Motilal Oswal's research report on Tata Consumer Products
Tata Consumer Products (TATACONS) reported a healthy operating performance (EBIT up 15% YoY) in 4QFY23, led by 21% YoY EBIT growth in the India Branded business on the back of cost optimization measures. International branded business EBIT declined marginally YoY due to inflationary pressures and adverse currency movements; however, sequentially EBIT witnessed 44% growth, aided by pricing actions.
Outlook
While the 4Q performance was better than our estimates, we maintain our FY24/FY25 EPS estimates and retain BUY on the stock with our SoTP-based TP of INR910.
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