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Revenue
₹4,352 Cr
verified against source
Revenue YoY
16%
reported change
EBITDA
₹671 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Tata Consumer Products reported a mixed Q1 FY25. Consolidated revenue grew 16% to INR 4,352 crore, with organic growth of 10% and acquisitions adding 6%. EBITDA rose 23% to INR 671 crore, with margin expansion of 80 bps to 15.4%. India Beverages grew only 6% (1% organic) as intense summer hurt hot tea and out-of-home NourishCo volumes. India Foods continued strong momentum with 30% revenue growth (14% organic, 10% volume). International business grew 10% (8% constant currency) with EBIT up 46%. PAT fell 14% to INR 289 crore due to higher amortization (INR 55 crore) and interest costs from bridge financing. Management highlighted integration of Capital Foods and Organic India is on track, with combined gross margins of 48.4%. Growth businesses (including acquisitions) now form 29% of India portfolio. Key risk: sustained high tea and coffee prices could pressure margins if not passed through.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated commitment to grow the growth businesses (including acquisitions) from 20% to 30% of the India portfolio, with these businesses growing at 30% CAGR.
- Management committed to completing the integration of Organic India within 100 days from the April 16 closure, and is on track.
- Integration of Capital Foods, including channel inventory cleanup, is complete and run rate is trending as expected.
- The rights issue, expected to close on August 19, will be used to repay short-term bridge financing of INR 3,000 crore raised for acquisitions.
Risks flagged
- North Indian tea prices are up 15-20% and coffee prices (Robusta) up ~50% from two quarters ago, which could pressure margins if not passed through.
- NourishCo revenue grew only 7% due to intense summer impacting out-of-home consumption and delayed tactical pricing actions, raising concerns about the business's resilience.
- Organic India deal closed on April 16, and inventory consolidation took longer than expected, potentially impacting near-term revenue and margins.
- Quarterly amortization of INR 55 crore from acquisitions and higher interest costs from bridge financing are depressing reported PAT, with no near-term relief expected.
Key quotes
- Our consolidated revenue was 16% in quarter one. Organic growth was 10%. Two acquisitions contributed to 6% additional growth.
- 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.
- 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.
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