Tata Global Beverages income grows 18pc
Mumbai, July 23
Tata Global Beverages Ltd., a global beverage business and the world's second largest tea company, announced its results for the quarter ended June 30, 2012 Monday evening.
It reported significant increase both in turnover and operating profits.
The Company's Consolidated total operating income for the quarter at Rs. 1725 crores was 18pc higher than the corresponding quarter of the previous year reflecting improved performance in most major markets coupled with favourable foreign exchange translation impact.
Profit from ordinary activities after finance cost but before exceptional items at Rs 153 crores is 55pc higher than the corresponding quarter of the previous year reflecting the improved operating performance.
Profit from ordinary activities before tax at Rs 148 crores and profit after tax at Rs 99 crores are lower than the corresponding period of the previous year primarily due to the impact of exceptional income.
In the stand alone Tata Global Beverages Limited results, the total operating Income for the quarter at Rs 570 crores increased by 10pc over the corresponding quarter of the previous year driven by higher volumes and better price realizations.
Profit from operations at Rs 76 crores is higher by 31pc than the corresponding quarter of the previous year driven by improved performance in the branded tea operations.
The Profit before Tax at Rs 80 crores and the Profit after Tax at Rs 56 crores are lower than the corresponding quarter of the previous year primarily due to the impact of exceptional income.
Harish Bhat, Managing Director and CEO of Tata Global Beverages Ltd., said: "Our operating results for the first quarter of this financial year represent significant progress over the same quarter of the previous year.
"We have seen good volume growth and performance in key global markets including the United Kingdom and India, notwithstanding selective price increases which were implemented in response to higher commodity costs."
"Our focus on category expansion and innovative new beverage products such as Tata Water Plus and Tetley Chai Latte will continue to drive our Company's growth," he said.