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Tata Coffee sizzles after strong Q1 result

Capital Market 

Tata Coffee soared 16.28% to Rs 96.80 after consolidated net profit jumped 62.33% to Rs 35.94 crore on a 25.9% rise in net sales to Rs 587.83 crore in Q1 June 2020 over Q1 June 2019.

Tata Coffee said consolidated total income for the quarter ending 30 June 2020, stood at Rs 592 crore compared to Rs 472 crore posted in corresponding quarter of the previous year, an increase of 26%, driven by improved performance from the value-added businesses.

Consolidated profit before tax stood at Rs 79.06 crore in Q1 June 2020, rising 65% from Rs 47.87 crore in Q1 June 2019. Total tax expenses rose 34% year on year to Rs 17.46 crore in Q1 June 2020.

Tata Coffee said that its units in India, which had to partially suspend operations during April / May 20, due to the Government's directives relating to COVID-19, have resumed operations after due consideration of the guidelines and norms since prescribed by the Government authorities concerned.

Commenting on the performance of the company, Chacko P. Thomas, Managing Director, Tata Coffee said the company's instant coffee exports from India continue to be healthy, running to full capacities. Vietnam operations continue to grow stronger quarter-on-quarter, he added.

Tata Coffee is a subsidiary of Tata Consumer Products. It is Asia's largest integrated coffee company, the second largest exporter of instant coffee and foremost producer of specialty coffee in India.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, July 29 2020. 09:19 IST