Tata Consumer Products Q1 2023-24 net profit rises 30% to Rs 358.57 crore
Jul 26, 2023, 17:58 IST
New Delhi, Tata Consumer Products Ltd (TCPL) on Wednesday reported a 29.67 per cent rise in consolidated net profit to Rs 358.57 crore in the first quarter ended June 30 on the back of a strong growth in its domestic business. The company had posted a net profit of Rs 276.51 crore in the April-June quarter a year ago, TCPL, earlier known as Tata Global Beverages Ltd, said in a BSE filing.
Its revenue from operations was up 12.45 per cent to Rs 3,741.21 crore during the quarter under review as against Rs 3,326.83 crore in the corresponding period of the preceding fiscal.
"Revenue from operations increased by 12 per cent as compared to the corresponding quarter of the previous year, mainly driven by strong growth of 16 per cent in India business, 3 per cent in international business and 5 per cent in non-branded business," TCPL said in an earnings statement.
The "profit before exceptional items and tax at Rs 495 crore is higher by 23 per cent reflecting strong growth in the India branded business and improved performance in international and non-branded business," it said.
Total expenses of the Tata Group FMCG arm stood at Rs 3,304.36 crore, up 11.68 per cent in the first quarter of the current fiscal compared to the year-ago period.
TCPL's total income in the June quarter was at Rs 3,798.96 crore, up 12.99 per cent.
In the June quarter, TCPL's overall branded business was up 13.11 per cent to Rs 3,372.75 crore. It was at Rs 2,981.82 crore in the corresponding quarter last fiscal.
TCPL's branded businesses include tea, coffee, water and other various value-added business.
Its revenue from the Indian market in the branded business was at Rs 2,477.93 crore, up 15.51 per cent.
In the coffee segment, it continued the strong performance with a revenue growth of 21 per cent in the domestic market.
Revenue from its non-branded business, which includes plantation and extraction business for tea and coffee, was at Rs 377.05 crore, up 7.2 per cent in the June quarter.
Tata Starbucks -- a 50:50 joint venture between Tata Consumer Products Ltd and Starbucks Corporation -- also recorded "strong revenue growth" of 21 per cent in the June quarter.
TCPL Managing Director & CEO Sunil D'Souza said that during the June quarter, it saw positive results from the interventions put in place for the branded tea business, which grew volumes for the second consecutive quarter.
"We continue to maintain volume growth momentum in Salt, despite the pricing actions taken earlier to manage inflation," he added.
"Our growth businesses (Tata Sampann, Tata Soulfull and NourishCo ) continued their strong growth trajectory, they grew by 58 per cent this quarter and accounted for 20 per cent of the India branded business. Tata Starbucks continued to deliver a strong performance along with store expansion," he said.
Shares of Tata Consumer Products Ltd on Wednesday settled at Rs 874.10 on BSE, up 0.67 per cent from the previous close.
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Its revenue from operations was up 12.45 per cent to Rs 3,741.21 crore during the quarter under review as against Rs 3,326.83 crore in the corresponding period of the preceding fiscal.
"Revenue from operations increased by 12 per cent as compared to the corresponding quarter of the previous year, mainly driven by strong growth of 16 per cent in India business, 3 per cent in international business and 5 per cent in non-branded business," TCPL said in an earnings statement.
The "profit before exceptional items and tax at Rs 495 crore is higher by 23 per cent reflecting strong growth in the India branded business and improved performance in international and non-branded business," it said.
Total expenses of the Tata Group FMCG arm stood at Rs 3,304.36 crore, up 11.68 per cent in the first quarter of the current fiscal compared to the year-ago period.
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In the June quarter, TCPL's overall branded business was up 13.11 per cent to Rs 3,372.75 crore. It was at Rs 2,981.82 crore in the corresponding quarter last fiscal.
TCPL's branded businesses include tea, coffee, water and other various value-added business.
Its revenue from the Indian market in the branded business was at Rs 2,477.93 crore, up 15.51 per cent.
In the coffee segment, it continued the strong performance with a revenue growth of 21 per cent in the domestic market.
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"For the quarter, the India foods business delivered 24 per cent revenue growth and 6 per cent volume growth," the company said. Revenue from its non-branded business, which includes plantation and extraction business for tea and coffee, was at Rs 377.05 crore, up 7.2 per cent in the June quarter.
Tata Starbucks -- a 50:50 joint venture between Tata Consumer Products Ltd and Starbucks Corporation -- also recorded "strong revenue growth" of 21 per cent in the June quarter.
TCPL Managing Director & CEO Sunil D'Souza said that during the June quarter, it saw positive results from the interventions put in place for the branded tea business, which grew volumes for the second consecutive quarter.
"We continue to maintain volume growth momentum in Salt, despite the pricing actions taken earlier to manage inflation," he added.
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The company continued to accelerate innovation across categories with a number of new launches to expand our total addressable market. "Our growth businesses (Tata Sampann, Tata Soulfull and NourishCo ) continued their strong growth trajectory, they grew by 58 per cent this quarter and accounted for 20 per cent of the India branded business. Tata Starbucks continued to deliver a strong performance along with store expansion," he said.
Shares of Tata Consumer Products Ltd on Wednesday settled at Rs 874.10 on BSE, up 0.67 per cent from the previous close.