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Tata Global Beverages Ltd today reported 51.23 per cent increase in consolidated net profit at Rs 180.03 crore for the second quarter ended September 30, aided by exceptional income.
The company had posted a net profit of Rs 119.04 crore for the same period of previous fiscal, Tata Global Beverages Ltd (TGBL) said in a statement.
The company’s net sales during the quarter under review rose to Rs 1,906.23 crore during the second quarter, as compared to Rs 1,842.57 crore during the same period of previous fiscal.
Exceptional income during the quarter was Rs 92.05 crore, the company said.
The company also announced merger of its subsidiary, Mount Everest Mineral Water Ltd with TGBL.
“The boards of directors of Tata Global Beverages Limited (TGBL) and Mount Everest Mineral Water Limited (MEMW) in their respective meetings today, approved a proposal to merge MEMW with TGBL,” the company said in a statement.
“This merger will enable increased operational efficiencies and better synergy between both businesses... The proposed merger will facilitate the growth of the Himalayan natural mineral water brand owned by MEMW,” it added.
TGBL is a global beverage business and the world’s second largest tea company. The group’s annual turnover is $1.4 billion and it employs over 3,000 people worldwide.
Shares of TGBL closed at Rs 154.65 apiece today on the BSE, down 1.34 per cent from their previous close.
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