 "Tata Global Beverages gains on robust Q2 profit")
Tata Global Beverages rallied 7% to Rs 125 on BSE in early morning trade after the company reported 60% year on year (YoY) growth in consolidated net profit at Rs 140 crore for the second quarter ended September 30, 2016 (Q2FY17). The company had profit of Rs 87 crore in the same quarter last year.
Income from operations however declined 2.6% YoY at Rs 1,626 crore.
Tata Group Company engaged in tea & coffee business attributed strong growth in net profit due to improved operating performance and better performance by Joint Ventures and Associated Companies.
For the quarter, profit from operations at Rs 162 crore was higher by 47 % than the corresponding quarter of the previous year mainly due to lower commodity costs and lower spends on new initiatives, it added.
While the underlying business saw volume growth, this was offset by price reductions and adverse impact of currency translation, the company said.
At 09:37 am, the stock was up 4% at Rs 122 on BSE, against 0.59% rise in the S&P BSE Sensex. A combined 1.4 million shares changed hands on the counter on BSE and NSE so far.
Income from operations however declined 2.6% YoY at Rs 1,626 crore.
Tata Group Company engaged in tea & coffee business attributed strong growth in net profit due to improved operating performance and better performance by Joint Ventures and Associated Companies.
For the quarter, profit from operations at Rs 162 crore was higher by 47 % than the corresponding quarter of the previous year mainly due to lower commodity costs and lower spends on new initiatives, it added.
While the underlying business saw volume growth, this was offset by price reductions and adverse impact of currency translation, the company said.
At 09:37 am, the stock was up 4% at Rs 122 on BSE, against 0.59% rise in the S&P BSE Sensex. A combined 1.4 million shares changed hands on the counter on BSE and NSE so far.