INDIA: Leap in Q2 profits saves Tata Global Beverages H1
- H1 net profits fall by 17.2% to INR1.97bn (US$36.6m)
- Sales in six months to end of September increase by 15.8% to INR35.86bn
- Q2 sees net profits leap by 54.6% to INR1.19bn
Tata Global Beverages posted its H1 results yesterday
Tata Global Beverages has hailed its second quarter for rescuing its first-half numbers.
The India-based company, which owns the Himalayan water brand and has a JV with PepsiCo in India, said earlier yesterday (31 October) that its net profits in the three months to the end of September soared by 54.6% to INR1.19bn (US$22.1m). The performance made up for a poor Q1, when net profits came in 83% down year-on-year at INR780m.
Subsequently, net profits for the first six months of Tata's fiscal year came in 17.2% down at INR1.97bn.
Sales in the first half were up by 15.8% to INR35.86bn. Quarter two sales increased similarly, by 14.2% to INR18.61bn.
The company highlighted an improved operating performance and lower finance costs in the second quarter for driving its numbers.
On the innovation front, the firm launched Tata Water Plus, a nutrient water fortified with zinc, in the Tamil Nadu and Andhra Pradesh regions of India in Q2.
“We are happy to announce a strong performance in a challenging market environment, despite commodity cost increases in the tea category," said Harish Bhat, MD & CEO of Tata. "Key markets have performed well, with constant focus on category expansion, innovation and operating efficiencies. Our strategic alliances with PepsiCo and Starbucks have recorded excellent progress."
To read the company's official results announcement, click here.
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