Motilal Oswal 's research report on Tata Consumer Products
Tata Consumer Products (TCP)’s consolidated revenue/EBITDA was in line with our estimates; like-for-like (adj. for Tata Chemicals’ Consumer biz and IndAS-116) revenue/EBITDA grew 6%/29% for the quarter. The strong performance was attributed to improvement across businesses, barring Tata Coffee Standalone. Mr Sunil D'Souza was appointed as MD & CEO w. e. f. from April; hence, the strategy formulation and its execution is expected to be monitored going forward.
Outlook
We maintain our estimates for FY21/FY22 and arrive at an SOTPbased TP of INR431.
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