TCPL net profit declines 17% to Rs 301 crore in Q3FY24

Tata Consumer Products (TCPL) on Wednesday reported a 17.26% decline in its consolidated net profit to Rs 301.51 crore in the December quarter on account of lower contributions by associate and joint venture firms.

The consolidated profit before exceptional items and tax of the Tata Group FMCG arm was up 27.12% to Rs 513.27 crore in the October-December period against Rs 403.75 crore of the corresponding quarter a year ago.

The Tata Group FMCG arm had posted a consolidated net profit of Rs 364.43 crore in the December quarter a year ago, according to a regulatory filing from the company.

TCPL's total income was Rs 3,863.51 crore in the December quarter, up 9.65 %.

The total expenses of TCPL, earlier known as Tata Global Beverages (TGBL), stood at Rs 3,350.24 crore, up 7.38% in the December quarter.

Its revenue from operations rose 9.47% to Rs 3,803.92 crore during the quarter under review against Rs 3,474.55 crore in the year-ago period.

TCPL's revenue from Indian branded business increased 9.67% to Rs 2,374.93 crore from Rs 2,165.34 crore a year ago.

TCPL's India packaged beverages business delivered 4% revenue growth and coffee reported a revenue growth of 32% in the December quarter.

Similarly, its India Foods business grew 13%. TCPL's Tata Sampann portfolio recorded a robust growth of 40% for the quarter.

Sunil D'Souza, Managing Director and CEO, commented, "Our India tea business continued to benefit from our earlier interventions, yielding positive results resulting in a fourth consecutive quarter of volume-led growth. We continued to see volume-led growth in salt and recorded the highest-ever quarterly volume market share in salt.

In both tea and salt, we saw premiumisation at play with the premium portfolio in tea and the value-added salt portfolio recording good growth.”

Similarly, TCPL's revenue from the international market was Rs 1,028.38 crore, up 10.58%. It was Rs 929.93 crore in the December quarter of FY23.

During the quarter, TCPL's revenue from its overall branded business increased 9.95 % to Rs 3,403.31 crore. It was Rs 3,095.27 crore in the corresponding quarter.

Its revenue from non-branded business, which includes the plantation business of tea and coffee, was at Rs 410.56 crore, up 4.92 % in the December quarter of FY24.

Tata Starbucks -- a 50:50 joint venture between Tata Consumer Products and Starbucks Corporation -- added 22 net new stores during the quarter and entered six new cities. This brought the total number of stores to 392 across 55 cities.

During the quarter, TCPL announced the acquisition of Capital Foods and Organic India having a combined enterprise value of Rs 7,000 crore.

Info@BestMediaInfo.com