 "Tata Coffee's net profit down by 5% at Rs 62.06 cr for quarter ended June")
Tata Coffee on Wednesday reported a 5 per cent fall in consolidated net profit at Rs 62.06 crore for the quarter ended June.
Its net profit stood at Rs 65.49 crore in the year-ago period.
Total income, however, rose to Rs 707.93 crore in the first quarter of this fiscal from Rs 666.05 crore in the corresponding period of the previous year, Tata Coffee said in a regulatory filing.
The rise in total income was driven by higher realisations in plantation coffee and instant coffee businesses both in India and Vietnam.
"Tata Coffee's Vietnam operations continue to deliver strong sales with improved profitability driven by higher sales of premium products. It has a robust healthy order pipeline," it said.
The operating performance of EOC (Eight O'clock Coffee) business was impacted during the June quarter by lower bag volumes and higher input costs.
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"The Group's consolidated profit for Q1, FY'24 is marginally lower at Rs 62 crore compared to Rs 65 crore in the corresponding quarter of the previous financial year due to subdued performance of EOC," the company said.
Tata Coffee Ltd is a subsidiary of Tata Consumer Products Ltd, formerly known as, Tata Global Beverages Ltd. It is Asia's largest integrated coffee company, the second-largest exporter of instant coffee and foremost producer of specialty coffee in India.
The company produces between 8,000-10,000 tonnes of shade-grown arabica and robusta coffee at its 19 estates in South India.
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