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Tata Coffee Surges 16% On Reporting 77% Increase In Q1 Net Profit

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On Wednesday, shares of Tata Coffee gained as much as 16.2 percent to Rs 96.8 apiece on BSE after the company reported a 77 percent year-on-year jump in net profit at Rs 61.6 crore for the June-ended quarter. In the same period a year ago, its net profit was Rs 35 crore.

Tata Coffee Surges 16% On Reporting 77% Increase In Q1 Net Profit
 

"Consolidated total income for the quarter higher at Rs 592 crore compared to Rs 472 crore for the corresponding quarter of the previous year, an increase of 26 percent, driven by improved performance from the value-added businesses," said Tata Coffee in a regulatory filing on Tuesday.

Its standalone total income for the April-June period was 12 percent lower mainly on account of lower sales of instant coffee due to COVID-19 related supply chain disruptions.

Tata Coffee is a subsidiary of Tata Consumer Products Limited, formerly known as, Tata Global Beverages Limited.

"Our Instant Coffee exports from India continue to be healthy, running to full capacities. We have seen stable performances across key geographies. Our Vietnam operations continue to grow stronger quarter-on-quarter. Our Green Bean sales during the quarter were at its highest ever. We see slowness in demand especially in out of home consumption due to the pandemic situation though we expect the situation to improve over time," said the company's managing director Chacko P. Thomas in a statement.

Read more about: tata coffee
Story first published: Wednesday, July 29, 2020, 10:06 [IST]
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