Tata Global Q3 Profit Declines 29% to Rs 84 Crore

New Delhi: Tata Global Beverage Ltd today reported 29.53 per cent decline in its consolidated net profit at Rs 84.24 crore for the third quarter ended December 31, 2014, due to tax credit of previous year.

The company had posted a consolidated net profit of Rs 119.55 crore for the October-December period of previous fiscal, Tata Global Beverages Ltd (TGBL) said in a BSE filing.

However, consolidated net sales during the quarter increased marginally by 2.71 per cent to Rs 2,109.73 crore compared to Rs 2,053.91 crore during the same period in the previous fiscal.

"Group's consolidated net profit at Rs 84 crore is lower mainly on account of a one-time tax credit of Rs 46 crore accounted in the corresponding quarter of the previous year," the company said in a statement.

TGBL managing director and CEO Ajoy Misra said: "We will focus on growing segments such as green tea, speciality teas, functional water and pods while continuing to strengthen our core markets and brands, based on key consumer trends".

On the outlook, he said, "We remain committed to sustainable growth through innovation and strengthening our brands in key markets, in the face of a challenging market environment and economic volatility in some parts of the world".

Shares of TGBL were trading at Rs 157.80 on the BSE, down 0.35 per cent from its previous close.