Tata Coffee has dipped 7% to Rs 801 after reporting 52% year-on-year (y-o-y) drop in net profit at Rs 24.03 crore for the quarter ended December 31, primarily due to poor performance of one of its coffee brand - Eight O' Clock. The company had a net profit of Rs 49.73 crore in a year ago quarter. Total operational income grew 19% at Rs 415.89 crore on y-o-y basis.
The performance of the Eight ‘O’ Clock (EOC) has been impacted on account of sharp escalation of in the raw material cost, Tata Coffee said in a filing to the stock exchanges.
Total raw material cost increased by 89% to Rs 198 crore during the recently concluded quarter.
A combined 218,174 shares have changed hands on the counter so far on both the exchanges.
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