Tata Coffee today posted a 29.93 per cent drop in consolidated net profit at Rs 44.91 crore in the first quarter ended June on lower income.
The company had reported a net profit of Rs 64.10 crore in the same quarter of last fiscal, it said in a BSE filing.
The fall in net profit was because of poor income even expenses were maintained lower in the said period.
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Net income on a consolidated basis declined to Rs 372.13 crore in the April-June quarter of this fiscal from Rs 429.57 crore in the year-ago period.
Expenses were at Rs 309.49 crore in the quarter under review as against Rs 336.17 crore.
Tata Coffee said the revenue from the Eight O'Clock Coffee Company -- which is held through its overseas subsidiary -- remained lower at USD 28.8 million in the first quarter of this year as compared to USD 32.9 million.
The company also informed that it has infused Rs 38.77 crore in Vietnam-based subsidiary after it received the board's nod for setting up of a state-of-the-art greenfield Freeze Dried Instant Coffee facility.
The company's scrip fell by 2.99 per cent to settle at Rs 132.80 on BSE.
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