Quarter 2 Results – 2010/2011. Board Approves signing of Joint Venture with PepsiCo
Quarter 2 Results – 2010/2011. Board Approves signing of Joint Venture with PepsiCo
Quarter 2 Results – 2010/2011
Board Approves signing of Joint Venture with PepsiCo
Overseas subsidiary acquired minority stake in Activate™
CONSOLIDATED: Consolidated operating income at Rs 1446 crores up by 3%
STANDALONE: Total operating Income at Rs 448 crores up by 5% Profit from Operations at Rs 35 crores up 14%
Tata Global Beverages Ltd. announced its results for the quarter ended September 30, 2010 this afternoon.
The Board, today, has approved the signing of a 50:50 Joint Venture with PepsiCo India Holdings Private Limited in the area of Non-carbonated Ready to Drink beverages focused on health and enhanced wellness. The mandate of the Joint Venture is to develop its business internationally.
The Company’s overseas subsidiary acquired a minority stake of 10% in ActivateTM , a performance beverage and bottled water company in the United States. The subsidiary has an option to increase its stake in this Company.
The Company’s Consolidated total operating income for the quarter at Rs. 1446 crores increased by 3% as compared to the corresponding period of the previous year despite adverse translation impact. The Company continues to focus on building new capabilities and investment behind new products and brands. The profit before exceptional has been impacted by higher commodity costs and higher expenditure on growth initiatives. Profit before and after Tax is lower compared to the corresponding period of previous year, since last year there was a one time profit on sale of shares.
The stand alone Tata Global Beverages Ltd results for the quarter reported Income from Operations at Rs 448 crores, an increased of 5% driven by strong brand performance. Profit from Operations at Rs 35 cr has increased by 14% from the corresponding quarter of the previous year attributable to improvement in operations. The Profit before and after Tax are lower compared to the corresponding quarter of the previous year, since last year there was an exceptional income on sale of equity shares of Rallis India Limited.
Issued By : L Krishnakumar
For further information, contact :
Satya Muniasamy
Tata Global Beverages
satya.muniasamy@tatatea.co.in
Mobile: 9008422544
Madhavi Banerjee
Vaishnavi Corporate Communications
Madhavi.banerjee@vccpl.com
Mobile: 9686150031