Motilal Oswal's research report on Tata Consumer Products
Gross margin pressure eased off in 2QFY22 which has been impacting since the last four quarters due to tea cost inflation. The management expects gross margin to improve on a QoQ basis going forward. However, quarterly performance was impacted due to higher A&P spends (which is expected to continue) and other expenses.
Outlook
We maintain our earnings estimates and arrive at our SoTP-based TP of INR945/share. We maintain our Buy rating.
For all recommendations report, click here
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