Tata Coffee net profit falls 62% to 22 cr in Jan-Mar

Tata Coffee has recorded a 62 per cent fall in its consolidated net profit to Rs 22.40 crore in the quarter ended March.

The company had clocked Rs 59.80 crore net profit in the year-ago quarter, Tata Coffee said in a BSE filing.

However, its total income in the quarter under review rose by 10 per cent to Rs 448.53 crore compared to Rs 407.64 crore in the same period of 2016-17, it said.

During January-March of 2018, the company's expenses increased 36 per cent to Rs 427.18 crore from Rs 314.17 crore, it added.

In a separate filing, the company said that Board of Directors has approved the re-appointment of Chacko Purackal Thomas as Executive Director and Deputy CEO of the company for a period of 3 years.

"Based on the recommendation of the nomination and remuneration committee, the Board of Directors approved the re-appointment of Chacko Purackal Thomas as Executive Director & Deputy CEO of the company for a period of 3 years with effect from August 4, 2018," the company said.

Tata Coffee is a subsidiary of Tata Global Beverages. It is Asia's largest integrated coffee company, the second largest exporter of instant coffee, and a major producer of specialty coffee in India.