Group has completed the restructuring of its Russia operations resulting in the sale of two of the company's overseas subsidiaries
Tata Global Beverages posted a 39.1% rise in net profit to Rs 120.25 crore for the June-September quarter in comparison with the same quarter of the previous fiscal, which saw Rs 86.32 crore.
Net revenues stood at Rs 1,692 crore, up by 6% from Rs 1,621 crore in the comparable quarter in 2016. Operating profits were up by 23% to Rs 208 crore compared to the corresponding quarter of the previous year, due to improved operating performance, good cost management and lower finance costs.
Group has completed the restructuring of its Russia operations, resulting in the sale of two of the company's overseas subsidiaries, Sunty LLC and Tea Trade LLC.
L Krishnakumar, Chief financial officer of Tata Global Beverages said “The company witnessed a good performance in its India business. While July was a slow month due to GST, August and September saw double digit growth. The quarter saw a number of new product launches across geographies and continued investment to strengthen our brands. The company will continue to innovate in tea, coffee and water with new blends and beverage experiences”.