Nov 25, 2013 ... For 2QFY2014 Tata Global Beverages (TGBL) posted a 3.2% yoy de-growth in
bottom-line to `126cr, due to higher advertising expenses as the ...
2QFY2014 Result Update | FMCG November 25, 2013
Tata Global Beverages
NEUTRAL
Performance Highlights
CMP Target Price
Quarterly results - Consolidated (` cr) Y/E March Revenue EBITDA
Adjusted PAT
Investment Period
2QFY14
2QFY13
% yoy
1QFY14
% qoq
1,906
1,843
3.5
1,796
6.1
131
143
(8.5)
190
(31.2)
6.9
7.8
(90)bp
10.6
(371)bp
126
130
(3.2)
91
38.8
OPM (%)
`142 -
Source: Company, Angel Research
-
Stock Info Sector
FMCG
Market Cap (` cr)
8,778
Net Debt (` cr)
498
Beta
1.0
52 Week High / Low
174/122
For 2QFY2014 Tata Global Beverages (TGBL) posted a 3.2% yoy de-growth in bottom-line to `126cr, due to higher advertising expenses as the company simultaneously launched five marketing campaigns. We maintain our Neutral view on the stock.
Avg. Daily Volume
369,977
Key highlights: For 2QFY2014 TGBL posted a muted 4% yoy growth in its topline to `1,906cr aided largely by Indian operations. Overall, the top-line growth was impacted due to the restructuring of Canadian operations from distributor based to direct sales model. The tea business posted a top-line growth of 4%, while the coffee business remained flat yoy. The OPM fell by 90bp yoy to 6.9%, impacted primarily by higher advertisement expenses. The Adjusted PAT fell by 3.2% yoy to `126cr. However, the reported PAT rose by 51% yoy to `180cr due to net exceptional gains of `92cr. Exceptional items included `192cr of profit on sale of property in Bangalore, investment related loss of `21cr, cost related to business restructuring of `41cr, `11cr of inventory write off, `11cr of post retirement benefit obligation, and product development and brand amortization costs amounting to `16cr.
Reuters Code
TGBL.BO
Bloomberg Code
TGBL@IN
Outlook and valuation: Over FY2013-15, we expect the company to post a CAGR of 9.5% and 14.9% in its top-line and bottom-line, respectively. At the current market price, the stock is trading at 16.6x FY2015E earnings. We maintain our Neutral view on the stock.
Face Value (`)
1
BSE Sensex
20,217
Nifty
5,995
Shareholding Pattern (%) Promoters
35.1
MF / Banks / Indian Fls
16.8
FII / NRIs / OCBs
22.3
Indian Public / Others
25.8
Abs. (%) Sensex TGBL
3m
1yr
10.4
9.2
(2.7) (11.3)
3yr 1.3 18.6
Key Financials (Consolidated) Y/E March (` cr)
FY2012
FY2013
FY2014E
FY2015E
6,585
7,270
7,852
8,716
% chg
10.1
10.4
8.0
11.0
Net Profit
333
402
466
530
% chg
36.0
20.7
15.9
13.9
EBITDA (%)
8.8
9.5
10.4
10.5
EPS (`)
5.4
6.5
7.5
8.6
P/E (x)
26.4
21.9
18.9
16.6
P/BV (x)
1.9
1.8
1.7
1.6
RoE (%)
7.9
7.8
10.8
9.6
RoCE (%)
7.1
8.1
9.4
10.2
EV/Sales (x)
1.3
1.2
1.1
0.9
14.6
12.9
10.3
9.0
Net Sales
EV/EBITDA (x)
V Srinivasan 022-39357800
[email protected]
Source: Company, Angel Research: Note: CMP as on November 22, 2013
Please refer to important disclosures at the end of this report
1
TGBL | 2QFY2014 Result Update
Exhibit 1: Quarterly performance (Consolidated) Y/E March (` cr) Net Sales
2QFY14
2QFY13
% chg (yoy)
1QFY14
% chg (qoq)
1HFY2014
1HFY2013
% chg
1,906
1,843
3.5
1,796
6.1
3,702
3,557
4.1
0.7
1.6
Consumption of RM
944
937
(% of Sales)
49.5
50.8
Staff Costs
201
177
(% of Sales)
