Tata Global net declines 29.5%

The company had a consolidated net profit of Rs 119.5 cr the previous year

Tata Global Beverages on Friday reported a 29.5 per cent decline in its consolidated net profit to Rs 84 crore for the quarter ended December, due to a tax credit of the previous year.

The company had a consolidated net profit of Rs 119.5 crore the previous year, it said in a BSE filing. The consolidated net sales increased 2.7 per cent to Rs 2,110 crore against Rs 2,054 crore last year.

"Group's consolidated net profit at Rs 84 crore is lower mainly on account of a one-time tax credit of Rs 46 crore accounted in the corresponding quarter of the previous year," the company said in a statement.

TGBL managing director and CEO Ajoy Misra said: "We will focus on growing segments such as green tea, speciality teas, functional water and pods while continuing to strenghten our core markets and brands, based on key consumer trends".

He said, "We remain committed to sustainable growth through innovation and strengthening our brands in key markets, in the face of a challenging market environment and economic volatility in some parts of the world.”

Shares of TGBL were trading at Rs 157.80 on the BSE, down 0.35 per cent from its previous close..