Tata Global Beverages Q3 net down 11% at Rs 64 cr

Tata Global Beverages today said its consolidated net profit declined by 10.94% to Rs 64.06 crore for the third quarter ended December 31, 2011, primarily due to increase in exceptional expenditure.

The company had posted a net profit of Rs 71.93 crore for the corresponding period of previous fiscal, Tata Global Beverages said in a filing to the Bombay Stock Exchange (BSE).

Net sales of the company stood at Rs 1,793.20 crore for the third quarter, up 11.9% from Rs 1,602.42 crore in the same period previous fiscal.

Exceptional items for the quarter represents redundancy costs incurred in relation to business restructure of Rs 2.11 crore and cost incurred on long term initiatives and new projects of Rs 13.92 crore, the company said.

"During the quarter, the company cemented its volume and value leadership position in India and recorded volume increases across all India based brands, with high-profile marketing activity for Tata Tea Premium yielding positive results," it added.

On a standalone basis, the company's profit after tax rose by 23.9% to Rs 58.42 crore for the third quarter. as against Rs 47.15 crore in the same period previous fiscal.

Shares of Tata Global Beverages today closed at Rs 95.35 on the BSE, up 2.14% from its previous close.