Tata Coffee Surges 11% as Q4 Net More Than Doubles

Tata Coffee shares jumped as much as 11 per cent to an intraday high of Rs 100.40 on Monday after the company reported over two-fold annual jump in its net profit for the January-March quarter.
  Tata Coffee reported a consolidated net profit of Rs 39.40 crore in the March quarter compared to Rs 16.32 crore in the corresponding quarter of previous fiscal on account of higher sales.
  Total income of the company surged over 13 per cent to Rs 450 crore against Rs 397 crore in the previous financial year.
  "The primary reason for the above mentioned growth in profits was superior performance in the Coffee Plantation business and in Value added products driven by the results of the company's US operating subsidiary, Eight O'Clock Coffee," Tata Coffee executive director(finance) and CFO K Venkataramanan said.
  The total Income for the quarter, for Eight O' Clock Coffee, stood at $40 million compared to $36 million for the corresponding quarter of the previous year, Mr Venkataramanan added.
  Tata Coffee, a subsidiary of Tata Global Beverages, produces more than 10,000 tonnes of shade grown Arabica and Robusta coffees at its 19 estates in South India and its two Instant Coffee manufacturing facilities have a combined installed capacity of 8,400 tonnes.
  Shares in Tata Coffee ended 6.47 per cent higher at Rs 96.25 apiece, outperforming the broader Nifty, which ended 1.35 per cent higher. (With PTI inputs)