Tata Global Beverages Ltd today reported 27.63 per cent decline in consolidated net profit at Rs 69.3 crore for the fourth quarter ended March 31, 2014.
The company had posted a net profit of Rs 95.76 crore for the same period of previous fiscal, Tata Global Beverages (TGBL) said in a BSE filing.
The company's net sales during the quarter under review rose marginally by 3.02 per cent to Rs 1,865.69 crore during the fourth quarter, as compared to Rs 1,810.89 crore during the same period of previous fiscal.
"Decline in net profit largely due to higher expenditure on brands, new initiatives and exceptional items. Exceptional costs are due to one time restructuring costs," Tata Global Beverages Global Chief Financial Officer L Krishnakumar told PTI.
Exceptional cost in the quarter were at Rs 11.72 crore.
Overall expenses of the company during the quarter stood at Rs 1,755.92 crore, up 5.99 per cent as against Rs 1,656.65 crore in the same quarter last year.
For the entire 2013-14 fiscal, the company reported a net profit of Rs 480.51 crore against Rs 372.75 crore in the previous financial year.
TGBL reported net sales of Rs 7,621.98 crore during 2013-14 compared with Rs 7,270.33 crore in the previous financial year.
The Board of Directors of the company recommended a dividend of Rs 2.25 per equity share of Re 1.
Shares of TGBL closed at Rs 156.25 apiece on the BSE, down 0.03 per cent from previous close.