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Bengaluru-based Tata Coffee on Saturday announced a 51.4 per cent decline in its consolidated net profit at Rs 18.3 crore for the third quarter ended December 2014.
In the corresponding quarter of the last financial year (2013-14), it had reported a profit of Rs 37.66 crore.
The decline in profits is mainly on account of lower plantation output caused by adverse weather and biennial nature of the crops, the company said in a statement.
Its total income for the third quarter witnessed a modest rise of 8.9 per cent at Rs 427 crore as against Rs 392 crore reported in the year-ago quarter. Its operating profit for the period also went up 10.7 per cent to Rs 57.44 crore compared to Rs 51.89 crore in the same quarter last year.
During the quarter, Consolidated Coffee Inc recorded a total income of $42 million compared to $37 million for the corresponding quarter of the previous year, driven largely by higher volumes.
In the corresponding quarter of the last financial year (2013-14), it had reported a profit of Rs 37.66 crore.
The decline in profits is mainly on account of lower plantation output caused by adverse weather and biennial nature of the crops, the company said in a statement.
Its total income for the third quarter witnessed a modest rise of 8.9 per cent at Rs 427 crore as against Rs 392 crore reported in the year-ago quarter. Its operating profit for the period also went up 10.7 per cent to Rs 57.44 crore compared to Rs 51.89 crore in the same quarter last year.
During the quarter, Consolidated Coffee Inc recorded a total income of $42 million compared to $37 million for the corresponding quarter of the previous year, driven largely by higher volumes.
Tata Coffee is also in the process of subdividing its equity share capital from the face value of Rs 10 each per share to Re 1 per share. The consent of the shareholders has been obtained through postal ballot and the record date for this purpose has been fixed as January 27, 2015, the company statement added.
The company is engaged in plantations and valued added coffee production. Its plantation business includes cultivation, manufacture and sale of coffee and other plantation crops. Value added products includes production and sale of roasted and ground and instant coffee products.
The income from value added products segment for the quarter has shown an increase compared to corresponding quarter of previous year, driven by higher volumes, the company said.
The company's stock closed 1.80% higher at Rs 102.25 per share at the close of trading on Friday on BSE.
