Tata Coffee net up 56 percent in Q2

Bangalore, Nov 7 (IANS) Tata Coffee posted Rs.43 crore net profit for the second quarter (July-September) of this fiscal (2013-14), registering 56 percent year-on-year (YoY) growth from Rs.28 crore in the like period last year on standalone basis.

Sequentially, net profit increased 52 percent from Rs.28 crore posted in the first quarter (April-June) of this fiscal.

"Total income for the quarter under review (Q2), however, increased marginally 3.2 percent YoY to Rs.176 crore from Rs.170 crore in the same period a year ago and 9 percent sequentially from Rs.160 crore a quarter ago," the company said in a statement here Thursday.

As a subsidiary of Tata Global Beverages, the company has Asia's largest coffee plantation, with 10,000 tonnes of Arabica and Robusta variety beans production per annum from 19 estates in Karnataka. It is also the third largest exporter of instant coffee.

The company exports green coffee to countries in Asia, Europe, Gulf region and North America.

"Our 2,000 tonne freeze dried coffee (FDC) premium extraction plant at Theni in Tamil Nadu has commenced full production," the statement noted.

On consolidated basis, net profit marginally declined to Rs.75 crore during the quarter from Rs.79 crore year ago and total income to Rs.470 crore from Rs.478 crore in same period.

The company's subsidiary Consolidated Coffee Incorporated (CCI) invested $220 million in expanding the business during the quarter.

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