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29 March 2020

Hot Pursuit

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28-Mar-2020 (17:43)
Delta Corp board approves Rs 125 cr share buyback
28-Mar-2020 (14:20)
Tata Consumer scales down operations due to COVID-19 outbreak

Tata Consumer Products on Saturday (28 March) announced that in the wake of the COVID-19 pandemic, the company is taking various measures to ensure the safety and wellbeing of all employees and is ensuring compliance with the directives issued by the Central Government, State Governments and local administration in this regard. The company has already adopted work from home for its employees at its offices with effect from 16 March 2020 to minimize the risk and contain the spread of COVID-19. For the safety of people employed in on-ground operations, the company has put in place various measures on social distancing and precautionary hygienic practices.

It added that the government has notified measures to ensure that uninterrupted supply of essential foodstuffs including salt, coffee and tea is made available to the public at this time and the company is continuing to operate some of its units though at reduced capacities given the restrictions impacting movement of goods and also availability of labour, and packing and other materials. The plantations and other operations of the company/subsidiaries/associates are also suspended at this stage. The company's joint venture- Tata Starbucks has also suspended operations of its stores at present.

The company said it is closely reviewing options for scaling up operations and monitoring the situation and will take all necessary measures as directed by the Central and State Governments and authorities, from time to time.

The company continues to operate and supply tea and coffee to our consumers in key international l markets through its subsidiaries while complying with applicable precautions, regulations and restrictions in place in those markets at the current time. The impact on the company's operation is difficult to assess at the current time as the situation continues to evolve, it said.

Tata Consumer Products, a subsidiary of the Tata Group, is a multinational non-alcoholic beverages company. It is the world's second-largest manufacturer and distributor of tea and a major producer of coffee.

Shares of Tata Consumer Products rose 2.04% to Rs 285.15 on Friday.

On a consolidated basis, the company reported 21.42% jump in net profit to Rs 120.59 crore on a 2.58% increase in net sales to Rs 1961.90 crore in Q3 December 2019 over Q3 December 2018.

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