INDIA – Tata Coffee has said its board has agreed to extend the contract of company Managing Director and CEO Chacko Purackal Thomas for another three years starting April 1.
Thomas who has a Bachelor of Science degree with specialisation in Computer Science from the University of Jodhpur joined Tata Coffee in August 2015 and has been serving as MD and CEO since April 1, 2019.
He has over 30 years of experience in the plantation industry across general management, business strategy sales, and marketing functions.
The Board of Directors also approved the reappointment of K Venkataramanan as Executive Director – Finance and Chief Financial Officer of the Company for a term of one year starting from October 25, 2022.
Venkataramanan who has been in his current role since October 2014 is a Chartered Accountant and a Cost Accountant. He oversees risk management, governance and IT functions.
He has over three decades of experience in financial and management accounting, commercial finance, taxation, treasury and corporate restructuring.
Prior to joining Tata Coffee, he was the Vice President (Finance) and Chief Financial Officer of Tata Consumer Products Limited.
Early last month, Tata Coffee Ltd posted a 38.42 percent jump in consolidated net profit at Rs 69.46 crore (US$9.09m) in the three months ended December 2021 on the back of strong revenues.
The company had clocked a net profit of Rs 50.18 crore (US$6.57m) in the same quarter of the previous financial year, according to a BSE filing.
Net revenue for the quarter increased on a consolidated basis by 17.51 percent to Rs 626.07 crore (US$82m) from the year prior’s Rs 532.76 crore (US$69.8m).
Chacko Thomas said that despite challenging conditions of unprecedented freight cost increases and inflationary pressures on input costs, including power and packing material, “our overall performance has improved”.
The performance of India Instant Coffee has been robust and the company has seen stable performances across key geographies, he said.
Tata Coffee Ltd, a subsidiary of Tata Consumer Products Ltd, is Asia’s largest integrated coffee company and the second largest exporter of Instant Coffee and foremost producer of Specialty coffee in India.
The company produces between 8,000-10,000 tonnes of shade grown Arabica and Robusta Coffee at its 19 estates in South India and exports Green Coffee to countries in Europe, Asia, Middle East and North America.
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