Kolkata, Oct 28 (IANS) Tata Tea posted a net profit of Rs.258 crore for the quarter ended Sep 30, as against Rs.43.79 crore registered during the corresponding period last fiscal, the company said Wednesday.
“During the quarter, consequent to a favourable exchange rate movement, there is a notional unrealized gain on translation of short term foreign currency financial assets held by an overseas subsidiary, reversing the trend of unfavourable exchange rate movements experienced during the first quarter of this year,” it said.
Wholly-owned subsidiary Tetley of Britain acquired a controlling 51 percent stake in a Russian beverage company with effect from Sep 1, Tata Tea said.
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