Share price of non-alcoholic beverages company Tata Global Beverage jumped almost 5 percent in morning trade on February 5 after the company reported a 24.76 percent increase in consolidated net profit at Rs 135.85 crore in the third quarter of FY20, aided by higher sales and lower tax rate.
The company had posted a consolidated net profit of Rs 108.89 crore in the year-ago period.
Revenue from operations in the third quarter stood at Rs 1,961.9 crore compared to Rs 1,912.58 crore in the corresponding period of the last fiscal.
"Group consolidated net profit is higher by 25 percent as compared to corresponding quarter of the previous year aided by lower tax rate and improvement in the performance of associates and joint ventures," the filing said.
Commenting on the performance, TGBL Managing Director and CEO Ajoy Misra said, "The company recorded steady revenue growth despite challenging macroeconomic conditions in India and some key international markets."
He further said, "Our new launches in India are geared towards unlocking white space opportunities through greater localisation. In international markets, we have launched products aimed at revitalising the black tea category."
India branded tea business clocked a growth of 7 percent in volume and 6 percent in value terms during the quarter, TGBL said.
The joint venture business of Tata Starbucks clocked a 27 percent growth in revenue during the quarter, opening 28 new stores. It now has 174 stores spread across 11 cities in India, it added.
The stock price traded on the new 52-week high value of Rs 399.65. It was quoting at Rs 397.75, up Rs 18, or 4.74 percent.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
