Tata Coffee share price hit a 52 week high of Rs 107.20 on BSE after the company reported a 91 per cent on-year rise in net profit in the quarter ended December 31
Tata Coffee share price rose as much as 8.17 per cent to hit a 52 week high of Rs 107.20 on BSE on Wednesday after the company reported a 91 per cent on-year rise in profit after tax at Rs 42 crores in the quarter ended December 31. The company had posted a net profit of Rs 22 crore for the corresponding period in the previous year. At 11.55 AM, Tata Coffee was trading 4.75 per cent higher at Rs 103.85 apiece on BSE. Earlier, in the opening deals, Tata Coffee climbed 7.6 per cent to Rs 106.70.
The management said that Eight O’Clock (EOC), a coffee brand, has reported higher profits due to lower advertisement and promotion costs and overall cost optimisation. “Our instant coffee exports from India continue to be strong, running to full capacities. We have seen good performances across geographies. On plantations, improvement in prices and operating efficiencies have resulted in better profits. The newly established state-of-art plant in Vietnam has also registered robust sales in the third quarter, sequentially increasing production and sales. The company has a robust sales order pipeline,” Chacko P. Thomas, Managing Director at Tata Coffee said.
Tata Coffee’s Consolidated Earnings for the Fiscal Third Quarter Oct-Dec 2019-
Total Income: Rs 506 crores vs Rs 470 crores previous year
Net Profit: Rs 42 crores, compared to Rs 22 crores previous year
PBT- Rs 53 crores, up from Rs 33 crores on-year
Meanwhile, domestic equity benchmark indices were trading over 0.75 per cent higher in the noon session. S&P BSE Sensex was trading 325 points or 0.79 per cent up at 41,292.07, while broader Nifty 50 index was ruling at 12,154.40, up 99 points or 0.82 per cent.