Tata Coffee Rises After Standalone Profit Surges 10 Times In March Quarter
Shares of Tata Coffee rose as much as 9.27 per cent to hit fresh 52-week high of Rs 139.85 after its standalone profit surged 10 times to Rs 40 crore from Rs 3.99 crore during the same quarter last year. Its revenue from operations rose 30 per cent to Rs 219 crore from Rs 167 crore during the same quarter last year. (Track Tata Coffee stock price here)
For financial year 2021, Tata Coffee's net profit came in at Rs 101 crore compared with Rs 73 crore during the previous financial year.
"Volume and pricing pressures on Instant Coffee business due to lower short-term demand with 'Out-of-Home' channels impacted across the globe," Tata Coffee said in a press release.
Higher plantations revenues at Rs 97 crore compared to Rs 67 crore for the corresponding quarter of the previous year, an increase of 44 per cent, driven by higher Coffee Sales and improved realisations on Tea compared to corresponding quarter of the previous year, Tata Coffee added.
"Despite challenging conditions, our overall performance has been strong. Our India Instant Coffee exports for the quarter have been higher despite logistics issues and fresh wave of lockdowns in Europe, which are expected to ease in the near future. We have seen stable performances across key geographies. Our Vietnam operations continue to be robust and order pipeline continues to be healthy. We see slowdown in demand in some geographies in the short-term, especially in the 'out-of-home' consumption due to the COVID 19 pandemic," Chacko P. Thomas, managing director at Tata Coffee, said in a statement.
As of 2:12 pm, Tata Coffee shares traded 3.1 per cent higher at Rs 132. outperforming the Sensex which was down 1.58 per cent.
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