Tata Coffee's consolidated net profit jumped 42.36% to Rs 65.49 crore on a 24.32% increase in revenue from operations to Rs 662.23 crore in Q1 FY23 over Q1 FY22.
The company said that its consolidated total income for the quarter was higher due to improved performance of Eight O' Clock coffee, superior performance of instant coffee business both in India and Vietnam and higher sales realisations in coffee plantation business.Profit before tax (PBT) surged 39.72% to Rs 87.61 crore in Q1 FY23 from Rs 62.70 crore posted in Q1 FY22. Total expenses were up 21.8% year on year to Rs 577.38 crore in the quarter ended 30 June 2022.
Tata Coffee's Vietnam operations continued to deliver robust sales with improved profitability amidst inflationary conditions. It had a healthy order pipeline.
Commenting on the performance, Chacko P Thomas, managing director of Tata Coffee said, "The performance of our Instant Coffee business continues to be robust. Tata Coffee's Vietnam operations continue to be robust with a healthy order pipe line. There is however continuing inflationary pressure on costs. Our Plantation performance on Green Bean Coffee have also been strong, aided by improved realisations. Our Subsidiary, Eight O'clock Coffee [EOC] has recorded improved performance during the quarter owing to higher sales and favourable product mix"
Tata Coffee is a subsidiary of Tata Consumer Products. It is Asia's largest integrated coffee company, the second largest exporter of instant coffee and foremost producer of specialty coffee in India.
Shares of Tata Coffee closed 1.25% higher at Rs 227.05 on the BSE.
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