 "Tata Consumer Q1 results: Profit misses estimates, tea costs hit margins")
India's Tata Consumer Products missed first-quarter profit estimates on Wednesday, hurt by elevated tea and coffee prices.
Net profit came in at Rs 334 crore ($38.7 million) for the quarter ended June, compared with analysts' average estimate of Rs 356 crore, according to data compiled by LSEG.
In the year-ago quarter, the company had incurred a one-time restructuring-related cost of Rs 17,100 crore. Excluding that, profit was unchanged on-year.
"Operating performance of branded business was impacted by tea and coffee cost inflation in India and international," said the company, which houses brands such as Tetley Tea and Tata Coffee.
Tata's tea portfolio, which makes up a significant portion of revenue, has been hit by higher prices due to adverse weather conditions and supply chain disruptions. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)