KR Choksey's research report on Tata Consumer Products
For Q4FY22 company reported revenue growth of 4.5% YoY (-1% QoQ) at INR 31,754 Mn mainly driven by growth in India branded business (which includes branded tea, coffee, water and food products). For FY22 revenue stood at INR 1,24,254 Mn, up 7.1% YoY. EBITDA for Q4FY22 stood at INR 4,443 Mn, an increase of 48% YoY/-3.8% QoQ with margins at 14% (411/-40 bps YoY/QoQ) respectively. For FY22, EBITDA stood at INR 17,188 Mn, up by 11.3% YoY, with margins at 13.8%, up by 53 bps YoY. For Q4FY22 PAT stood at INR 2,175 Mn, a growth of 303.6% YoY. PAT margin was 6.9% (+508 bps YOY). For FY22, PAT stood at INR 9,358 Mn up by 9.2% YoY. PAT margin was 7.5%.
Accordingly, we have arrived at a target price of INR 964 per share (earlier INR 1,030 per share), an upside of 26.0% over the CMP. Accordingly, we reiterate a “BUY” rating on the shares of Tata Consumer Products Ltd.
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