Tata Coffee registered a consolidated net profit of Rs57cr in the quarter ending March 2021 (Q4FY21), increasing by a whopping 139% from Rs24cr a year ago same period.
Consolidated total income rose by 17% to Rs612cr in Q4FY21 from Rs523cr of Q4FY20 driven by improved performance from the Plantations business partly offset by the Group’s value-added businesses, which had a marginal decline due to the pandemic induced logistics issues as well as muted demand in specific geographies.
Chacko P. Thomas, Managing Director, Tata Coffee Limited, said “Despite challenging conditions, our overall performance has been strong. Our India Instant Coffee exports for the quarter have been higher despite logistics issues and a fresh wave of lockdowns in Europe, which are expected to ease in the near future. We have seen stable performances across key geographies. Our Vietnam operations continue to be robust and order pipeline continues to be healthy. We see slowdown in demand in some geographies in the short-term, especially in the ‘Out-of-Home’ consumption due to the COVID 19 pandemic, and we are also keeping a close watch on any other possible impacts of the second wave of this pandemic."
Thomas added, "The Company continues to drive aggressive cost optimization initiatives across its operations. Our Subsidiary, Eight O’Clock Coffee [EOC] has recorded during the year improved performance driven by higher volumes, increased realisations and favourable channel mix. Focus on innovations continues with increased momentum.”
For FY21, the company's consolidated profit after tax was substantially higher at Rs212cr compared to Rs141cr in the previous year. Consolidated Total Income higher at Rs2289cr compared to Rs1987cr for the previous year.
At around 11.15 am, Tata Coffee was trading at Rs133 per piece up by 4.03% on Sensex. The stock has hit a new 52-week high of Rs139.70 per piece in early deals on Sensex.