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Tata Tea group net up

MUMBAI, OCT. 29. Tata Tea has posted a 29.6 per cent increase in net profit at Rs. 73.38 crores on a consolidated basis in the second quarter ended September 30, 2004, against Rs. 56.61 crores recorded during the same period last fiscal.

Total income during the quarter rose to Rs. 768.65 crores from Rs. 705.14 crores, Tata Tea Vice-Chairman, R. K. Krishna Kumar, said in a release here today.

The increase in total income "reflects strong performance of Tata Tea and its subsidiaries Tata Tea (GB) Ltd, Tata Coffee Ltd, Tata Tea Inc and Tata Tetley Ltd," the company said.

For the six-months ended September 30, the company posted a net profit of Rs. 129.41 crores on total revenues of Rs. 1,476.23 crores, compared with a net profit of Rs. 110.18 crores on a total income of Rs. 1,394.82 crores.

On a standalone basis, the net profit for the reporting quarter rose 52 per cent to Rs. 53.20 crores, while total income improved by 16 per cent to Rs. 234.91 crores, it said adding, this was due to "a strong performance of branded tea operations, coupled with higher realisations from its own tea gardens in auctions". Under the Indian GAAP, the Tetley group (a 98.58 per cent subsidiary) reported a turnover of Rs. 466.75 crores in the second quarter (Rs. 454.65 crores). — PTI

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