Tata Coffee has rallied 4% to Rs 985, also its all-time high, on reporting a robost performance during the recently concluded quarter. The consolidated net profit at Rs 31.84 crore for the quarter ended June 2012 more than doubled on the back of strong sales and strengthening dollar. The company had reported a net profit of Rs 13.59 crore in the previous corresponding period. Revenues grew 24% at Rs 414 crore on year-on-year basis.
During the quarter, US subsidiary, Eight O'Clock Coffee’s (EOC) profit was up seven times at $1.43 million ($0.17 million). The company’s income grew marginally to $49.33 million from $48.15 million.
“The strengthening of the US dollar has also contributed to the profits of the current quarter,” Tata Coffee said in a filing.
The stock opened at Rs 968 and hit a new high of Rs 985 on the National Stock Exchange (NSE). A combined around 111,549 shares have changed hands on the counter in opening deals on both the exchanges.
