Tata Global Beverages net profit down by nearly 35% in Q3
The Group net profit for the quarter is lower mainly on account of deferred tax credit of Rs 53 crores recognised in corresponding quarter of the previous year arising on account of changes in US tax rates, and lower share of profits from associates and joint ventures.
Tata Global Beverages on Tuesday reported a 34.81 per cent decrease in its consolidated net profit to Rs 121.32 crore in the quarter ended December 31, 2018 as compared to Rs 186.11 crore in the year-ago period.
Its consolidated revenue from operations, increased by 11 per cent, as compared to the corresponding quarter of the previous year.
The Group net profit for the quarter is lower mainly on account of deferred tax credit of Rs 53 crores recognised in corresponding quarter of the previous year arising on account of changes in US tax rates, and lower share of profits from associates and joint ventures.
"The company has clocked steady revenue growth in the last quarter. Profits have been impacted due to higher commodity costs, increased brand investment and one-off items.
The India business continues to record good growth and we are focused on further strengthening its growth trajectory," company`s MD and CEO Ajoy Misra said.
"We are investing behind our key brands in international markets in line with market trends and consumer preferences.
Our JVs have performed well and have posted good sales growth in the last quarter."
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The India business clocked a 7 per cent volume and value growth of 5 per cent across its brands.
Tata Starbucks has clocked a growth of 30 per cent in revenues and now has 136 stores across 8 cities in India, it added.
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