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Tata Global Beverages sizzles after good Q1 outcome

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Tata Global Beverages was up 3.17% to Rs 260.25 at 9:29 IST on the BSE after consolidated net profit rose 7.82% to Rs 125.33 crore on 5.27% rise in total income to Rs 1927.66 crore in Q1 June 2019 over Q1 June 2018.

The result was announced after market hours yesterday, 31 July 2019.

Meanwhile, the S&P BSE Sensex was down by 173.42 points or 0.46% to 37,307.83.

On the BSE, 47000 shares were traded in the counter so far compared with average daily volumes of 97000 shares in the past two weeks. The stock had hit a high of Rs 261.30 and a low of Rs 250.20 so far during the day. The stock hit a 52-week high of Rs 277.50 on 27 June 2019 and a 52-week low of Rs 177.50 on 11 February 2019.

Tata Global Beverages said that while profits of international and non-branded businesses were higher, profits in India were lower due to higher commodity costs and increased spends behind brands and lower exceptional items.

The company's board of directors in its meeting held on 31 July 2019 approved entering into binding agreements to acquire the branded tea business of Dhunseri Tea & Industries. The Dhunseri branded tea business currently has the brands Lalghoda and Kalaghoda which are among the leading local brands in Rajasthan, a market dominated by local players. This move is in line with Tata Global Beverages' ambition to grow its branded tea business in India.

Ajoy Misra, Managing Director and CEO of Tata Global Beverages said the company clocked steady revenue and profit growth in Q1 June 2019 and the India business recorded continued value and volume growth.

Tata Global Beverages is a global beverage business with presence in over 40 countries. The company has significant interests in tea, coffee and water and is second largest player in branded tea in the world.

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

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First Published: Thu, August 01 2019. 09:31 IST