Tata Global Beverages (TGBL) today reported a 6.55 per cent decline in its consolidated net profit at Rs 133.60 crore for the first quarter ended June 30, 2018.
It had posted a net profit of Rs 142.97 crore in April-June period a year ago, TGBL said in a BSE filing.
TGBL's total income was up 6.53 per cent at Rs 1,831.11 crore during the quarter under review as against Rs 1,718.76 crore in the same quarter of the previous fiscal.
"The Group net profit for the quarter is lower due to the impact of exceptional items," the company said adding that it is "for the current quarter represent redundancy costs relating to internal restructure."
TGBL has shown a loss of Rs 18.18 crore in exceptional items.
Exceptional items for the corresponding quarter of the previous year represent a gain from disposal of stake in its Chinese subsidiary, the company said.
"For the quarter, Revenue from Branded Business increased by 7 per cent and after excluding the impact of business restructuring and at constant currency the increase is 8 per cent, as compared to the corresponding quarter of the previous year," said TGBL adding " However non branded sales were lower than the corresponding quarter of previous year."
Its total expenses were at Rs 1,595.88 crore as against Rs 1,500.36 crore, up 6.36 per cent.
Revenue from the tea segment was up 5.51 per cent at Rs 1,314.31 crore as against Rs 1,245.66 crore in the corresponding period.
TGBL's earning from the coffee segment was up 16.73 per cent at Rs 291.66 crore as against Rs 249.85 crore.
Shares of TGBL today settled at Rs 235.90 on BSE, down 4.49 per cent from previous close.
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