10.5
9.6
Other Expenses
631
586
(% of Sales)
13.5
887
6.4
1,831
1,802
49.4
0.2
49.4
50.7
187
7.5
387
353
10.4
1.3
10.5
9.9
7.7
532
18.6
1,164
1,093
9.8 6.5
33.1
31.8
29.6
11.7
31.4
30.7
Total Expenditure
1,776
1,700
4.5
1,606
10.5
3,382
3,248
4.1
Operating Profit
130.6
142.8
(8.5)
189.8
(31.2)
320
309
3.6
OPM
6.9
7.8
(90)bp
10.6
(371)bp
8.7
8.7
(4)bp
18.1
11.0
65.4
20.4
(11.0)
39
32
19.8
Depreciation & Amortisation
31
25
25.3
29
9.1
60
50
20.4
Other Income
60
52
13.7
36
67.0
95
85
11.5
Recurring PBT
141
159
(11.6)
176
(20.2)
317
313
1.4
113.7
(16.6)
57.2
197
17.9
431
296
11.0
11.1
11.6
8.3
61
17.6
134
70
31.0
31.1
23.7
Interest
Extraordinary Income/(Expense)
92
(11)
PBT after Extra-ordinary items
233
148
(% of Sales)
12.2
8.0
72
20
31.0
13.5
(15.4)
20.7
15.0
(0.4)
35.2
4.1
11.7
(9.3)
(5.2)
5.2
Adjusted PAT
126
130
217
212
PATM
180
119
112
292
196
7
7
5
6
6
62
62
62
62
62
Provision for Taxation (% of PBT) Minority Interest Profit/( Loss) from Associates
Equity shares (cr) EPS (`)
21
260.9
(3.2)
91
38.8
45.5 90.9
2.2
Source: Company, Angel Research
Exhibit 2: 2QFY2014 Actual vs Angel estimates (` cr)
Actual
Angel Est
Revenue
1,906
1,937
(1.6)
OPM (%)
6.9
9.3
(245)bp
126
120
5.1
PAT
% Diff
Source: Company, Angel Research
November 25, 2013
2
TGBL | 2QFY2014 Result Update
Moderate operational performance TGBL posted a 3.5% yoy improvement in its consolidated net sales to `1,906cr, aided by a 4.3% yoy growth in top-line of the tea business. The coffee business posted a flat performance on the top-line front. South Asia operations: The domestic tea business (South Asia operations) posted a top-line growth of 18%, aided by both volume and value growth. Various consumer promotion activities were undertaken to drive sales growth. In India (which accounts for the majority of the South Asian operations), the company launched the “Power of 49” marketing campaign to empower women (constituting 49% of total electorate) and highlight the role they can play in elections. Australia: The profitability of Australian operations remains robust. Tetleys new pyramid range has been successfully launched and sales are off to a promising start. USA: Eight o’ Clock coffee was re-launched with a new pack design, new blends and new marketing campaign. The partnership with Keurig continues to result in healthy distribution gain. Operating profits have increased significantly for the US coffee business. Canada: The restructuring of Canadian sales and distribution operations has been completed. Overall operations in the country, which were affected due to the restructuring activity, are expected to pick up going ahead. Europe, Middle East and Africa: The market for black tea (80% market share) continued to decline in the UK. However, market for other variants such as green tea, Red bush tea, decafinated tea continued to grow. Sales during the quarter were also affected due to the hot summer in the UK. Tea pigs, a super premium tea brand, posted a significant growth in sales during the quarter. France witnessed significant improvement in top-line and margins. Business in other countries like Portugal, Spain, Poland and Czech republic too posted recovery. Tetley tea was launched in the Middle East during the quarter.
