Tata Consumer Products Q2 Review - Execution On Track; Expects An Improvement In Margins: Systematix
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Systematix Research Report
Tata Consumer Products Ltd.'s Q2 FY22 topline was in-line with our estimates but Ebitda margin was lower than expected on account of higher advertisement and promotion/other expenses. Q2 highlights:
India beverages business volumes grew a mere 2% YoY (on a base of 12% YoY) but Tata Consumer continued to gain market share (up 169 basis points YoY over June-August 2021),
India foods business volumes grew 23% YoY driven by revenue growth of 29% YoY in Tata Sampann,
salt portfolio gained market share (up 440 bps YoY over June-August 2021) with the premium range continuing to outperform at 42% YoY,
International business like-to-like revenues were flat YoY on a high base,
NourishCo and Starbucks recovered strongly.
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