Tata Global Beverages Ltd on Wednesday reported a 48.95 per cent increase in consolidated net profit at Rs 119.55 crore for the third quarter that ended in December 2013.
The company had posted a consolidated net profit of Rs 80.26 crore for the corresponding period of the previous fiscal year, it said in a statement.
Net sales during the quarter under review rose to Rs 2,053.91 crore during the third quarter as compared to Rs 1,900.11 crore during the year-ago period.
"This has been an exciting quarter for us at Tata Global Beverages. We have relaunched some of our key tea and coffee brands with new products and powerful marketing programs during the quarter, which have entailed significant marketing investments," Tata Global Beverages managing director and CEO Harish Bhat said.
According to Mr Bhat, the company has faced and responded appropriately to some challenging marketplace conditions in a few global markets, particularly on account of commodity price trends in coffee and significant competitor activity.
"In our newest category, water, we continue to witness very good growth of our offerings such as Himalayan and Tata Water Plus, through Nourishco, our joint venture with Pepsico," he said.
Tata Global Beverages is a global beverage business and the world's second largest tea company. The group's annual turnover is $1.4 billion and it employs over 3,000 people worldwide.
It owns brands as Tata Tea, Tetley, Himalayan natural mineral water, Tata Water Plus and Tata Gluco+, Good Earth tea, Grand Coffee and Eight O'clock coffee.
Meanwhile, Tata Sons on Wednesday announced the appointment of Mr Bhat as member - group executive council (GEC). (Read more)
Shares in Tata Global Beverages, on Wednesday, ended at Rs 142.10 apiece on the BSE, up 2.30 per cent from the previous close.
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