Non-branded Business: Tata Coffee’s (TGBL’s subsidiary) plantations recorded a good quarter. Kannan Devan tea plantation and Assam plantation too posted significant profit increases, aided by higher crop, productivity, and better tea prices. Tata Coffee commissioned a new instant coffee facility in Theni.
Other businesses The Water business posted a significant improvement during the quarter. 500ml pet bottles of Tata Water Plus were launched in Tamil Nadu and Andhra Pradesh. The Himalayan water business too continued to grow with gains in Delhi and noncore markets. Tata Starbucks continues to receive good reception from customers. The total number of outlets has increased to 27. The first outlet in Pune was inaugurated during the quarter. TGBL entered into an agreement with Tata Realty and Infrastructure for developing its property in Bangalore.
November 25, 2013
3
TGBL | 2QFY2014 Result Update
Exhibit 3: Top-line performance 2,400
20.0 18.0
2,000
16.0 14.0 10.0
(%)
1,906
1,796
1,811
1,902
1,715
400
1,793
800
1,612
1,200
1,843
1,724
12.0
1,456
(` cr)
1,600
8.0 6.0 4.0 2.0
-
0.0 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 Top-line (LHS) yoy growth (RHS)
Source: Company, Angel Research
OPM at 6.9% The company’s OPM fell by 90bp yoy to 6.9%, impacted primarily by higher advertisement expenses as the company simultaneously launched five marketing campaigns during the quarter. While the tea business posted a 12.3% yoy growth in its profits, the coffee business posted a 28.6% yoy de-growth in profits. The Adjusted PAT fell by 3.2% yoy to `126cr. However, the reported PAT rose by 51% yoy to `180cr due to net exceptional gains of `92cr. Exceptional items included `192cr of profit on sale of property in Bangalore, investment related loss of `21cr, cost related to business restructuring of `41cr, `11cr of inventory write off, `11cr of post retirement benefit obligation, and product development and brand amortization costs amounting to `16cr.
Exhibit 4: Segmental performance Y/E March (` cr)
2QFY14
2QFY13
%chg yoy
1QFY14
%chg qoq
1HFY14
1HFY13
% chg
1,370
1,314
4.3
1,317
4.0
2,688
2,545
5.6
540
535
0.9
469
15.2
1008
1006
0.3
23
15
52.8
28
(14.7)
51
40
28.8
3
0
-
0
-
0
0
20.0
1,936
1,865
3.8
1,814
6.8
3,747
3,590
4.4
122
108
12.3
144
(15.5)
268
242
10.6
Coffee and Other Produce
60
84
(28.6)
84
(28.4)
111
140
(20.6)
Others
(6)
(9)
-
(13)
-
(19)
(16)
-
176
184
(4.4)
215
(18.5)
360
366
(1.6)
8.9
8.3
10.0
9.5
Sales Tea Coffee and Other Produce Others Unallocated Net Income from operations EBIT Tea
Total EBIT (%) Tea Coffee and Other Produce Others
November 25, 2013
10.9
11.1
15.8
17.9
11.0
13.9
(27.2)
(58.4)
(46.5)
(37.6)
(41.5)
4
TGBL | 2QFY2014 Result Update
Exhibit 5: OPM performance 12 10
(%)
8
9.6 7.3
6
10
10
9.9
10.2 10.6
7.8 6.9
6.6
4 2 0 1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
Source: Company, Angel Research
Investment rationale
Growth opportunity: TGBL holds a strong growth potential with increasing consumption of healthy beverages in India and globally. Acquisitions and strategic partnerships with global beverage giants like PepsiCo and Starbucks offer a huge market potential for TGBL, as it can develop and market products in local as well as global markets. The TGBL – Starbucks JV recently inaugurated the first store of Starbucks Coffee – Tata Alliance in Mumbai. The JV plans to scale up its operations quickly going ahead. Through its JV with Pepsico, TGBL has also entered the water business. It has launched two brands - Tata Gluco Plus and Tata Water Plus - in select cities in India. The initial response to the water brands has been encouraging with Tata Water Plus becoming the largest selling bottled water company in Chennai.
