Tata Tea Ltd today posted a 44.28 per cent drop in consolidated net profit for the year ended March 31 at Rs 390.30 crore as against Rs 700.55 crore a year earlier. Net sales increased 19.28 per cent to Rs 5,782.95 crore as against Rs 4,847.87 crore last year.
The company attributed the growth in net sales to strong branded performance, aided by improved price realisation in key markets. This helped it to partially offset the rise in commodity costs, it said.
The company’s earnings per share were down to Rs 63.11 from Rs 113.28 last year.
On a standalone basis, the company’s results were better, with net profit growing over two times to Rs 391.47 crore as against Rs 159.06 crore last year. Net sales increased 24.71 per cent to Rs 1,697.92 crore from Rs 1,361.53 crore.
The board of directors of Tata Tea recommended a dividend of Rs 20 per share for 2009-10.
Tata Tea stocks today closed at Rs 1,055.90, down by Rs 17.85, or 1.66 per cent, on the Bombay Stock Exchange. It hit an intraday high of Rs 1,070 and low of Rs 1,039.
