was a one time profit it made on sale of investments in Energy Brands Inc (EBI) and profit on transfer of North India Plantation Division.
During the quarter, consequent to the conversion of the Loan Notes held by the holding company in the Tetley Group into equity shares, the percentage holding in the Tetley Group has increased from 77.78% to 78.79%.
The share of profit / (loss) in Estate Management Services Ltd, Sri Lanka and Amalgamated Plantations Pvt Ltd, both associate companies, have not been included in the results of the quarter, as the same are not yet available.
The company holds the number one position when it comes to market share on the basis of volume which rose to 21.4% from 18.4% last year. In terms of value, Hindustan Unilever leads with a 22.9% market share as against Tata Tea’s 21.6%.
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