Tata Global Beverages net sales grew 2.58% to Rs 1,961.90 crore in Q3 December 2019 over Q3 December 2018
Consolidated net profit rose 22.02% to Rs 121.19 crore in Q3 December 2019 over Q3 December 2018. The improvement in the net profit was aided by lower tax rate and improvement in the performance of associates & joint ventures. Tata Global Beverages declared its Q3 numbers post trading hours yesterday, 4 February 2020.
Sales growth was driven by improvement in branded business led by 7% volume growth and 6% value growth in India and higher sales in the non-branded business. At constant currency revenue growth is 4%.
Consolidated Profit before tax at Rs 196 crore is higher by 11% as compared to corresponding quarter of the previous year mainly due to revenue and operational improvement and lower commodity cost partly offset by increased spends behind brands.
In India, revenues from branded tea business clocked a growth of 7% in volume and 6% in value terms. Abroad, the UK and the US markets launched new products which aimed at revitalizing the black tea market. Meanwhile, in Canada, Tata Global Beverages recorded volume growth in branded tea.
Among its joint ventures, Tata Starbucks clocked a 27% growth in revenues for the quarter, opening 28 new stores. At present, it has 174 stores across 11 cities in India. On the other hand, NourishCo recorded positive momentum for the Himalayan brand. There is continued focus on the national rollout of Tata Gluco Plus.
Coffee & tea manufacturing major Tata Global Beverages gained 0.17% to end at Rs 397.75 on BSE yesterday, 4 February 2020.
Tata Global Beverages is a global beverage business
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
