Tea and coffee major Tata Global Beverages Ltd (TGBL) on Tuesday reported a 60 per cent jump in its consolidated net profit to Rs 140 crore in the quarter ended September 30, as compared to Rs 87.21 crore in the year-ago period.
For the quarter, income from operations at Rs 1,626 crore was down by 3 per cent as compared to Rs 1,669 crore in the corresponding period of the previous year.
“While the underlying business saw volume growth, this was offset by price reductions and adverse impact of currency translation,” the company 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. Our joint ventures Tata Starbucks and NourishCo continue to show steady growth,” said company’s Managing Director and CEO Ajoy Misra.
Profit from operations at Rs 162 crore in the quarter under review was higher by 47 per cent over the year-ago period mainly due to lower commodity costs and lower spends on new initiatives.