Tata Coffee hits 52-week high on strong December quarter

The shares of Tata Coffee rallied by almost 5 per cent, hitting a new 52-week high of Rs 107.20 per share after the company reported impressive results for the third quarter ended December 2019.

On a consolidated front, the company's net profit for Q3FY20 almost doubled to Rs 42 crore from Rs 22 crore for the corresponding period in the previous year. The consolidated total income for the quarter increased by 7.6 per cent to Rs 506 crore in Q3FY20, as compared to Rs 470 crore in the corresponding period last year, while profit before exceptional items and tax for the quarter was higher at Rs 53 crore, compared to Rs 33 crore in Q3FY19.

Tata Coffee board meanwhile, approved the sale of up to 1.6 lakh shares held by the company in Tata Chemicals, through the secondary market.

The Managing Director at Tata Coffee, Chacko P Thomas, stated that the instant coffee exports from India continued to be strong, running to full capacities and the company had seen good performances across varied geographies. He went on to state that the newly-established state-of-art plant in Vietnam had also registered robust sales in the third quarter, sequentially increasing the production and sales.

Tata Coffee is engaged in the production, trading and distribution of coffee, tea and allied products. The company has around 20 coffee estates in over 18,270 acres located across the hills of Coorg, Chikmagalur and Hassan districts of Karnataka and Valparai in Coimbatore District of Tamil Nadu.

At 11.30 am on Wednesday, the stock is trading at Rs 103.90, up by 4.84 per cent or Rs 4.80 per share. The 52-week high is recorded at Rs 107.20 and the 52-week low is Rs 67 on BSE.