Tata Starbucks has reported a net loss of Rs 24.97 crore from its operations in India for the fiscal year that ended on 31 March 2023, according to the business intelligence platform Tofler.
However, its revenue from operations was Rs 1,086.89 crore for the same time, up 70% due to the inclusion of additional cafes and the network’s growth into more cities in India.
Tata Starbucks owns and operates Starbucks cafés in India.
It is a 50:50 joint venture between Tata Consumer Product Ltd (TCPL) and Emerald City CV, which is a wholly-owned subsidiary of Starbucks Corporation, USA.
Tata Starbucks recorded a net loss of Rs 94.84 crore in FY22, with revenue from operations of Rs 636.11 crore.
Tata Starbucks’ advertising promotional costs climbed by 84.45 per cent in FY23, reaching Rs 34.05 crore. It stood at Rs 18.46 crore a year earlier.
It has also paid a royalty of Rs 76.83 crore for the fiscal year ending 31 March 2023.
Tata Starbucks expanded its outlet network. As of 31 March 2023, it operated 333 Starbucks outlets, with 71 additional locations added. Tata Starbucks expanded into 15 additional cities last year, bringing its total footprint to 41.
