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Tata Global Beverages today reported 76.64% increase in its consolidated net profit for the fourth quarter ended March 31, 2013 at Rs 95.76 crore on the back of robust performance in both tea and coffee segments.
The company had posted a net profit of Rs 54.21 crore in the same period during the previous fiscal, Tata Global Beverages said in a filing to the BSE.
Total income from operations stood at Rs 1,849.5 crore as compared to Rs 1,738.62 crore in the year-ago period, it added.
The tea segment posted a revenue of Rs 1,366.56 crore, up from Rs 1,278.19 crore in the same quarter of previous fiscal. Coffee and other produce had sales of Rs 459.52 crore in the period under review as compared to Rs 434.38 crore in the fourth quarter previous fiscal, it said.
"Both the tea and coffee segments have done well for us during the quarter and also the full year. In the tea segment, India has done exceedingly well while we also had good performance in markets like US and Australia," Tata Global Beverages CFO L Krishnakumar told PTI.
Besides, cost efficiency measure undertaken by the company had also helped in better bottomline, he added.
For the fiscal 2012-13, the company's consolidated net profit stood at Rs 372.75 crore as against Rs 356.14 crore in the previous fiscal.
Net income from operations during FY13 stood at Rs 7,350.98 crore as against Rs 6,640.04 crore in the previous fiscal, the company said.
Krishnakumar said in the coffee segment, Tata Global Beverages' joint venture with Starbucks Coffee Co is on track to open the stated 50 outlets of the US coffee chain in India within the first year. Tata Starbucks now has 13 stores in India across Mumbai and Delhi.
He, however, declined to share revenues from the JV citing confidentiality clause.
The company said its Board of Directors have recommended a dividend of Rs 2.15 per equity share of Re 1 each, fully paid, for the financial year 2012-13.
Shares of Tata Global Beverages were trading at Rs 147.20 per scrip, during the afternoon trade, up 2.54% from the previous close on the BSE.
