Tata Tea Q1 net flat at Rs 22.45 cr

BS 200 SCORECARD

Tata Tea has reported an marginal increase in net profit to Rs 22.45 crore for the first quarter ended June 30, 2004 as compared with Rs 22.33 crore in the first quarter of last year.

Income from operations increased 14 per cent to Rs 205.75 crore (Rs 181.22 crore). The rise in income was due to growth in branded tea volumes which increased by 15 per cent year-on-year. The profit before tax from operations was higher by 55 per cent to Rs 28.04 crore.

The current quarter's investment income is, however, lower as the preceding year's first quarter included dividend income which is expected during the current year's second quarter, the company said in a media statement.

Expenditure on consumption of raw materials has increased during the quarter due to increased utilisation of auction bought teas in brands pursuant to lower production in the company's plantations divisions during the period because of adverse weather conditions.

Consumption of raw materials increased to Rs 51.38 crore (Rs 34.05) in the first quarter of FY 04-05. The company's consolidated worldwide turnover for the first quarter was Rs 707 crore, a increase of 4 per cent as compared with Rs 679 crore in the June quarter last year.

Profit after tax increased by 5 per cent to Rs 56.03 crore as compared to Rs 53.57 crore in the first quarter of FY 03-04. Profit before tax increased 7 per cent to Rs 82.61 crore during the period under review.