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Tata Coffee Limited announces results for Q4 and FY 2018-19

Posted On: 2019-04-19 22:50:07

Tata Coffee Limited has announced its results for the fourth quarter and full year ended March 31, 2019, this evening.

Quarter ended March 31, 2019-Standalone

The Company reported a Total Income for the quarter ended 31st March 2019 at Rs.212 Crores compared to Rs. 207 Crores of the corresponding quarter of the previous year.

The value added Instant Coffee business has registered its highest quarterly sales volume. Revenues from value added Instant Coffee business for the current quarter is at Rs.123 Crores compared to Rs. 104 Crores of the corresponding quarter of the previous year. The Operating profits due to competitive pressure are flat at Rs.12 Crores in line with the previous year's quarter.

The Plantations segment for the current quarter reported a revenue of Rs. 82 Crores compared to Rs. 88 Crores of the corresponding quarter of the previous year. While the Coffee segment has recorded improved performance, Pepper and Tea got impacted on lower production and realization. The operating profits during the current quarter are at Rs.1 Crore vis a vis a loss of Rs 19 Crores in the corresponding quarter of the previous year. In the Previous Year's quarter, the operating profits were impacted on lower production of Robusta crops.

The Company in the current quarter has received Dividend of Rs.7 Crores Vis a Vis Rs. 13 Crores of the previous year from its overseas subsidiary, Consolidated Coffee Inc.

Based on the above, the Standalone Profit before Tax for the current quarter is higher at Rs. 17 Crores compared to Rs. 3 Crores of the corresponding quarter of the previous year. Profit after Tax is higher at Rs.12 Crores compared to Rs. 4 Crores of the corresponding quarter of the previous year.

Financial Year ended March 31, 2019-Standalone

The Company reported a Total Income for the financial year ended 31st March 2019 at Rs.757 Crores compared to Rs. 762 Crores of the previous year. Profit after tax at Rs 72 Crores is higher to Rs 63 Crores of the previous year on improved Plantation and Instant Coffee performance as well as on sale of its non-core fixed assets.

The Board of Directors have recommended a Dividend payment of Rs. 1.50 per share (face value of Rs.1/- each) (Previous year: Rs.1.50 per share) for the financial year 2018-19.

Quarter ended March 31, 2019-Consolidated

The Consolidated Total Income for the current quarter stood at Rs. 464 Crores compared to Rs.449 Crores of the corresponding quarter of the previous year. EOC has recorded a Total Income of $ 36.77 Million for the current quarter compared to $ 39.58 Million of the corresponding quarter of the previous year. The consolidated profit after tax, net of noncontrolling interest, for the current quarter, stood at Rs.10 Crores as compared to Rs. 6 Crores of the corresponding quarter of the previous year on higher profitability from Standalone operations.

Financial Year ended March 31, 2019-Consolidated

The Company reported a Total Income for the financial year ended 31st March 2019 at Rs. 1822 Crores compared to Rs. 1589 Crores of the corresponding period of the previous year. The Consolidated Profit before tax is at Rs. 170 Crores lower to Rs. 186 Crores of the previous year on lower EOC profitability but mitigated partly by improved performance in the Plantations and Instant coffee businesses. The Profit after tax net of non-controlling interest is at Rs. 69 Crores lower to Rs. 107 Crores of the previous year. The Profit after Tax of the previous year had a tax reversal of Rs. 53 crores on account of reduction in the US Federal Tax rates.

Commenting on the Company's performance, Mr. Chacko P. Thomas, Managing Director, Tata Coffee Limited, said - "I am pleased to report that our Instant Coffee business has recorded the highest volume of sales compared to past several quarters and FY18-19 has been a strong year for ICD overall. The offtakes to Africa and European geographies continue to be strong and our focus on customer acquisition in new geographies has enabled a robust and healthy order book. However, while volumes are high, the Instant Coffee business continues to be under margin pressure due to the current competitive scenario in the industry and hardening rupee.

While the plantation harvesting progress is satisfactory, the terminals continue to be depressed.

The company continues to focus on customer centricity, premiumisation and differentiation as its core themes and these are helping tide over some of the current competitive pressures and subdued terminals environment".

The 5000 MT state of art freeze dried plant at Vietnam was unveiled last month. Customer visits have already started.

Shares of TATA COFFEE LTD. was last trading in BSE at Rs.92 as compared to the previous close of Rs. 92.7. The total number of shares traded during the day was 16626 in over 179 trades.

The stock hit an intraday high of Rs. 93 and intraday low of 91.4. The net turnover during the day was Rs. 1530388.


Source: Equity Bulls

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