Tata Consumer Products (TCPL) on July 26 reported consolidated net profit at Rs 358.57 crore for the June quarter of FY24, registering a growth of 29 percent from Rs 276.51 crore in the same quarter of the previous financial year. The company's group net profit for the quarter is Rs 338 Crores up by 22 percent.
The company reported a 3.7 percent rise/fall in profit from Rs 345.58 crore in the previous quarter.
Total revenue of the company is Rs 3741.21 crore, rising 12.45 percent from Rs 3326.83 crore in the year-ago quarter mainly driven by strong growth of 16 percent in India business, 3 percent (constant currency) in international business and 5 percent (constant currency) in non-branded business. the FMCG major said in a regulatory filing.
The revenue increased 3.38 percent from Rs 3618.73 crore in the previous quarter.
Consolidated Earnings before interest, tax, depreciation and amortization (EBIDTA) for the quarter is at Rs 547 crore up by 19 percent.
“We delivered strong topline growth of 12 percent along with earnings growth of 23 percent this quarter. Additionally, we were able to expand the EBITDA margin despite continuing investments in new businesses." said Sunil D’Souza, Managing Director & CEO of Tata Consumer Products.
Revenue was largely in line, but net profit exceeded estimates. According to a poll of brokerages, TCPL Q1 revenue was seen at Rs 3728 crore while net profit was Rs 331 crore.
For the quarter, the India packaged beverages business delivered 2 percent revenue growth and 3 percent volume growth. The company's largest tea brands Tata Tea Premium and Tata Tea Agni recorded strong volume growth during the quarter. Coffee continued its strong performance with a revenue growth of 21 percent YoY.
For the quarter, the India foods business delivered 24 percent revenue growth and 6 percent volume growth. The salt portfolio continued its strong momentum and recorded double-digit revenue growth during the quarter on a high base of last year.
NourishCo, the company's RTD business, recorded strong revenue growth of 60 percent during the quarter on an elevated base and despite adverse weather conditions. Tata Soulfull had another strong quarter and entered new categories with exciting new launches, expanding its Total Addressable Market.
The company continued the momentum on innovation with innovation-to-sales ratio at 5 percent for the quarter, the company said in a press release. In Q1, Modern Trade channel grew 22 percent and E-commerce grew 28 percent.
All three of the company's brands in the UK- Tetley, Good Earth, and teapigs gained value market share during the quarter.
Tata Starbucks recorded strong revenue growth of 21 percent for the quarter. The company opened 16 new stores during the quarter and entered 4 new cities bringing the total number of stores to 348 across 46 cities.
On 26 July, TCPL closed 0.18 percent higher to Rs 870.10 on NSE.
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