New Delhi: Tata Global Beverages Ltd today reported 48.95 per cent increase in consolidated net profit at Rs 119.55 crore for the third quarter ended December 31.
The company had posted a consolidated net profit of Rs 80.26 crore for the same period of previous fiscal, Tata Global Beverages Ltd said in a statement.
The company's net sales during the quarter under review rose to Rs 2,053.91 crore during the third quarter as compared to Rs 1,900.11 crore during the year-ago period.
"This has been an exciting quarter for us at Tata Global Beverages. We have relaunched some of our key tea and coffee brands with new products and powerful marketing programs during the quarter, which have entailed significant marketing investments," said Tata Global Beverages Managing Director and CEO Harish Bhat.
According to him, in a few global markets, the company has faced and responded appropriately to some challenging marketplace conditions, particularly on account of commodity price trends in coffee and significant competitor activity.
On outlook Bhat said:" In our newest category, water, we continue to witness very good growth of our offerings such as Himalayan and Tata Water Plus, through Nourishco, our joint venture with Pepsico."
Tata Global Beverages is a global beverage business andthe world's second largest tea company. The group's annual turnover is USD 1.4 billion and it employs over 3,000 people worldwide.
It owns brands as Tata Tea, Tetley, Himalayan natural mineral water, Tata Water Plus and Tata Gluco+, Good Earth tea, Grand Coffee and Eight O'clock coffee. Shares of Tata Global Beverages today closed at Rs 142.10 apiece on the BSE, up 2.30 per cent from the previous close.