Q1-FY24 · Sunil D'Souza
We had a strong quarter with double-digit growth of 11% in constant currency, reported 12%.
TATACONSUM / language trends
Read confidence between the lines.
TATA CONSUMER PRODUCTS · tone and specificity signals across the available quarters.
Research layer active
Language signals
What changed in management language.
tracked
Q1-FY24 · Sunil D'Souza
We are in the middle of an NCLT process, in the final stages. We do expect approvals to come through soon.
Q1-FY24 · Sunil D'Souza
We do expect them coming close to profitability on a fully loaded P&L by the end of this year.
Q1-FY25 · Sunil D'Souza
Our consolidated revenue was 16% in quarter one. Organic growth was 10%. Two acquisitions contributed to 6% additional growth.
Q1-FY25 · Sunil D'Souza
I would term this quarter as a quarter of learning. But like I said, we saw June almost normalize and come back to what we would expect the business to deliver going forward and therefore remain confident that we should be able to deliver the business case.
Q1-FY25 · Sunil D'Souza
We do not break EBIT percentages for each and every category in India. We club it under the India business overall, and we report the EBIT numbers for India because that's the way we manage the business.
Q1-FY26 · Sunil A. D'Souza
I do not think any player is going to win the battle of market share by pricing.
Q1-FY26 · Sunil A. D'Souza
We figured out what the Germans felt when they reached Stalingrad and figured the supply chain was missing.
Q1-FY26 · Sunil A. D'Souza
I do take these numbers. We do take directional inputs, but I wouldn't take it as gospel.
Q2-FY24 · Sunil D'Souza
We delivered a strong quarter with 11% top line growth, 10% in constant currency.
Q2-FY24 · Sunil D'Souza
International business came to the party big time this time. 13% revenue growth, 8% in constant currency, with EBIT growth of 60%.
Q2-FY24 · Sunil D'Souza
We do expect that now that we've got stable pricing and we've built out more infrastructure for distribution, we continue to drive volumes.
Q2-FY25 · Sunil D'Souza
If one can play the game, two can play the game. So if the game is saying that they will outlast or they will hold on for longer and put stress on the rest of the industry, I would just say rest of the industry, minus Tata Consumer is who's going to feel the stress. I will not forgo market share, because gaining back market share in the longer term is a far more painful and far more expensive proposition.
Q2-FY25 · Sunil D'Souza
I am here for the long haul, and I will not forego market share. We have gone in there, we've made the corrective actions, we've taken down price, and that's why I emphasize the impact was on Tata Gluco+ only.
Q2-FY25 · Ashish Goenka
In the long run, of course, we'll be looking at structurally improving our margin. Also, we have now tailwinds from the new acquisitions that we made, which comes in at a significant accretion to overall margin play.
Q2-FY26 · Sunil D’Souza
If we try to get too greedy, we will lose market share because it's a commodity-driven business.
Q2-FY26 · Sunil D’Souza
Maintaining market share is always a better proposition because I can build back margin at a later point of time. Maintaining margin and losing relevance and market share is not an option.
Q2-FY26 · Sunil D’Souza
I would say we are at least one, if not one and a half quarter out before seeing margins normalize.
Q3-FY24 · Sunil D'Souza
We've delivered another strong quarter of performance with consolidated revenue growth of 9%.
Q3-FY24 · Sunil D'Souza
Tata Salt recorded its highest ever monthly market share in December 2023.
Q3-FY24 · Sunil D'Souza
We are targeting to take that contribution to 30%, growing at 30%.
Q3-FY25 · Sunil D'Souza
Assuming India Tea margins were at the Q3 FY24 level, our overall EBITDA margin for the quarter would have expanded at least 75 to 100 bps.
Q3-FY25 · Sunil D'Souza
I will be where the consumer is shopping. I will not try to balance my margin profile and my channel profile basis how my mathematics works out.
Q3-FY25 · Sunil D'Souza
If you can tell me where coffee prices are going to go, I can promise you where I have to tell you the margins.
Q3-FY26 · Sunil D'Souza
We've always guided for a mid to high single-digit growth for the tea business.
Q3-FY26 · Sunil D'Souza
The single biggest lever will be scale, simply, right? Growing 14%-15% in that ballpark, we get huge leverage of scale.
Q3-FY26 · Sunil D'Souza
In Calcutta, 91% of the business came from tea and salt, and 9% from all the growth categories... the segmented go-to-market will be a huge unlock.
Q4-FY24 · Sunil D'Souza
We strongly feel that we have not lost market share, and therefore we would wait for competitive numbers to see where this pans out.
Q4-FY24 · Ashish Goenka
We are basing our numbers of growth on the 705-750 sort of number, and we will work off that base. We are not working on the 500-odd base because we know it is underpegged.
Q4-FY24 · Sunil D'Souza
We do expect to see, as I said, the international margins, right now are about 200-300 bps better than our India businesses, overall businesses. We do expect to see that accretiveness to continue.
Q4-FY25 · Sunil D'Souza
If you had added back the impact of the tea prices, my EBITDA margins would have expanded 80 basis points.
Q4-FY25 · Sunil D'Souza
We have passed on about 30% of the tea costs for the full year. For the quarter, it is now 46%.
Q4-FY25 · Sunil D'Souza
The only question I would ask Ray is what will be the final tariffs. If someone tells me that then I would be very happy to answer.
Q4-FY26 · Sunil D'Souza
We will deliver it. 50-75, 80 basis points is a given. I mean, it's not an option.
Q4-FY26 · Sunil D'Souza
As long as I am talking straight to the consumer, which is what happens on quick com, e-com, I am a winner and I'm number one.
Q4-FY26 · Sunil D'Souza
What we like is not for sale. What is for sale, we don't like.