Closing the second quarter of FY24 with higher net profit, food and beverages company Tata Consumer Products Ltd on Tuesday said it will amalgamate three of its subsidiaries for efficient management.
In a regulatory filing, Tata Consumer Products said for the quarter ended September 30, 2023, its standalone operational revenue stood at Rs 2,359.59 crore (Q2FY23 Rs 2,130.78 crore) and net profit of Rs 267.79 crore (Rs.229.52 crore).
During the quarter under review, the company’s total expenses went up to Rs 2,036.05 crore up from Rs 1,838.23 crore spent during the corresponding period of the previous year.
The company also announced the amalgamation of its three wholly-owned subsidiaries - the Rs.620.37 crore NourishCo Beverages Ltd, the Rs.15.71 crore Tata SmartFoodz Ltd, and the Rs.64.30 crore Tata Consumer Soulfull Private Ltd – with itself.
Tata Consumer Products had acquired the three companies from their earlier promoters. As the business of all the four companies are similar in nature, they can be conveniently combined together and run more economically, the company said.
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