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.

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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.