INDIA – Tata Global Beverages Ltd (TGBL) on Friday reported a 30.51% increase in its consolidated net profit at Rs188.64 crore (US$29.4 million) for the quarter ended December 2017.
The company had posted a net profit at Rs144.54 crore (US$22.5 million) during the same period of the previous year, TGBL said in a regulatory filing.
Total income during the quarter under review stood at Rs1,750.94 crore (US$273 million) as against Rs1,757.63 crore (US$274 million) in the corresponding period of the previous year.
“Growth in the last quarter is primarily due to improved operating performance, lower finance costs and improved performance from our joint ventures and associate companies,” TGBL managing director and chief executive officer (CEO) Ajoy Misra said.
During the quarter, Tata Global Beverages Ltd had divested its holding in its overseas associate, Estate Management Services Pvt Ltd (EMSPL).
The company said the results reflect higher profit before exceptional items coupled with lower tax expense, mainly due to a deferred tax credit of Rs53 crore arising on account of restatement of deferred tax asset and liabilities due to reduction in the US tax rates, partly offset by higher exceptional expenditure.
On the outlook, Misra said: “We will continue to pursue aggressive profitable growth, innovation based on key trends and category expansion.”