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Thursday, Jan 22, 2004

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Tata Coffee net, sales rise in Q3

Our Bureau

Bangalore Jan. 21

TATA Coffee Ltd has reported an increase of 26 per cent in net profit and 11 per cent in sales for the quarter ended December 2003 compared with corresponding period last year.

The company reported a net profit of Rs 4.31 crore on revenues of Rs 53.67 crore for the quarter as against a net profit of Rs 3.41 crore on sales of Rs 48.37 crore in corresponding period last year.

The higher realisation achieved in the current period is due to better efficiencies, improved treasury performance and cost reduction measures, the company said in a press release.

The company has proactively undertaken various restructuring initiatives over the past two years, the positive effects of which are now impacting its financials, the release said.

The company also continued its thrust on increasing sales of value added products.

Tata Coffee, Asia's largest coffee plantation company, has been able to maintain its profitability levels in the face of depressed industry sentiment because of its presence in both the commodity and the branded segments together with a substantial presence in the export of instant coffee. In this direction, the company has finalised an arrangement to acquire an instant coffee production facility situated in Tamil Nadu.

Going forward, Tata Coffee will continue to emphasise on increasing cost efficiencies along with higher sales of value added coffee.

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