Tata Consumer Products made significant progress on distribution, innovation and redesigning supply network and recorded market share growth in core categories of tea and salt, the company said at its annual general meeting (AGM) on June 27.
The fast-moving consumer goods (FMCG) major added that its investments will position it well for future growth and digital transformation, value chain are a key focus areas for the company.
NourishCo, Tata Sampann, Tata Soulfull, and Tata Q collectively grew 52 per cent in FY22 and the company opened 50 new Tata Starbucks stores last year-taking the total to 268 stores across 26 cities.
Tata Consumer Product's international business saw modest growth on the back of double-digit growth last year and its coffee business in the US is witnessing stable market share.
The FMCG major is following a three-brand strategy in tea for international markets with Tetley, Good Earth & Teapigs, and its contribution of innovation to sales has gone up 2x during the year.
The company seeks to strengthen its portfolio in fruit, herbal, and specialty teas to find new growth sources. It also seeks to focus on execution, agility, and nimbleness to navigate through short-term bumps.On June 27, shares of Tata Consumer Products settled 0.10 percent higher at Rs 729.25 apiece on the BSE.