Highlights
The overall revenue growth in the Extractions business was around 26%. The overall revenue growth in Plantations business was around 77%. The operating performance of Eight’O Clock Coffee business was impacted during the quarter by higher input costs and lag in recovery of higher coffee costs from the market.
Tata Coffee’s Viet_nam operations continued to operate at peak capacity and delivered robust sales with improved profitability driven by higher sales of premium products. It has a healthy order pipeline.
The Group’s Consolidated Profit for Q2FY23 is higher at Rs147 crore compared to Rs54 crore for the corresponding quarter of the previous year driven by improved performance of Plantation and Instant Coffee businesses and one-time exceptional income on disposal of a non-core/surplus property.
Q2FY23 -Standalone results
Standalone Total Income higher at Rs273 crore compared to Rs199 crore for the corresponding quarter of the previous year, representing an increase of 37%, on increased revenues from Instant Coffee and Plantations driven by improved quantities sold and realisations.
The above Total Income includes Dividend of Rs8 crore received from Overseas Subsidiary.
Instant Coffee business in India registered higher turnover driven by improved reaUsations, though the sales volumes for the quarter was lower due to slower offtakes primarily from Africa. However, Instant Coffee profitability for Q2FY23 was on similar levels as previous year’s quarter despite lower volumes driven by better sales mix and realisations.
Commenting on the performance, Chacko P Thomas, Managing Director, Tata Coffee Limited, said, “The performance of our Instant Coffee business continues to be strong. Tata Coffee’s Vietnam operations continued to be robust with a healthy order pipeline. Our Plantation performance overall has also been strong, aided by improved realisations and volumes.
There is however continuing inflationary pressure on costs. Our Subsidiary, Eight O’clock Coffee [EOC] has registered higher revenues, though the profitability for the quarter has been impacted due to higher coffee input costs and lag in pricing recovery from the market which is expected to improve in the ensuing quarters.”
On Tuesday early morning trade, Tata Coffee was trading at Rs218.65 per share higher by 1.32% on the BSE.
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