Mumbai: Tata Tea on Friday said its consolidated net profit has declined to Rs396.12 crore in the third quarter (Q3) ended 31 December 2008.
The company’s profit after tax is lower than the corresponding quarter of the previous year, mainly due to the impact of one-time profit on sale of investments in Energy Brands incorporated, during the December quarter last fiscal, the company said.
The company had a net profit of Rs1,292.22 crore for the same quarter in FY 08, Tata Tea said in a filing to the Bombay Stock Exchange.
Total operating income of the company rose to Rs1,306.79 crore for the quarter under review, against Rs1,143.63 crore in the same quarter last fiscal.
For the nine months ended 31 December, the company has posted a net profit of Rs689.57 crore, against Rs1,417.46 crore in the same period last fiscal.
On a standalone basis, Tata Tea has posted a net profit of Rs48.30 crore for the quarter ended 31 December, from Rs43.78 crore in the same quarter last fiscal.
In other disclosure, the company said it has decided to relocate managing director P.T. Singanporia to London.
However, Singanporia would continue to be the company’s managing director, but would also be responsible for global manufacturing operations as well as buying and blending, supply chain and related activities for some regions.
Tata Tea was trading at Rs603, down 3.22% on the BSE.