Shares of Tata Consumer slumped in early trade on Thursday as the Tata Group company reported its earnings for the quarter ended June.

What Happened: The company’s consolidated net profits for the quarter came in at ₹316 crore, up 24% from the ₹266.46 crore profit it booked in the same quarter last year. Revenue from operations went up 12% to ₹3,741.21 crore as compared to ₹3,326.83 crore it booked last year.  

EBITDA for the quarter stood at ₹545 crore, with an EBITDA margin of 14.6%. Basic earnings per share for the quarter stood at ₹3.4. The numbers were mostly in line with street estimates.

As per a statement, the company’s joint venture with Starbucks in India saw revenues swell up 21%. Tata Starbucks opened six new stores during the quarter and entered four new cities. This coffee brand now has a total number of stores 348 across 46 cities.

Price Action: Tata Consumer’s share price was down 1.02% to trade at ₹865 as the markets opened on Thursday.

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