Tata Coffee up over 5% on doubling of net profit
New Delhi: Shares of Tata Coffee Ltd on Wednesday gained 5.5% to trade at ₹104.55 apiece on the BSE, following strong third quarter earnings.
The company’s consolidated net profit for the quarter ended December nearly doubled year-on-year to ₹24.9 crore . Consolidated total income in Q3 stood at Rs506 crores compared with Rs470 crore in the year-ago quarter.
Aided by cost efficiencies, Tata Coffee’s income and profit increased while its company’s instant coffee volumes remained robust.
“Our instant coffee exports from India continue to be strong, running to full capacities. We have seen good performances across geographies. On plantations, improvement in prices and operating efficiencies have resulted in better profits. The newly established state-of-art plant in Vietnam has also registered robust sales in the third quarter, sequentially increasing production and sales. The Company has a robust sales order pipeline,” said Chacko P. Thomas, Managing Director, Tata Coffee Ltd.
Separately, the board of directors of Tata Coffee Ltd on Tuesday approved the sale of up to 1.6 lakh shares held by the company in Tata Chemicals through secondary market.
At 13.10 pm, shares of Tata Global Beverages Ltd, parent of Tata Coffee, traded 1.4% higher at ₹386.40 apiece.
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