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High instant coffee sales and strengthening of dollar lifted Tata Coffee consolidated profits up 20.78 per cent to Rs 25.98 crore for the third-quarter ended December 31.
The revenue for Q3 was flat at Rs 418.09 crore. Segment-wise revenue was — coffee and other produce Rs 395.91 crore, tea Rs 16.10 crore, estate supplies division Rs 7.55 crore, others Rs 0.91 crore and un-allocated income Rs 0.08 crore.
Earnings per share (EPS) for the quarter stood at Rs 13.92 compared with Rs 11.51 recorded in same period last year.
The company said it is providing special retirement benefits in respect of retired directors on the basis of contractual obligations. “In the current quarter, the company has provided for such benefits, both for its continuing and retired whole-time directors on the basis of AS-15 –employee benefits,” company note to exchanges said.
“Due to this revised policy, the incremental liability of Rs 9.02 crore is charged as an exceptional item in the current quarter and profit of the current quarter is lower by an equivalent amount,” the note added.
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