Tata Coffee quarterly net profit surges

Tata Coffee Ltd today said its consolidated net profit jumped over two-fold to Rs 36.84 crore for the second quarter ended September 30, 2012.

The company had posted a net profit of Rs 17.59 crore for the corresponding period of previous fiscal, Tata Coffee Ltd said in a filing to the BSE.

Income from operations rose to Rs 470.52 crore for the second quarter, as compared to Rs 410.27 crore during the same period of 2011-12 fiscal.

"The improved result is from instant coffee operation which continues to show a substantial growth, as also better operating result from coffee plantations," Tata Coffee Executive Director of Finance M Deepak Kumar said.

The company's second quarter results were also positively affected by favourable foreign exchange on its exports, he added.

The company said the recently opened Starbucks Store in Mumbai, will offer Indian Espresso Roast, sourced locally through the coffee sourcing and roasting agreement with Tata Coffee.

"The Indian Espresso Roast will be a hallmark feature of all Starbucks stores in the market and highlights the quality espresso available in India," the company said.

As part of the agreement, Starbucks and Tata Coffee Ltd will work toward developing and improving the profile of Indian-grown arabica coffees around the world, it added.

Tata Coffee, which is a subsidiary of Tata Global Beverages, is one of the Asia's largest coffee plantation company.

It produces more than 10,000 MT coffees at its 19 estates in South India and its two instant coffee manufacturing facilities have a combined installed capacity of 6,000 metric tonnes.

Shares of Tata Coffee today closed at Rs 1,012.10 on the BSE, up 0.23 per cent from their previous close.

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