Tata Global Beverages, part of the Tata group, on Wednesday said its profit before tax for the quarter ended September 30 stood at Rs 191.55 crore — 1.4 per cent growth over the year-ago period. The company's net profit stood at Rs 152.47 crore, a decline of 17 per cent on a year-on-year (y-o-y) basis and lower than analyst expectation of around Rs 170 crore.
The Tata Group company said its revenue from operations was driven by an improvement in branded and non-branded business both in India and globally. “The India business recorded continued value and volume growth. Our flagship brands in India recorded good growth and we will continue to focus on white-space opportunities in the Indian market,” said Ajoy Misra, managing director and CEO of Tata Global Beverages.
In the September quarter, the Bengaluru-headquartered company’s revenue stood at Rs 1,834.06 crore, 4 per cent higher than year-ago period.
For the quarter, the India tea business clocked growth of 8 per cent both in volume and value terms. The total revenue from Tata Coffee and Vietnam unit recorded 18 per cent growth, due to commencement of sales from Vietnam and higher sales in the instant coffee division. Tata Starbucks clocked a 26 per cent growth in revenue for the quarter. It now has 163 stores spread across 10 cities in India.