Side-by-side earnings comparison across financial stats, AI summaries, management guidance, risks, quotes, and accountability signals.
Maruti Suzuki reported a strong Q4 FY24 with net sales of INR 36,698 crore (+19.1% YoY) and net profit of INR 3,878 crore (+47.8% YoY), driven by record volumes of 584,031 vehicles (+13.4% YoY) and cost improvements.
Read Maruti analysis →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%).
Read TATA CONSUMER PRODUCTS analysis →Maruti Suzuki reported a strong Q4 FY24 with net sales of INR 36,698 crore (+19.1% YoY) and net profit of INR 3,878 crore (+47.8% YoY), driven by record volumes of 584,031 vehicles (+13.4% YoY) and cost improvements. Operating margin expanded 90 bps sequentially to 10.8%, aided by lower discounts and operating leverage, partially offset by one-offs (~60 bps) and higher steel costs. CNG penetration dipped to 26.9% due to component shortages, now resolved, with management targeting 600,000 CNG units in FY25. Exports grew 21.7% YoY to 78,740 units. The company reiterated its Maruti 3.0 plan to double capacity to 4 million units by 2031, with Kharkhoda plant on track for 2025. Key risk: sustained weakness in first-time buyer demand and small car segment could pressure market share recovery.
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.
Highest ever quarterly sales, driven by SUV launches and export growth.
CNG penetration rose to 15% industry-wide; company targets 600,000 units in FY25.
Highest ever quarterly exports; company remains top PV exporter for third year.
Backlog largely in Ertiga; component supply normalizing, capacity added at Manesar.
Volume growth in India Foods excluding Capital Foods, driven primarily by salt.
Salt market share improved to ~40% on a MAT basis, up 50 bps from last year.
Innovation to sales ratio improved from 3.4% to 5.1%, now in top quartile of FMCG industry.
NourishCo expanded outlet reach from 650k to 950k, a 50% increase, but still only 15-20% of universe.
Management expects CNG volumes to grow from ~480,000 in FY24 to 600,000 in FY25, aided by resolved component supply and new capacity.
Management guidance growthExports are expected to increase from 283,000 in FY24 to about 300,000 in FY25, with diversified markets.
Management guidance growthFirst plant at Kharkhoda with 250,000 units annual capacity is on track to be operational in 2025.
Management guidance expansionMOU signed for a new plant in Gujarat with potential 1 million units capacity and INR 35,000 crore investment, subject to land and board approval.
Management guidance expansionWith Capital Foods and Organic India, growth businesses (NourishCo, Soulfull, etc.) are expected to account for 30% of India revenue and grow at 30%.
Management guidance growthCapital Foods acquisition closed Feb 1, integration targeted for completion by end of April (100 days). 95% of distributors already billing.
Management guidance expansionOrganic India acquisition closed April 16, integration targeted for completion in 100 days.
Management guidance expansionThe rights issue process is on track and expected to conclude by early Q2 FY25.
Management guidance otherFirst-time buyer share is ~40-43% and not showing recovery; small car segment continues to shrink, which could limit market share gains.
medium · management_commentarySteel prices rose ~2% sequentially in Q4; copper and aluminum are expected to increase, impacting margins. Management flagged these as concerns.
medium · management_commentarySUV share continues to rise, increasing fleet CO2 emissions. Future CAFE norms could require more aggressive green technology adoption, raising costs.
medium · analyst_questionExport margins are variable due to forex fluctuations and geopolitical risks; past markets like Algeria and Sri Lanka have seen sudden drops.
low · management_commentaryRising Robusta and Arabica prices could pressure US coffee margins if not passed through quickly. Management claims agility but risk remains.
medium · management_commentaryNourishCo missed its INR 900-1000 crore guidance, ending at INR 825 crore, partly due to delayed summer. Size may become a growth constraint.
medium · analyst_questionManagement disputes Nielsen data showing 7% industry growth, claiming they haven't lost share. If competitive data confirms loss, tea volumes could remain soft.
medium · analyst_questionSimultaneous integration of Capital Foods and Organic India within 100 days each could strain resources and execution.
low · data_observationThe company crossed the cumulative production milestone of 30 million units since its inception.
Fronx SUV has set a new benchmark in the passenger vehicle category by becoming the only new model launch to clock 100,000 sales in ten months.
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.