Focus on branded products to lead to healthy margins: TGBL has shifted its focus from plantation activities to branded beverages. In the long run this is expected to lead to rationalization in TGBL’s operating cost structure, thus leading to healthy operating margins for it. While TGBL’s focus on volume growth remains intact, selective price increases and stable ad spends will further aid in margin improvement.
Outlook and valuation Over FY2013-15, we expect the company to post a CAGR of 9.5% and 14.9% in its top-line and bottom-line, respectively. At the current market price, the stock is trading at 16.6x FY2015E earnings. We maintain our Neutral view on the stock.
November 25, 2013
5
TGBL | 2QFY2014 Result Update
Exhibit 6: One-year forward PE
Nov-13
Aug-13
May-13
Feb-13
Nov-12
Aug-12
May-12
Feb-12
Nov-11
Aug-11
May-11
Feb-11
Nov-10
Aug-10
May-10
Feb-10
Nov-09
Aug-09
Feb-09
May-09
Nov-08
50.0 45.0 40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 -
Source: Bloomberg, Angel Research; Note: Blue line represents 5-yr average
Exhibit 7: Peer valuation Company
Reco
Mcap
CMP
TP
(` cr)
(`)
(`)
Upside
P/E (x)
EV/Sales (x)
RoE (%)
CAGR #
(%)
FY14E
FY15E
FY14E
FY15E
FY14E
FY15E
Sales
EPS
Asian Paints
Neutral
48,747
508
-
-
38.5
32.4
3.8
3.2
35.1
32.6
15.6
16.2
Britannia
Accum.
10,462
875
945
8
27.7
23.2
1.5
1.3
48.8
41.9
14.8
40.4
Colgate
Neutral
16,992
1,250
-
-
32.6
27.9
4.6
3.9
96.2
92.5
15.7
10.7
Dabur
Neutral
28,047
161
-
-
30.2
25.8
3.9
3.4
39.1
36.5
15.4
19.1
GCPL
Neutral
29,278
860
-
-
35.5
28.6
3.9
3.3
24.1
24.6
19.3
19.6
GSKCHL*
Neutral
18,612
4,426
-
-
36.6
30.6
4.7
3.9
34.0
33.3
17.6
19.7
HUL
Neutral
123,684
572
-
-
34.4
31.3
4.2
3.7
111.7
88.2
12.6
11.4
ITC
Neutral
243,612
308
-
-
28.0
24.1
6.4
5.4
36.1
34.9
14.3
16.8
Marico
Neutral
13,304
206
-
-
28.2
23.0
2.7
2.3
21.5
21.7
10.3
26.1
Nestle*
Neutral
52,718
5,468
-
-
44.6
36.6
5.6
4.7
56.1
50.3
14.4
14.3
TGBL
Neutral
8,778
142
-
-
18.9
16.6
1.1
0.9
10.8
9.6
9.5
14.9
#
Source: Company, Angel Research; Note: Denotes CAGR over FY2013-15E, *December Year Ending.
Company background TGBL has a strong portfolio of global and regional brands such as Tata Tea, Tetley, Eight O’Clock Coffee, Good Earth, Jemca, Grand Vitax and Himalayan. During the past decade, TGBL has made acquisitions in various countries in the tea, coffee, water and other beverages categories. Tea constitutes more than 70% of the company’s total turnover, coffee accounts for ~26%, and the rest is accounted by other activities. About 65% of the company’s sales are from outside India, ie from countries such as the US, UK, Czech Republic and Poland.
