Tata Global Beverages Ltd on Tuesday reported a 24.76 per cent increase in consolidated net profit at Rs 135.85 crore in the third quarter ended December, aided by higher sales and lower tax rate.
The company had posted a consolidated net profit of Rs 108.89 crore in the year-ago period, Tata Global Beverages Ltd (TGBL) said in a regulatory filing.
Revenue from operations in the third quarter stood at Rs 1,961.9 crore as compared with Rs 1,912.58 crore in the corresponding period last fiscal, it added.
"Group consolidated net profit is higher by 25 per cent as compared to corresponding quarter of the previous year aided by lower tax rate and improvement in the performance of associates and joint ventures," the filing said.
The company said its revenue growth was driven by improvement in branded and non-branded business.
Commenting on the performance, TGBL Managing Director and CEO Ajoy Misra said, "The company recorded steady revenue growth despite challenging macroeconomic conditions in India and some key international markets."
He further said, "Our new launches in India are geared towards unlocking white space opportunities through greater localisation. In international markets, we have launched products aimed at revitalising the black tea category."
The company's focus on health and wellness continues and will further strengthen innovation agenda while investing behind core brands, Misra added.
The India branded tea business clocked a growth of 7 per cent in volume and 6 per cent in value terms during the quarter, TGBL said.
The joint venture business of Tata Starbucks clocked a 27 per cent growth in revenue during the quarter, opening 28 new stores. It now has 174 stores spread across 11 cities in India, it added.
The company also launched new products in the UK and US markets aimed at revitalising black tea market, while in Canada it recorded volume growth in branded tea, it said.