Tata Global's Q1 net profit surged over three-fold

Tata Global Beverages (TGB) fiscal first-quarter consolidated net profit more than tripled from a year earlier, assisted by an exceptional income and increased sales, said the company.

TGB's net profit stood at 1.61 billion rupees ($35.77 million) for the quarter as compared to 455.6 million rupees a year earlier.

Total operating income for April-June was up 6 per cent to Rs 1,467 crore and consolidated sales rose 6 per cent to 14.56 billion rupees from 13.74 billion rupees.

L K Krishnakumar, CFO of the company told reporters speaking at a conference that the jump net profit increased by one time gains of Rs 89 crore made by the company by sale of shares held mainly by Tata group companies.

TGB's profit before exceptional items fell 14 per cent to Rs99 crore y-o-y on rising cost of raw tea and coffee.

Total expenses were reported at Rs1,373 crore as compared to Rs1,265 crore a year back.