Motilal Oswal 's research report on Tata Consumer Products
Tata Consumer Products' (TCP) 1QFY21 results were robust (ahead of expectations), mainly led by improvement in standalone (S/A) performance. S/A EBITDA grew 40% YoY due to better realizations, favorable commodity costs and lower discretionary expenditure. Strong operating performance was witnessed across businesses (barring Tata Coffee S/A).
Outlook
Factoring in the better-than-expected performance and margin expansion in India Food and Beverage (F&B) segment, we have increased our earnings estimates for FY21/FY22E by 30%/22% to arrive at an SOTP-based TP of INR560/share. Maintain Buy.
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