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ICICI Securities: Tata Consumer Products - Appointment of PB Balaji As Director Is Another Potential Re-Rating Event

P.B. Balaji’s appointment as additional director of Tata Consumer Products increases confidence in the firm, ICICI Securities says

A job seeker shakes hands with a company representative. (Photographer: Daniel Acker/Bloomberg)
A job seeker shakes hands with a company representative. (Photographer: Daniel Acker/Bloomberg)

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.

ICICI Securities Report

Rarely do we publish a report about the appointment of a non-executive, non independent director to a company in our coverage.

We believe Mr P.B. Balaji's (Group CFO of Tata Motors Ltd., Ex-Chief Financial Officer of Hindustan Unilever Ltd.) appointment as Additional Director of Tata Consumer Products Ltd. (TCPL) is significant and increases our (already high) confidence in the TCPL story.

During his tenure in HUL as CFO, Balaji, in our view, is credited with working with business managers in driving the premiumization agenda (particularly the well-appreciated ‘Surf detergent powder story’) and also on the implementation of zero based budgeting, significant cost reduction, etc.

Sunil D’Souza, Managing Director and CEO of TCPL and Balaji - both are post graduate diploma in management from IIM-Calcutta batch of 1993.

Click on the attachment to read the full report:

ICICI Securities Tata Consumer Update.pdf

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