Tata Global Beverages, formerly known as Tata Tea, today posted an over four-fold jump in its net profit to Rs 164.49 crore for the quarter ended June 30, 2011 as against the same period last fiscal.
The company, which had a net profit of Rs 36.15 crore, witnessed the multi-fold jump in its net profit on the back of sale of its non-core business during the quarter.
During the quarter, the firm's net sales stood at Rs 510.94 crore, an increase by 13.28% from Rs 451.01 crore in the corresponding quarter last fiscal.
"Profit after tax at Rs 164.49 crore crore is higher as compared to the corresponding quarter of the previous fiscal due to the impact of exceptional items and better operational performance," Tata Global Beverages said in a filing to the Bombay Stock Exchanges (BSE).
During the quarter, the company posted Rs 109.60 crore as income from exceptional items as against no income in the year-ago period.
"Exceptional items represents profit arising out of sale of non-core investments aggregating to Rs 137.21 crore net of provisions of future payment under contractual obligation of Rs 17.67 crore, estimated loss on discard of assets Rs 4.23 crore provisions for settlement of claims of Rs 5.71 crore," the firm said.
Shares of Tata Global Beverages closed at Rs 106.70 on the BSE, up 3.84% from previous close.