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ICICI Securities Report
Tata Consumer Products Ltd.’s volumes grew 4% and 8%, respectively in Q1, a top decile performance in Consumer Staples.
Drivers are (1) focus on distribution expansion and increase in direct reach, (2) Higher in-home consumption of beverages leading to market share gains for Tata Tea and (3) rising acceptance of packaged food brands like Tata Sampann. There is gradual improvement in Starbucks business activities with 60% stores open now.
Tata Consumers reported revenue, Ebitda and profit after tax growth of 13.4%, 37.6% and 42.1%, respectively. Constant currency growth was 11%. Segment-wise revenue growth rates: India Beverages 11%, India Foods 18.9% and International Beverages 15%.
Stocking due to Covid-19 resulted in strong revenue growth of International Beverages. Gross and Ebitda margin improved 180 basis points and 310 basis points due to higher revenues of branded products and deflation in commodity prices. Standalone revenues and PAT were up 9.7% and 55.8%, respectively.
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