Shares of Tata Coffee today fell by 5 per cent after the company reported 59 per cent drop in consolidated net profit for the last quarter of FY2014. The stock plunged 5 per cent to settle at Rs 967.15 on the BSE. During the day, the scrip declined by 5.9 per cent to Rs 958.
At the NSE, the stock closed 5.03 per cent lower at Rs 965.
Tata Coffee today reported 59 per cent drop in consolidated net profit at Rs 19.13 crore for the fourth quarter ended on March 31, 2014, as coffee sales were impacted after changes in US market.
The company had a net profit of Rs 46.66 crore in the same period in financial year 2012-13. However, total income during January-March quarter of 2013-14 marginally rose to Rs 397.28 crore from Rs 387.83 crore in same quarter in year 2012-13, the company said in a statement.
The company reported a 34 per cent decline in net profit for the entire 2013-14 fiscal at Rs 103.59 crore as compared to Rs 158.12 crore in 2012-13. Total income during the year 2013-14 declined to Rs 1,677.47 crore from Rs 1,697.35 crore in 2012-13 fiscal year.