Tata Global Beverages Ltd shares rallied 7.42 percent to hit a 52-week high of Rs 407.95 apiece on Wednesday after the company reported robust earnings in the third quarter of fiscal 2020.
Tata Global Beverages shares have risen 129.83 percent from its low of Rs 177.50 touched on February 11, 2019.
At 11:30 am, the company stock was quoting Rs 394.85, up 3.98 percent from the previous close of Rs 379.75 on the BSE.
The company reported a 24.76 percent increase in consolidated net profit at Rs 135.85 crore in Q3FY20 as against Rs 108.89 crore in the year-ago period.
Total revenue from operations during the quarter grew to Rs 1,961.9 crore versus Rs 1,912.58 crore in the corresponding period last fiscal, driven by improvement in branded and non-branded business.
Tata Starbucks clocked a 27 percent growth in revenue for the quarter, opening 28 new stores. It now has 174 stores spread across 11 cities in India, the company said in a regulatory filing.
During the quarter, India branded tea business clocked a growth of 7 percent in volume and 6 percent in value terms, it added.
The UK and US markets launched new products aimed at revitalizing the black tea market. In Canada, the company recorded volume growth in branded tea.
“The company recorded steady revenue growth despite challenging macroeconomic conditions in India and some key international markets. Our new launches in India are geared towards unlocking white space opportunities through greater localisation,” said Ajoy Misra, managing director and CEO of Tata Global Beverages.
First Published: Feb 5, 2020 1:03 PM IST
