April 27, 2024 02:23 (IST)
Tata Coffee registers profit of Rs. 30.31 cr in Q1
Bangalore/Kolkata, July 22 (IBNS) : Tata Coffee on Tuesday announced its results for the quarter that ended June 30 where it reported a net profit of Rs. 30.31 crores on a consolidated basis for the first quarter of 2014-15, compared with a net profit of Rs. 40.38 crores in the corresponding period last year.
The company's total income from operations is lower by 11% at Rs. 374.52 crores during the first quarter of 2014-15, against Rs. 418.46 crores during the corresponding period last year. Earnings per share stood at Rs. 16.23.
"The lower profits in this quarter primarily reflect the lesser crop available for sale in the plantations business, on account of the lower production of coffee, tea and pepper during the previous season, which had witnessed distinctly unfavourable weather conditions. However, the instant coffee business saw good volume growth, aligned to the Company’s strategy of driving significant growth of value-added products," Tata Coffee said in a statement.
The instant coffee segment reported good topline growth, with revenues standing at Rs. 86 crores for the quarter, compared to Rs. 76 crores for the corresponding period last year. This growth was driven primarily by higher sales of instant coffee to new geographies.
During the quarter, the company exported 1,836 MT of instant coffee as compared to 1,535 MT during the corresponding period last year, registering a handsome volume growth of 20%.
Commenting on the performance, Hameed Huq, Managing Director, Tata Coffee, said, “The Company’s focus on value-addition and superior offerings is producing good results, as demonstrated by the growth in sales of instant coffee. Our premium value propositions have allowed us to gradually move away from commodity price volatilities. The global instant coffee market is showing steady recovery after a slow-down in some markets. The new capacities we have put in place will help us strongly leverage such growth.”
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
Latest Headlines
India’s export of premium-quality basmati rice up 22% till Feb 2024 Sat, Apr 27 2024
Small Finance Banks can now apply to become universal banks under the on-tap licesning norms: RBI Sat, Apr 27 2024
Difference Between Demat and Trading Account Fri, Apr 26 2024
SBI Cards Q4FY24 net profit grows 11% YoY to Rs 662.37 cr Fri, Apr 26 2024
Stock market opens in green with Nifty near 22,600 Fri, Apr 26 2024
Vedanta Ltd Q4FY24 net profit drops 27% YoY to Rs 1,369 cr Thu, Apr 25 2024
Swiggy gets shareholders' nod for $ 1.2 billion IPO Thu, Apr 25 2024
HUL Q4FY24 profit drops 6% YoY to Rs 2,406 cr Thu, Apr 25 2024