Tata Global Beverages recorded a net profit for the June-September quarter at Rs 154 crore higher by 11 per cent as compared to the corresponding quarter of the previous year.
Net revenues for the quarter stood at Rs 1,692 crore, up by 6 per cent from Rs 1621 crore in the comparable quarter in 2016.
Operating profits were up by 23 per cent to Rs 208 crore compared to the corresponding quarter in the previous year, due to improved operating performance, good cost management and lower finance costs, the company said in a statement.
“The company witnessed a good performance in its India business. While July was a slow month due to GST, August and September saw double digit growth,” L Krishnakumar, chief financial officer of Tata Global Beverages told PTI.
The Group has completed the restructuring of its Russia operations, resulting in the sale of two of the company’s overseas subsidiaries Sunty LLC and Tea Trade LLC, as on November 3.
The quarter saw a number of new product launches across geographies and continued investment to strengthen our brands. The company will continue to innovate in tea, coffee and water with new blends and beverage experiences, it said.