CCL Products (India) Ltd reported a 62% surge in quarterly profit on Tuesday, beating analysts’ estimates, boosted by rising sale of its instant coffee.

Consolidated net profit rose to 852.9 million rupees ($10.43 million) for the three months ending March 31 from 527 million rupees a year earlier. Analysts, on average, expected profit of 636.9 million rupees, according to Refinitiv IBES data.

The company, which exports coffee to over 90 countries, reported revenue from operations increased 38.2% to 5.20 billion rupees in the quarter from a year ago.

The capacity addition at CCL’s Vietnam plant and firmer coffee prices during much of last financial year fueled volume increase of spray-dried coffee in the March quarter, analysts at CD Equisearch had said in a note. CCL also operates manufacturing plants in India and Switzerland.

Rival Tata Coffee reported a 20% rise in fourth-quarter profit last month, highlighting the growing demand for the beverage.

Shares of the company, whose clients include Reliance, startup Blue Tokai and Israel-based Strauss Group, closed down 2.3% before the results.

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