Sharekhan's research report on Tata Consumer Products
Tata Consumer Products Limited’s (TCPL’s) Q4FY2024 numbers were in line with our expectation while beat on street due to better-than-expected OPM at 16%; Revenue growth of ~9% missed the mark by 2%.Capital Foods contributed ~Rs. 85 crore in Q4. Its products are available with 95% of TCPL’s distributors. With a wider distribution reach, management expects strong double-digit revenue growth in FY2025.
Management targets double-digit revenue growth with 30% growth in growth businesses and strong contribution from recent acquisitions. OPM will be in upwards of 15% in the coming years.
Outlook
The stock trades at 61x/51x its FY2025E/FY2026E EPS. We maintain Buy with an unchanged PT of Rs. 1,315.
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