November 25, 2013
6
TGBL | 2QFY2014 Result Update
Profit & Loss Statement (Consolidated) Y/E March (` cr) Total operating income % chg
FY10
FY11
5,783
5,982
FY12
FY13
FY14E
FY15E
6,585 7,270
7,852
8,716
19.3
3.4
10.4
8.0
11.0
Total Expenditure
5,269
5,395
6,009 6,582
7,035
7,801
Cost of Materials
2,310
2,928
3,323 3,567
3,808
4,227
Advertising Exp
1,317
1,013
1,100 1,221
1,335
1,221
611
615
675
740
785
872
Others
1,031
840
911 1,054
1,107
1,481
EBITDA
514
587
576
688
817
915
(17.7)
14.4
(1.9)
19.4
18.7
12.1
8.9
9.8
8.8
9.5
10.4
10.5
103
99
96
105
113
125
Personnel
% chg (% of Net Sales) Depreciation& Amortisation EBIT
10.1
411
488
480
583
704
790
(21.9)
18.8
(1.6)
21.4
20.7
12.2
7.1
8.2
7.3
8.0
9.0
9.1
Interest & other Charges
149
121
70
84
97
90
Other Income
379
118
140
167
127
130
(% of PBT)
59.2
24.3
25.5
25.0
17.3
15.7
-
-
-
-
-
-
Recurring PBT
641
485
550
666
734
830
% chg
20.7
(24.3)
13.5
21.0
10.3
13.1
8
10
23
(28)
92
-
PBT (reported)
649
494
573
638
826
830
Tax
248
202
142
164
202
228
(% of PBT)
38.6
41.7
25.7
24.6
27.5
27.5
PAT (Adjusted)
393
283
409
502
532
602
33
20
(15)
(28)
10
15
% chg (% of Net Sales)
Share in profit of Associates
Prior Period & Extr.( Exp.)/Inc
Add: Share of earnings of asso. Less: Minority interest (MI) Adj. PAT after MI (reported) % chg Reported PAT
36
58
61
72
77
87
390
245
333
402
466
530
-
(37)
36
21
16
14
399
254
355
373
558
530
(% of Net Sales)
6.9
4.3
5.4
5.1
7.1
6.1
Basic EPS (`)
6.3
4.0
5.4
6.5
7.5
8.6
Fully Diluted EPS (`)
6.3
4.0
5.4
6.5
7.5
8.6
% chg
0.0
(37.4)
35.7
20.7
15.9
13.9
Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with previous year numbers
November 25, 2013
7
TGBL | 2QFY2014 Result Update
Balance Sheet (Consolidated) Y/E March (` cr)
FY10
FY11
FY12
FY13
FY14E
FY15E
SOURCES OF FUNDS Equity Share Capital
62
62
62
62
62
62
Preference Capital
-
-
-
-
-
-
Reserves& Surplus
3,662
3,895
4,504
4,748
5,126
5,499
Shareholders’ Funds
3,723
3,957
4,566
4,810
5,187
5,561
Minority Interest
1,057
1,108
1,066
814
814
814
Total Loans
1,797
1,041
916
1,325
1,225
1,125
75
64
66
54
66
66
88
174
174
174
174
Deferred Tax Liability Long term Provisions Other long term liablities Total Liabilities
164
156
156
156
156
6,652
6,423
6,943
7,333
7,622
7,895
APPLICATION OF FUNDS Gross Block
1,470
1,538
1,731
1,867
2,050
2,276
Less: Acc. Depreciation
752
842
956
1,031
1,144
1,269
Net Block
718
697
775
836
906
1,007
47
44
49
91
51
57
2,929
3,062
3,469
3,598
3,598
3,598
519
591
600
578
745
772
91
86
86
86
86
Capital Work-in-Progress Goodwill Investments Long term loans and adv. Current Assets
3,998
3,280
3,300
3,605
3,818
4,070
Cash
1,904
997
736
698
899
924
653
717
820
876
915
915
Other
1,441
1,565
1,744
2,031
2,004
2,231
Current liabilities
1,560
1,342
1,336
1,461
1,582
1,695
Net Current Assets
2,438
1,938
1,964
2,144
2,236
2,375
-
-
-
-
-
-
6,652
6,423
6,943
7,333
7,622
7,895
Loans & Advances
Mis. Exp. not written off Total Assets
Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with previous year numbers
November 25, 2013
8
TGBL | 2QFY2014 Result Update
Cash Flow Statement (Consolidated) Y/E March (` cr)
FY10
FY11
FY12
FY13
FY14E
FY15E
Profit before tax
641
485
550
