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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹3,927 Cr
verified against source
Revenue YoY
9%
reported change
EBITDA
Pending
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 solid Q4 FY24 with consolidated revenue up 9% YoY to INR 3,927 crore, driven by India Foods (up 20% including Capital Foods) and International Business (up 7%). EBITDA grew 22% with margin expansion of 170 bps to 15.3%, aided by international restructuring benefits and cost synergies. India Beverages volumes were flat, but coffee grew 45% in Q4. Growth businesses (NourishCo, Soulfull, Capital Foods) continued strong momentum, growing 40% for the full year. Management guided for mid-single-digit volume growth in tea and continued margin accretion from international operations. Key risks include coffee price volatility impacting US margins and delayed summer affecting NourishCo's seasonal sales. The integration of Capital Foods and Organic India is on track for 100-day completion, with EPS accretion expected by FY27.
Colored figures show movement against the previous available record.
Guidance to track
- With Capital Foods and Organic India, growth businesses (NourishCo, Soulfull, etc.) are expected to account for 30% of India revenue and grow at 30%.
- Capital Foods acquisition closed Feb 1, integration targeted for completion by end of April (100 days). 95% of distributors already billing.
- Organic India acquisition closed April 16, integration targeted for completion in 100 days.
- The rights issue process is on track and expected to conclude by early Q2 FY25.
Risks flagged
- Rising Robusta and Arabica prices could pressure US coffee margins if not passed through quickly. Management claims agility but risk remains.
- NourishCo missed its INR 900-1000 crore guidance, ending at INR 825 crore, partly due to delayed summer. Size may become a growth constraint.
- Management disputes Nielsen data showing 7% industry growth, claiming they haven't lost share. If competitive data confirms loss, tea volumes could remain soft.
- Simultaneous integration of Capital Foods and Organic India within 100 days each could strain resources and execution.
Key quotes
- We strongly feel that we have not lost market share, and therefore we would wait for competitive numbers to see where this pans out.
- 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.
- 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.
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