Tata Global Beverages rose 2.54% to Rs 149.30 at 12:25 IST on BSE after the company reported consolidated net profit of Rs 51.12 crore in Q4 March 2017 as compared with net loss of Rs 268.90 crore in Q4 March 2016.
The result was announced after market hours yesterday, 30 May 2017.Meanwhile, the S&P BSE Sensex was up 32.70 points or 0.1% at 31,192.10. The S&P BSE Mid-Cap index was up 125.85 points or 0.87% at 14,615.61.
On the BSE, 2.80 lakh shares were traded on the counter so far as against the average daily volumes of 2.45 lakh shares in the past one quarter. The stock had hit a high of Rs 151 and a low of Rs 147.80 so far during the day. The stock had hit a 52-week high of Rs 161.60 on 2 May 2017 and a 52-week low of Rs 114.50 on 15 November 2016.
The stock had underperformed the market over the past one month till 30 May 2017, sliding 4.84% compared with 4.15% gains in the Sensex. The scrip had also underperformed the market in past one quarter, rising 1.36% as against Sensex's 8.41% gains. The scrip, however, outperformed the market in past one year, advancing 23.49% as against Sensex's 16.59% gains.
The mid-cap company has equity capital of Rs 63.11 crore. Face value per share is Rs 1.
Tata Global Beverages' consolidated total income rose 4.09% to Rs 1691.08 crore in Q4 March 2017 over Q4 March 2016. The results for Q4 March 2017 is reported under Ind(AS).
Profit before tax and exceptional items rose 19% to Rs 140 crore in Q4 March 2017 over Q4 March 2016 despite higher advertising spends. Group consolidated net profit is significantly higher than the prior year due to lower exceptional expenditure in the current year. The year saw strong focus on business growth through innovative product launches, impactful marketing campaigns and category expansion, Tata Global Beverages said.
It may be recalled that group consolidated net profit of the Q4 March 2016, as reported under previous GAAP, had profit from sale of non-core equity investments of Rs 328 crore, which under Ind AS have been accounted under retained earnings as opposed to it being reflected under Profit and Loss statement in the erstwhile GAAP.
Ajoy Misra, Managing Director and CEO of Tata Global Beverages said that the company is targeting growth by leveraging key trends such as health and wellness, premiumization and convenience.
Tata Global Beverages said that the board of directors of the company at its meeting held yesterday, 30 May 2017, has recommended a dividend of Rs 2.35 per share for the year ended 31 March 2017.
Tata Global Beverages is a global beverage business; its brands have presence in over 40 countries. The company has significant interests in tea, coffee and water and is the world's second largest tea company. The company focuses on natural beverages and has a stable of innovative regional and global beverage brands, including: Tata Tea, Tetley, Himalayan natural mineral water, Tata Water Plus and Tata Gluco+, Good Earth tea, Grand Coffee and Eight O'clock coffee.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
