Tata Consumer Products gets nod to delist its global depository receipts

Maker of Tata Tea announces net profit of Rs 352 crore

The board of Tata Consumer Products has approved the termination of its Global Depository Receipts (GDR) programme and the firm will subsequently delist from the London Stock Exchange and Luxembourg Stock Exchange, the company said in an exchange filing.

“As the GDR holding as compared to the paid-up capital of the company over the years is very insignificant, it has been decided to terminate the GDR program and thereby terminate the engagement with Deutsche,” the company said in its filing. Deutsche Bank Trust Company Americas was appointed the exclusive depository for its GDP programme.

The maker of Tata Tea also announced a net profit of Rs 352 crore in the October-December quarter — up 32.7 per cent — as part of its results.

Its net sales stood at Rs 3,475 crore, up 8.3 per cent compared to last year and the firm attributed the rise to the underlying growth of 8 per cent in the India business, 2 per cent in its international business, and 22 per cent in its non-branded business.

Its profit before interest, depreciation and tax stood at Rs 581 crore in the quarter, up 22.7 per cent compared to the same quarter last year.

In the December quarter, Tata Consumer’s India packaged beverages business witnessed a 9 per cent revenue decline led by pricing corrections and demand slowdown and late onset of winter in its key markets of north and east.

“We are seeing demand recovery now,” the company said in its release.

The India foods business registered 29 per cent revenue growth and 4 per cent volume growth in the quarter.

In its international business, beverages business revenue grew 4 per cent.