Special Correspondent

MUMBAI: Tata Tea, on a standalone basis, saw its net profit more than doubling to Rs. 391 crore during 2009-10 from Rs. 159 crore in 2008-09, owing to an exceptional income of Rs. 248 crore. The company reported a 24 per cent higher total operating income at Rs. 1,716 crore (Rs. 1,379.30 crore) on strong branded tea performance. During the year, the company sold its stake in associate company Rallis India resulting in an exceptional income of Rs. 248 crore and as a result, the profit before tax (after exceptional items) was Rs. 495 crore (Rs. 229 crore).

Dividend

The board of directors has recommended a dividend of Rs. 20 per share (Rs. 17.50 per share).

The board has also approved a sub-division of the equity shares of the company from Rs. 10 to Re. 1 per share.

Tata Tea Group consolidated net profit for the year was significantly lower at Rs. 390.30 crore (Rs. 700.55 crore).

Total operating income for the year at Rs. 5,821 crore was 19 per cent higher due to strong branded performance. Exceptional income for the year mainly comprised profit on sale of shares of Rallis India, an associate company, of Rs. 186 crore net of share of profits, actuarial loss of Rs. 40 crore on defined benefit retirement schemes of an overseas subsidiary, reorgani- sation cost of Rs. 20 crore relating to restructuring and expansion of business and amortisation of amounts incurred on employee separation scheme amounting to Rs. 8 crore.