Share price of Tata Coffee gained almost 5 percent intraday on January 29, hitting new 52-week high of Rs 107.20 per share after the company's profit for the third quarter jumped 121 percent at Rs 42 crore compared to Rs 22 crore for the corresponding period in the previous year.
Consolidated total income for the quarter was higher at Rs 506 crore compared to Rs 470 crore for the corresponding period in the previous year while profit before exceptional items and tax for the quarter was higher at Rs 53 crore compared to Rs 33 crore for the corresponding period in the previous year.
"Our instant coffee exports from India continue to be strong, running to full capacities. We have seen good performances across geographies. On plantations, improvement in prices and operating efficiencies have resulted in better profits. The newly established state-of-art plant in Vietnam has also registered robust sales in the third quarter, sequentially increasing production and sales. The company has a robust sales order pipeline," said Chacko P. Thomas, Managing Director at Tata Coffee.
The stock price gained over 37 percent in the last 6 months and was quoting at Rs 103.95, up Rs 4.85, or 4.89 percent. It also witnessed spurt in volume by more than 1.08 times.
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