Tata Global Beverage (TGBL) today reported over 27-fold jump in consolidated net profit at Rs 106.53 crore for the last quarter of 2015-16 on the back of gains from other income and exceptional items.
Tata Global Beverage had posted a net profit of Rs 3.90 crore for the January-March quarter a year ago, TGBL said in a BSE filing.
TGBL’s net sales during the quarter under review were up 2.84 per cent to Rs 1,927.99 crore as against Rs 1,874.58 crore during the same period in the previous fiscal.
“Profit from operations at Rs 132 crores is lower than the corresponding quarter of the previous year due to spends on new initiatives, new launches and higher competitive intensity in certain key markets.
“Post the impact of exceptional items, the Group Consolidated Net Profit at Rs 103 crore higher than the corresponding quarter of the previous year,” the company said.
Revenue from tea segment during the quarter was up 3.03 per cent to Rs 1,417.79 crore as against 1,376.02 crore of the fourth quarter of FY 2014-15.
TGBL’s coffee and other products’ revenue was at Rs 525.83 crore, up 1.11 per cent, as against Rs 520.04 crore.
For 2015-16, TGBL consolidated net profit was up 31.51 per cent to Rs 325.91 crore as against Rs 247.82 crore in the previous fiscal.
Its net sales were up 1.90 per cent to Rs 7,981.70 crore in 2015-16 as against Rs 7,832.67 crore in 2014-15.
In a separate filing, the company said its board has recommended equity dividend of Rs 2.25 per share for the financial year 2015-16.
“The Dividend, if approved by the Shareholders at the ensuing Annual General Meeting will be paid on or after August 26, 2016,” it said.
Shares of TGBL today settled at Rs 121.65 at BSE, up 1 per cent from previous close.