Tata Starbucks reported a net loss of Rs 24.97 crore in FY23 despite a 70% revenue increase. The company added 71 new stores and expanded into 15 new cities.
Photograph: Junko Kimura/Getty Images
New Delhi, Jan 11 (PTI) Tata Starbucks has reported a net loss of Rs 24.97 crore from its operations in India for the financial year ended March 31, 2023, according to financial data accessed through business intelligence platform Tofler.
However, its revenue from operations was at Rs 1,086.89 crore for the said period, up 70 per cent helped by the addition of more cafes and expansion of the network in more cities in India.
In India, Starbucks cafes are operated by Tata Starbucks Pvt Ltd.
It is a 50:50 Joint Venture between Tata Consumer Product Ltd (TCPL) and Emerald City CV, a wholly-owned entity of Starbucks Corporation, USA.
Tata Starbucks had reported a net loss of Rs 94.84 crore in FY22 and its revenue from operations was at Rs 636.11 crore.
In FY23, Tata Starbucks' Advertising promotional expenses increased 84.45 per cent to Rs 34.05 crore. It was at Rs 18.46 crore a year ago.
Besides, it has also paid a royalty of Rs 76.83 crore in the financial year ended March 31, 2023.
Tata Starbucks has expanded its store base. It was operating 333 Starbucks stores as on March 31, 2023 with the addition of 71 new stores. During the year, Tata Starbucks entered 15 new cities marking its presence in 41 cities.
As on March 31, 2023, total number of employees on the rolls of Tata Starbucks stood at 3,877, which comprised 2,357 male and 1,520 female employees.
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