BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Tata Consumer Products Ltd.’s 1QFY21 results were robust (ahead of expectations), mainly led by improvement in standalone performance.
Standalone Ebitda grew 40% YoY due to better realisations, favourable commodity costs and lower discretionary expenditure. Strong operating performance was witnessed across businesses (barring Tata Coffee standalone).
Revenues were up 13% YoY to Rs 27.1 billion (versus estimate Rs 25.3 billion). Ebitda grew 38% YoY to Rs 4.8 billion (versus estimate Rs 3.8 billion). Note that base quarter performance includes India Food business numbers (erstwhile Tata Chemicals’ consumer business).
Ebitda margin expanded 310 basis points YoY to 17.8% due to 180 basis points expansion in gross margin, lower advertisement spends and operating leverage. Adjusted profit after tax rose 45% YoY to Rs 2.6 billion.
The higher growth was due to margin expansion and lower tax rate of 22.1% (versus 34.1% last year).
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
As a Subscriber you get
Stories
RECOMMENDED FOR YOU
POPULAR