Tata Tea net down 8% to Rs 15.5 crore

Tata Tea's net profit declined 8.2 per cent to Rs 15.57 crore for the third quarter ended December 31, 2003 as compared with Rs 16.97 crore in the corresponding quarter of previous year. Income from operations increased 6.55 per cent at Rs 203.95 crore (Rs 191.41 crore).

Interest costs went up by 9 per cent at Rs 2.78 crore (Rs 2.55 crore). Tata Tea attributed the increase in its income from operations to its branded tea sales that registered an 8 per cent volume growth during the quarter.

For the nine month period of 2003-04, net profit increased 8.58 per cent to Rs 72.86 crore (Rs 67.1 crore). Income from operations increased 4.13 per cent to Rs 590.68 crore (Rs 567.22 crore).

Tata Tea's 98.58 per cent subsidiary, The Tetley Group, reported income from operations of pound 170.96 million for the first nine months of its financial year 2003-04 against pound 196.08 million reported for the corresponding period of the preceding year.

The profit before tax for the nine month ended November 29, 2003 stood at pound 17.92 million against pound 16.38 million in the corresponding period last year.

The consolidated income from operations for the Tata Tea group, including its subsidiaries and associate companies was Rs 2138.99 crore, 4 per cent lower than the turnover of the corresponding period of the preceding year. The group's consolidated profits were Rs 143 crore for the first nine months of the current year, an increase of 20 per cent over the same period of the preceding year.