TATA CONSUMER PRODUCTS / Q1-FY24

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Positive2023-07-20Back to TATACONSUM

Revenue

₹3,741 Cr

verified against source

Revenue YoY

12%

reported change

EBITDA

Pending

latest reported figure

Source

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record provenance

Actual signal trajectory

Where this quarter sits.

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EBITDA (₹ Cr)PositiveWatchNegative
3 actual records
Actual quarterly EBITDA (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q2 FY24: 569 · Positive source sentiment · 2023-10-31Q2 FY24Q1 FY25: 671 · Watch source sentiment · 2024-07-31Q1 FY25Q3 FY26: 728 · Positive source sentiment · 2026-01-30Q3 FY26728569
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

Tata Consumer delivered a strong Q1 FY24 with 12% revenue growth and 19% EBITDA growth, driven by double-digit growth in India business and margin expansion of 80bps. India beverages grew 10% (volume +3%), India foods 24% (volume +6%), and growth engines (NourishCo, Soulfull, Sampann) surged 58%, now contributing 20% of India revenue. International business grew 7% with EBIT up 11%, aided by cost restructuring. Management remains cautiously optimistic on demand recovery but flags monsoon/El Niño risks and softness in international volumes. Key risk: tea price volatility and potential market share loss in low-end segments due to aggressive pricing.

Colored figures show movement against the previous available record.

Guidance to track

  • Management targets four-digit revenue for NourishCo in FY24, up from INR 600 Cr in FY23.
  • NourishCo expected to come close to profitability on a fully loaded P&L by end of this fiscal year.
  • NCLT process in final stages; integration expected to complete in FY24, with first part (extraction) this year.

Risks flagged

  • Tea prices have not declined as expected due to heatwave in Assam, potentially limiting margin expansion.
  • Aggressive pricing led to 20bps share loss in salt and 50bps in tea (MAT), with regional players gaining.
  • Volumes in UK, US, and Canada remain soft; US coffee volume down 12% and Canada revenue down 7%.
  • Management cautious on rural recovery due to uncertain monsoon and El Niño effects.

Key quotes

  • We had a strong quarter with double-digit growth of 11% in constant currency, reported 12%.
  • We are in the middle of an NCLT process, in the final stages. We do expect approvals to come through soon.
  • We do expect them coming close to profitability on a fully loaded P&L by the end of this year.

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