Tata Coffee Ltd announced that its consolidated net profit has increased by 20 percent standing at Rs 50.18 crore for the quarter ended December on higher income. The company had posted Rs 41.99 crore in net profit in the year-ago period.
Tata Coffee’s total income has grown to Rs 538.19 crore in the third quarter of this financial year from Rs 505.75 crore in the corresponding period of the previous year. The rise in income is driven by improved performance from the group's value-added businesses.
Chacko P. Thomas, Managing Director, Tata Coffee Limited, told a leading media organization, “Despite challenging conditions our overall performance has seen improvement. Our India instant coffee exports for the quarter have been lower due to logistics, port congestion, the global shortage of containers, and further lockdowns in Europe. However, we see this as a temporary issue. We have seen stable performances across key geographies. Our Vietnam operations continue to be robust and the order pipeline continues to be healthy. Our tea performance during the quarter has been strong benefitting from improved realizations.”
“We see a slowdown in demand in some geographies in the short-term, especially in the 'Out of Home' consumption due to the pandemic situation. The company continues to drive aggressively cost optimization initiatives across its operations. Our subsidiary, Eight O'Clock Coffee [EOC] has recorded improved performance driven by increased realisations and a favorable channel mix. Focus on innovations continues with increased momentum,” he further added.