TGBL announces steady growth in revenues
Posted on Jan 29 2014 | IBNS
Mumbai, Jan 29 : Tata Global Beverages Ltd. on Wednesday announced its results for the quarter that ended Dec 31, 2013, where it reported steady growth in revenues and a significant increase in Group Net Profit.
For the quarter, income from operations at Rs. 2081 crores increased by 9 percent year-on-year, reflecting good performance in some key markets coupled with favourable foreign exchange translation impact.
Group Consolidated Net Profit was reported to be 49 percent higher than the same period in the previous year. The increase mainly reflecting the impact of lower tax liability, as well as improved performance of some key countries and associate companies, the company said in a statement.
During the quarter, the holding company's overseas subsidiaries sold their stake in a U.S. based functional beverage company. The consideration for this sale is largely contingent on future performance and restructuring of the business, it said.
Harish Bhat, Managing Director and CEO of Tata Global Beverages, said, "This has been an exciting quarter for us at Tata Global Beverages. We have relaunched some of our key tea and coffee brands with new products and powerful marketing programs during the quarter, which have entailed significant marketing investments."
"In a few global markets, we have also faced and responded appropriately to some challenging marketplace conditions, particularly on account of commodity price trends in coffee and significant competitor activity. In our newest category, water, we continue to witness very good growth of our offerings such as Himalayan and Tata Water Plus, through Nourishco, our joint venture with Pepsico," he said.