Tata Tea FY09 net drops 54% to Rs 700 cr

Tata Group firm Tea Tata today posted a consolidated net profit of Rs 700.55 crore in the year ended March 31, 2009, down 54.58 per cent over the corresponding 12-month period a year ago.

The group had earned a consolidated net profit of Rs 1,542.55 crore during the year ended March 31, 2008, Tata Tea said in a filing with the Bombay Stock Exchange.

Consolidated total income increased to Rs 4,907.30 crore in the year under review from Rs 4,375.97 crore in the previous year.

For the year ended March 31, 2009, standalone profit after tax of the company declined to Rs 159.06 crore from Rs 312.86 crore in the previous year.

Standalone total income of the company rose to Rs 1,524.64 crore in the year under review from Rs 1,263.29 crore during the last fiscal.

The board of directors at its meeting held on Wednesday, recommended a dividend of Rs 17.50 per equity share of Rs 10 each, fully paid, in respect of the financial year 2008-09, it said.

The stock, which opened at Rs 825, climbed to an intra-day high of Rs 845.95 and a low of Rs 810.

Shares of the company closed at Rs 815, marginally up from the previous close on the BSE.