666
734
830
Depreciation
103
99
96
105
113
125
Change in Working Capital
42
(284)
(69)
(236)
14
(226)
Interest / Dividend (Net)
91
45
2
(4)
48
38
Direct taxes paid Others
248
202
142
164
202
228
(326)
(125)
(232)
(39)
(38)
(38)
Cash Flow from Operations
303
18
205
328
669
501
(Inc.)/ Dec. in Fixed Assets
(89)
(85)
(198)
(178)
(144)
(231)
(Inc.)/ Dec. in Investments
1,472
5
(10)
22
(167)
(27)
Cash Flow from Investing
1,384
(81)
(208)
(155)
(311)
(258)
-
(63)
0.1
(0)
-
-
Issue of Equity Inc./(Dec.) in loans
(634)
(591)
(134)
410
(100)
(100)
Dividend Paid (Incl. Tax)
146
145
123
119
119
119
Interest / Dividend (Net)
91
45
2
(4)
48
38
(871)
(845)
(259)
295
(267)
(257)
815
(907)
(261)
468
91
(14)
Opening Cash balances
1,089
1,904
997
736
698
899
Closing Cash balances
1,904
997
736
698
899
924
Cash Flow from Financing Inc./(Dec.) in Cash
Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with previous year numbers
November 25, 2013
9
TGBL | 2QFY2014 Result Update
Key Ratios Y/E March
FY10
FY11
FY12
FY13
FY14E
FY15E
P/E (on FDEPS)
22.4
35.8
26.4
21.9
18.9
16.6
P/CEPS
17.4
24.8
19.4
18.3
13.1
13.4
P/BV
2.4
2.2
1.9
1.8
1.7
1.6
Dividend yield (%)
1.4
1.4
1.5
1.5
1.5
1.5
EV/Sales
1.4
1.4
1.3
1.2
1.1
0.9
15.8
14.1
14.6
12.9
10.3
9.0
1.2
1.3
1.2
1.2
1.1
1.1
EPS (Basic)
6.3
4.0
5.4
6.5
7.5
8.6
EPS (fully diluted)
6.3
4.0
5.4
6.5
7.5
8.6
Cash EPS
8.1
5.7
7.3
7.7
10.8
10.6
DPS
2.0
2.0
2.1
2.2
2.2
2.2
59.6
63.4
73.1
77.1
83.2
89.2
6.2
7.7
7.1
8.1
9.4
10.2
Valuation Ratio (x)
EV/EBITDA EV / Total Assets Per Share Data (`)
Book Value Returns (%) RoCE Angel ROIC (Pre-tax)
-
-
-
-
-
-
10.8
6.5
7.9
7.8
10.8
9.6
Asset Turnover (Gross Block)
4.1
4.0
3.9
4.0
3.9
3.9
Inventory / Sales (days)
53
61
62
64
63
58
Receivables (days)
31
33
34
34
35
35
Payables (days)
83
74
59
55
55
55
WC cycle (ex-cash) (days)
76
45
60
67
65
58
RoE Turnover ratios (x)
Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with previous year numbers
November 25, 2013
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TGBL | 2QFY2014 Result Update
Research Team Tel: 022 - 39357800
E-mail:
[email protected]
Website: www.angelbroking.com
DISCLAIMER This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. Angel Broking Pvt. Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals. The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Pvt. Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly. Angel Broking Pvt. Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past. Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information. Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may have investment positions in the stocks recommended in this report.
Disclosure of Interest Statement
Tata Global Beverages
1. Analyst ownership of the stock
No
2. Angel and its Group companies ownership of the stock
No
3. Angel and its Group companies' Directors ownership of the stock
No
4. Broking relationship with company covered
No
Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors
Ratings (Returns):
November 25, 2013
Buy (> 15%) Reduce (-5% to -15%)
Accumulate (5% to 15%) Sell (< -15%)
Neutral (-5 to 5%)
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