Share price of Tata Coffee gained over 16% in Wednesday's opening trade after the company reported healthy performance for the Q1FY21.
The Tata Group company's consolidated net profit rose 77% to Rs 62 crore in the April-June quarter against Rs 35 crore profit during the same quarter previous year.
Tata Coffee opened with a gain of 16.28% to an intraday high of Rs 96.8, rising 16.28% against the last closing value of Rs 83.25 on BSE. The stock also touched an intraday low of Rs 91.40. Tata Coffee share has risen 14.77% in the last 2 days.
Market capitalisation of the firm stood at Rs 1,750.97 crore as of today's session. Tata Coffee share is trading higher than its 5, 20, 50, 100 and 200 day moving averages. Tata Coffee stock price has gained 16% in one week, 13% in one month and 1.6% since the beginning of the year.
"Strong operating performance from Eight' Clock Coffee (EOC) was driven by higher volumes. Tata Coffee Vietnam Company (TCVCL) operations, too, continue to improve with robust sales to key customers," Tata Coffee said.
Consolidated total income, gained by 26% year-on-year (YoY) to Rs 592 crore in Q1 FY21 as against Rs 472 crore in Q1 FY20. Its EBITDA (earnings before interest, taxes, depreciation, and amortization) also gained 37% YoY to Rs 115 crore, while margins improved to 19.56% as against 17.94% in previous year quarter.