Shares of Tata Global Beverages rose more than 5% after the company reported a 60 per cent growth in consolidated net profit at Rs 140 crore against Rs 87 crore in the same quarter last year.
The company's income from operations marginally declined by 2.6% to Rs 1,626 crore year on year.
The quarter saw a continued focus on the global health & wellness trend and innovative product launches.
Mr. Ajoy Misra, Managing Director and CEO of Tata Global Beverages, said "The Company recorded significant profit growth last quarter, despite a challenging market environment. Our product launches leverage the health and wellness trend across geographies. Consumers are seeking enhanced beverage experiences which are also healthy choices and we are leveraging this insight across our product categories. Our joint ventures Tata Starbucks and NourishCo continue to show steady growth and we are committed to growing them further."
"The Board of Directors resolved to replace Mr. Cyrus P Mistry as Chairman of the Company, by majority vote, with 7 out of the 10 Directors present at the Board Meeting, voting in favour of the resolution, the company said in the separate release.
Shares of the company were seen trading at Rs 121.90, higher by 4.14 on BSE at 2.47 pm IST. It touched an intra-day high of Rs 125.25 during trade.