Tata Coffee shares today fell 3 per cent after the company posted a 12.55 per cent fall in consolidated net profit in fourth quarter of 2015-16 fiscal.
Shares of the company ended 3.26 per cent down at Rs 89. The company’s result were announced post market hours on Monday.
On Monday, Tata Coffee reported a 12.55 per cent fall in consolidated net profit to Rs 34.47 crore in the March quarter due to higher expenses.
The company had posted a net profit of Rs 39.42 crore in the same quarter previous year, Tata Coffee had said in a regulatory filing.
The net profit took a beating as the company’s expenses rose by 6.47 per cent to Rs 388.98 crore in the January-March quarter of the 2015-16 fiscal from Rs 365.34 crore in the year-ago period.
However, the company’s total income rose slightly to Rs 456.54 crore from Rs 451.51 crore in the said period.
For full fiscal, Tata Coffee reported a fall in consolidated net profit by 2.11 per cent to Rs 117.84 crore as against Rs 120.39 crore in the previous year.