Tata Coffee has reported a 62 percent fall in its consolidated net profit to Rs 22.40 crore in the quarter ended March.
According to a PTI report: The company had clocked Rs 59.80 crore net profit in the year-ago quarter, Tata Coffee said in a BSE filing.
However, its total income in the quarter under review rose by 10 percent to Rs 448.53 crore compared to Rs 407.64 crore in the same period of 2016-17, it said.
During January-March of 2018, the company’s expenses increased 36 percent to Rs 427.18 crore from Rs 314.17 crore, it added.
In a separate filing, the company said that Board of Directors have approved the re-appointment of Chacko Purackal Thomas as Executive Director and Deputy CEO of the company for a period of 3 years.
“Based on the recommendation of the nomination and remuneration committee, the Board of Directors approved the re-appointment of Chacko Purackal Thomas as Executive Director & Deputy CEO of the company for a period of 3 years with effect from August 4, 2018,” the company was quoted by PTI as saying.
Tata Coffee is a subsidiary of Tata Global Beverages. It is Asia’s largest integrated coffee company, the second largest exporter of instant coffee, and major producer of speciality coffee in India.