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ICICI Securities Report
While Tata Consumer Products Ltd. had not-so-easy macros to tackle (including (abnormally) high input inflation) in India and higher base in international (pantry up-stocking in Q1 FY21), it continued to gain market shares.
It gained 170 basis points market shares in India tea and 370 bps in salt.It also gained shares in regular and specialty tea in Canada.
While near-term impact of steep inflation in input prices is unavoidable, we highlight that market share gains are discounted cash flow-accretive.
We model it to gain market shares in FY21-23 due to-
expansion of direct coverage and strengthening of rural distribution,
differentiated launches and
premiumisation (premium salt grew 34% in Q1 FY22).
Tata Consumer has largely completed integration of Soulfull with expansion of general trade outlet reach by three times.
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