This Tata Group firm share price plunges 7% after a steep fall in Q4 net profit

Tata Coffee share price slipped over 7 per cent on Tuesday after the Tata Group firm reported a 62 per cent fall in its consolidated net profit at Rs 22.40 crore for the March quarter. The company had clocked Rs 59.80 crore net profit in the year-ago quarter.  Reacting to its quarterly earnings, the stock slipped as much as 7.14 per cent to Rs 124.10 on the BSE amid an otherwise strong market trend.

The company's total income in the quarter under review rose by 10 per cent to Rs 448.53 crore compared to Rs 407.64 crore in the same period of 2016-17. During January-March of 2018, the company's expenses increased 36 per cent to Rs 427.18 crore from Rs 314.17 crore. 

Meanwhile, the Board of Directors approved the re-appointment of Chacko Purackal Thomas as Executive Director and Deputy CEO of the company for a period of 3 years. "Based on the recommendation of the nomination and remuneration committee, the Board of Directors approved the re-appointment of

Chacko Purackal Thomas as Executive Director & Deputy CEO of the company for a period of 3 years with effect from August 4, 2018," the company said in a filing to BSE.

Tata Coffee is a subsidiary of Tata Global Beverages. It is Asia's largest integrated coffee company, the second largest exporter of instant coffee, and major producer of speciality coffee in India.