Tata Global Beverages Q3 profit falls 29.53 per cent

Tata Global Beverages has reported a 29.53 per cent decline in its consolidated net profit for the third quarter ended December 31, 2014, due to tax credit of previous year.

The company on Friday said consolidated net profit for the October-December period was Rs 84.24 crore against Rs 119.55 crore in the corresponding period last year.

"Group's consolidated net profit at Rs 84 crore is lower mainly on account of a one-time tax credit of Rs 46 crore accounted in the corresponding quarter of the previous year," the company said in a statement.

However, consolidated net sales during the quarter under review increased marginally by 2.71 per cent to Rs 2,109.73 crore compared to Rs 2,053.91 crore during the same period in the previous fiscal.

"We will focus on growing segments such as green tea, speciality teas, functional water and pods while continuing to strenghten our core markets and brands, based on key consumer trends," said Tata Global Beverages' MD and CEO.

On the outlook, he said, We remain committed to sustainable growth through innovation and strengthening our brands in key markets, in the face of a challenging market environment and economic volatility in some parts of the world.

Shares of the company closed 0.22 per cent higher at Rs 458.70 on the Bombay Stock Exchange.