 "Tata Coffee Q1 net jumps twofold to Rs 46 crore")
Tata Coffee on Saturday reported an over two-fold jump in consolidated net profit at Rs 46 crore for the quarter ended June 30, 2016.
Its net profit stood at Rs 21 crore in the year-ago period.
"Consolidated group net profit, post non-controlling interest, is higher at Rs 46 crore compared to Rs 21 crore in the corresponding quarter of the previous year, an increase of 115 %," Tata Coffee said in a statement.
The company reported 21% an increase in its total income from operations at Rs 426 crore in the first quarter of this financial year as compared to Rs 352 crore in the corresponding quarter of the previous year.
The rise in income was "driven by improved performance of both Tata Coffee and its overseas subsidiary Eight O' Clock Coffee", it added.
Commenting on the performance, Tata Coffee MD Sanjiv Sarin said: "The results for the quarter reflects result of our sustained effort on customer centricity with focus on premium products and strong servicing across all segments."
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"Improved coffee terminals have aided this performance during the quarter, and we will of course have to carefully observe how global coffee prices perform over the next few months," he added.
Sarin said that in the current quarter, Starbucks has approved Tata Coffee's Nullore Estates Microlot coffee for sale under the Starbucks' Reserve Brand for sale in USA.
Nullore Estates Microlot is the first coffee of Indian origin to be chosen by Starbucks in this high premium segment, he added.
Sarin said the company continues to grow its Instant Coffee portfolio in a robust manner by focusing on enhanced sales in key geographies and strengthening customer relationships.
Tata Coffee is a subsidiary of Tata Global Beverages. It is Asia's largest integrated coffee company, the second largest exporter of Instant Coffee and foremost producer of Specialty Coffee in India.