Buy Tata Consumer Products; target of Rs 450: Motilal Oswal

Motilal Oswal 's research report on Tata Consumer Products

Tata Consumer Products’ (TCPL) FY20 annual report highlights the company’s efforts to leverage the ‘Tata’ brand, create a single FMCG-focused company and participate in India’s INR30t consumption story. FY20 was a milestone year as TCPL completed merger with Consumer Products business of Tata Chemicals (now India Food business), resulting in 33%/64% increase in revenue/EBITDA to INR96.3b/~INR13b. Key highlights below:
Outlook

We value the stock on SOTP basis to arrive at a target price of INR450. Maintain Buy.

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