NEW DELHI: Tata Global Beverages Ltd (TGBL) on Wednesday reported a 17.12 per cent decline in consolidated net profit at `152.47 crore in the September ended quarter.The company had posted a consolidated net profit of `183.96 crore in the same period last fiscal.The consolidated revenue from operations during the quarter under review stood at `1,834.06 crore as against `1,760.87 crore in the year-ago period, a growth of 4.12 per cent.
The company said during the second quarter, it had a one-time impact of tax rate change on the group consolidated net profit with a charge of `9 crore, arising mainly on account of reversal of opening net deferred tax assets. Further, the share of profits in associates and JVs for the current quarter included a charge of `14 crore due to reversal of opening deferred tax assets as a result of reduced tax rate,.
In the quarter ended September 30, there was a credit of `37 crore on recognition of deferred tax assets in a joint venture.TGBL Managing Director and CEO Ajoy Misra said the company reported steady revenue growth in the last quarter and the India business recorded continued value and volume growth.
“Our flagship brands recorded good growth and we will continue to focus on white space opportunities in India. Our international markets reflected volume growth both in tea and coffee.” The company consummated acquisition of the branded business of Dhunseri Tea and Industries Ltd that includes the ‘Lal Ghoda’ and ‘Kala Ghoda’ brands, TGBL said.