CHENNAI (Reuters) – Tata Coffee Ltd reported a near-20% increase in its fourth-quarter profit on Tuesday, as the Indian coffee company booked sales benefits from higher demand for hot beverages.
Several coffee processors, including Tata Coffee, have said in recent months that demand from restaurants, cafes and offices have bounced back as people venture out more frequently.
The company, which also exports to over 40 countries, said its revenue from its value added products business increased about 11% to 6.24 billion rupees ($76.1 million). The unit includes production and sale of roasted and ground, as well as instant coffee products.
Overall revenue from operations climbed 10.2% to 7.23 billion rupees from 6.56 billion rupees a year ago, while net profit increased to 488 million rupees.
Shares of the company, which also supplies to Tata Starbucks stores in India, closed 0.5% higher on Tuesday, trimming their decline to roughly 5% this year.
($1 = 81.9950 Indian rupees)
(Reporting by Praveen Paramasivam in Chennai; Editing by Varun H K)
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Source: The Print
