Tata Coffee posts Q3 net at Rs 32.83 crore

Tata Coffee on Tuesday posted its consolidated net profit at Rs 32.83 crore for the quarter ended December 31, 2010 ? a 12-fold increase against the same period last fiscal.

In the same quarter in 2009-10, the company?s profit stood at Rs 2.72 crore.

Tata Coffee?s consolidated income too saw a jump of 14.5 percent, rising from Rs 305.86 crore in Q3 of the last fiscal crore to Rs 350.24 crore in this fiscal.

The company?s shares have surged since it announced that it has signed a non-binding agreement with international coffeehouse chain Starbucks for supplying coffee beans and coffee roasting facilities.

Tata Coffee?s shares closed on Tuesday at Rs 712.05 on the Bombay Stock Exchange, down 1.78 percent from its earlier close.