India's Tata Coffee reports 20% rise in Q4 profit on strong demand

Tata Coffee

18/04/2023 12:38

CHENNAI, April 18 (Reuters) - Tata Coffee Ltd  TACO.NS 
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)
 ((Praveen.Paramasivam@thomsonreuters.com; +91 867-525-3569;))