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Despite a marginal decline in its sales revenue, Tata Coffee Ltd saw its net profit rise more than three-fold during the September quarter this fiscal on increase in other income, mainly dividend from its overseas subsidiary.
The company reported a net profit of ₹32.40 crore on income of ₹190.37 crore for the quarter ended September 2016 against a net of ₹10.26 crore on revenue of ₹191.86 crore in the corresponding period last year.
Operational profits were up 82 per cent at ₹24 crore during the quarter on improved operational performance.
The instant coffee business reported a modest growth in topline sales on volume growth, while the plantation segment saw a 7 per cent drop in sales on account of lower plantation products available for sale.
On a consolidated basis, Tata Coffee reported a 61 per cent increase in net profit at ₹44.65 crore for the September quarter against ₹27.58 crore in the corresponding last quarter.
Consolidated revenues fell to ₹371.77 crore from ₹402.43 crore in the corresponding last quarter.
“Improved coffee terminals have aided this performance during the quarter and we will, of course, have to carefully observe global coffee prices and Indian crop over the next few months," said Sanjiv Sarin, Managing Director, Tata Coffee, said in a statement.
The company’s scrip closed 3.41 per cent lower at ₹141.65 on the BSE on Thursday.
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