High tax outgo hurts bottomline… • Tata Global Beverages :: ICICI Securities, PDF link

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High tax outgo hurts bottomline…
• Tata Global Beverages posted disappointing Q2FY15 results on the
topline as well as earnings front. Net sales grew by a mere 3.1% to
| 1964.4 crore (I-direct estimate: | 2021.8 crore)
• Operating margins witnessed a 100 bps improvement to 9.2% on
account of lower A&P spend and softening tea prices due to strong
production in Kenya & India
• Net profit witnessed a 65% dip as the base quarter includes
exception item to the tune of | 92 crore from the sale of property.
Tax outgo this quarter was 49% mainly on account of higher
quantum of dividend received from overseas subsidiaries

LINK
http://content.icicidirect.com/mailimages/IDirect_TataGlobal_Q2FY15.pdf