Tata Consumer Q4 Review - High Tea Prices Dent Ebitda Margin; Performance Below Expectation: Motilal Oswal
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Motilal Oswal Report
Higher tea prices impacted standalone gross margins by 10.1% YoY to 30.9%, and higher advertisement and promotion consequently impacted the consolidated Ebitda margin by 290 basis points YoY to 9.9%.
Consolidated Ebitda fell 3% YoY on the back of 13% Ebitda decline in standalone.
The Tata Sampann portfolio grew 2% during the quarter, impacted by volatility in the pulses market; portfolio grew 26% during FY21.
The scale-up of the Sampann portfolio remains a key monitorable.
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