Tata Global Beverage Ltd (TGBL) today reported 48.19 percent increase in consolidated net profit at Rs 108.14 crore for the quarter ended on September 30, 2016, riding on lower commodity costs and lower spends on new initiatives.
The company had posted a net profit of Rs 72.97 crore in July-September quarter a year ago, TGBL said in a BSE filing.
TGBL's consolidated total income was down 2.60 percent to Rs 1,625.97 during the quarter under review as against Rs 1,669.45 crore of the corresponding quarter of the previous fiscal.
Its total expenses were at Rs 1,463.74 crore in July-September this year, down by 6.10 percent compared to Rs 1,558.95 crore in the same quarter of last year.
"For the quarter, profit from operations at Rs 162 crore is higher by 47 percent than the corresponding quarter of the previous year mainly due to lower commodity costs and lower spends on new initiatives," TGBL said in a statement.
It further said: "While the underlying business saw volume growth, this was offset by price reductions and adverse impact of currency translation." In the first half of 2016-17, TGBL's consolidated net profit was up 47.51 percent to Rs 234.43 crore as against Rs 158.92 crore in the year-ago period.
Its total income in the first half of the current fiscal was up marginally 0.68 percent at Rs 3,361.43 crore as against Rs 3,338.58 crore in the same period last year.
Shares of TGBL today settled at Rs 117.05 on BSE, down 1.06 percent from previous close.
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