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Tata Tea income from operations at Rs 291 cr up by 4%
Author£ºColourful Tea    Time£º2007-4-4    Hits£º436

2007-02-01 11:00   Source : Moneycontrol.com

Tata Tea Ltd announced its results for quarter ended December,2006 . The stand alone Tata Tea results reported Income from Operations of Rs 291 crores, an improvement of approx 4% over the previous year's corresponding quarter despite exit from a major part of the South India plantations. Brand value sales have improved by 16% quarter on quarter partly offset by lower export sales. Operating profits at Rs 48.48 crores have improved by 6% which is an improvement for the 15th consecutive quarter. The Profit before Tax and exceptional items at Rs 44.02 crores was lower than Rs 48.94 crores in the preceding year's corresponding quarter due to interest on borrowings for acquisition at Rs 12.41 crores on account of a bridge loan taken to finance the acquisition of Energy Brands Inc. It is however expected that these loans will be repaid from the proceeds of preferential issue to Tata Sons Ltd, sale of investments and plantation restructure. Exceptional income during the quarter represents profit on sale of investments of Rs 63.54 crores net of amortization on Employee Separation Scheme of Rs 2.19 crores.

The Company's Consolidated world wide Income from Operations for the third quarter was Rs 1113 crores, an improvement by 37% over the preceding year's turnover for the corresponding period driven by higher branded tea sales coupled with the inclusion of income pertaining to the acquisition of Jemca and Eight O Clock Coffee. Whilst the profit before tax from operations at Rs

149.86 crores increased by 56%, the Group Consolidated Profit after Tax was Rs 117.19 crores, 95% higher than the previous year.

Under Indian GAAP, The Tetley Group's (the Company's 77.78% UK subsidiary) turnover for the third quarter of its Financial Year 2006/07 at Rs 604.82 crores was higher than the figure of Rs 532.08 crores in the corresponding quarter of the previous year. Whilst, the Profit before Tax, interest on acquisitions and exceptional items was Rs 65.21 crores compared to Rs 45.38 crores in the previous year, the Profit after Tax was lower at Rs 21.41 crores compared to Rs 30.31 crores in the previous year primarily due to the cost of interest on acquisitions.

Sourced From: Vaishnavi Corporate Communications Pvt Ltd

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