Shares of Tata Coffee Ltd rose over 8 percent to a new 52-week high of Rs 107.80 on Wednesday after the company reported a 53 percent year-on-year increase in profit after tax (PAT) at Rs 24.37 crore for the December-ended quarter from Rs 15.91 crore.
During the quarter, the company's total income was Rs 184.71 crore when compared to Rs 184.09 crore in the corresponding quarter of the previous year, its stock exchange filing said.
Revenue from operations were flat at Rs 166.16 crore as against Rs 165.17 crore in the same period of the previous year.
Earnings before interest, tax, depreciation and amortisation (EBITDA) margin improved to 8.9 percent from 5.35 percent a year ago.
"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, MD.
Tata Coffee also informed that its board has approved the disposal of up to 1,60,000 equity shares of Rs 10 each held by the Company in Tata Chemicals Limited, through the secondary market.