Tata Global Beverages share price hit its all-time high in early trade today after the firm reported a 25% growth in net profit for the quarter ended December 2019. Share price of Tata Global Beverages rose up to 7.04% to Rs 406.5 against the previous close of Rs 379.75 on BSE. Tata Global Beverages on Tuesday reported a 25 per cent growth in net profit for the quarter ended December at Rs 135.85 crore.
The large cap stock has delivered 8.82% returns in last three days. The stock has gained 118.13% during the last one year and risen 26.27% since the beginning of this year. Market capitalisation of the Tata Group firm rose to Rs 24,812 crore on BSE.
The stock hit its 52-week low of Rs 177.50 on February 11, 2019.
Tata Global Beverages reported a net profit of Rs 135.85 crore in Q3 compared to net profit of Rs 108.86 crore during the corresponding quarter of 2018-19.
Revenue rose 4 per cent to Rs 1,962 crore during the quarter under review compared with Rs 1,912.58 crore a year ago.
"We had a good quarter mainly driven by better cost management, lower commodity prices and higher spend on advertisement. This was also aided by lower tax rate and improvement in the performance of associates and joint ventures," said Tata Global Beverages Executive Director and Group CFO L Krishna Kumar.
"The India branded tea business did well during the quarter and clocked a growth of 7 per cent in volume and 6 per cent in value terms . Our national brands saw growth led by Tata Tea Spice Mix, Tata Tea Agni and Tata Tea Premium," Krishna Kumar added.
By Aseem Thapliyal