|
Results
24-Apr-24
|
|
|
|
|
Analysis
|
|
Tata Consumer Products
|
NP down 19.35%
|
|
|
For
the quarter ending March 2024, consolidated Net sales (including other operating income) of Tata Consumer Products has increased 8.52% to Rs 3926.94 crore compared to quarter ended March 2023. Sales of Branded Business segment has gone up 9.33% to Rs 3,532.03 crore (accounting for 89.79% of total sales). Sales of Non Branded Business segment has gone up 4.21% to Rs 401.50 crore (accounting for 10.21% of total sales). Inter-segment sales rose Rs 13.86 crore to Rs 23.50 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 24.05% to Rs 576.43 crore. PBIT of Branded Business segment rose 10.40% to Rs 484.49 crore (accounting for 84.05% of total PBIT). PBIT of Non Branded Business segment rose 255.67% to Rs 91.94 crore (accounting for 15.95% of total PBIT). PBIT margin of Branded Business segment rose from 13.58% to 13.72%. PBIT margin of Non Branded Business segment rose from 6.71% to 22.90%. Overall PBIT margin rose from 12.85% to 14.65%. Operating profit margin has jumped from 14.14% to 16.03%, leading to 23.05% rise in operating profit to Rs 629.60 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 36.38% to 37.88%. Purchase of finished goods cost fell from 22.47% to 18.32%. Employee cost increased from 7.78% to 8.25%. Other expenses rose from 19.45% to 20.32%. Other income fell 30.47% to Rs 38.45 crore. PBIDT rose 17.83% to Rs 668.05 crore. Provision for interest rose 54.84% to Rs 42.83 crore. Loan funds rose to Rs 3,477.22 crore as of 31 March 2024 from Rs 1,600.04 crore as of 31 March 2023. Inventories rose to Rs 2,769.35 crore as of 31 March 2024 from Rs 2,701.67 crore as of 31 March 2023. Sundry debtors were higher at Rs 896.75 crore as of 31 March 2024 compared to Rs 798.33 crore as of 31 March 2023. Cash and bank balance declined from Rs 2,796.94 crore as of 31 March 2023 to Rs 2,454.49 crore as of 31 March 2024. Investments declined from Rs 1,432.97 crore as of 31 March 2023 to Rs 870.55 crore as of 31 March 2024. PBDT rose 15.93% to Rs 625.22 crore. Provision for depreciation rose 39.71% to Rs 115.76 crore. Fixed assets increased to Rs 9,213.22 crore as of 31 March 2024 from Rs 5,339.56 crore as of 31 March 2023. Intangible assets increased from Rs 8,025.38 crore to Rs 10,334.28 crore. Profit before tax grew 11.61% to Rs 509.46 crore. Share of profit/loss was 1.02% higher at Rs -55.45 crore. Extraordinary items were decreased to Rs -215.80 crore. Provision for tax was expense of Rs 25.95 crore, compared to Rs 104.5 crore. Effective tax rate was 10.89% compared to 26.52%. Net profit attributable to owners of the company decreased 19.35% to Rs 216.63 crore. Equity capital increased from Rs 92.90 crore as of 31 March 2023 to Rs 95.28 crore as of 31 March 2024. Per share face Value remained same at Rs 1.00. Promoters’ stake was 33.55% as of 31 March 2024 ,compared to 34.41% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of Tata Consumer Products has increased 10.32% to Rs 15205.85 crore. Sales of Branded Business segment has gone up 11.01% to Rs 13,661.90 crore (accounting for 89.65% of total sales). Sales of Non Branded Business segment has gone up 5.15% to Rs 1,577.39 crore (accounting for 10.35% of total sales). Inter-segment sales rose Rs 72.04 crore to Rs 90.98 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 22.75% to Rs 2,080.63 crore. PBIT of Branded Business segment rose 16.52% to Rs 1,832.41 crore (accounting for 88.07% of total PBIT). PBIT of Non Branded Business segment rose 102.76% to Rs 248.22 crore (accounting for 11.93% of total PBIT). PBIT margin of Branded Business segment rose from 12.78% to 13.41%. PBIT margin of Non Branded Business segment rose from 8.16% to 15.74%. Overall PBIT margin rose from 12.28% to 13.65%. Operating profit margin has jumped from 13.47% to 15.02%, leading to 23.03% rise in operating profit to Rs 2,284.10 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 38.25% to 37.39%. Purchase of finished goods cost fell from 20.65% to 19.28%. Employee cost increased from 7.97% to 8.21%. Other expenses rose from 19.92% to 20.22%. Other income rose 45.44% to Rs 245.62 crore. PBIDT rose 24.90% to Rs 2529.72 crore. Provision for interest rose 48.93% to Rs 129.81 crore. Loan funds rose to Rs 3,477.22 crore as of 31 March 2024 from Rs 1,600.04 crore as of 31 March 2023. Inventories rose to Rs 2,769.35 crore as of 31 March 2024 from Rs 2,701.67 crore as of 31 March 2023. Sundry debtors were higher at Rs 896.75 crore as of 31 March 2024 compared to Rs 798.33 crore as of 31 March 2023. Cash and bank balance declined from Rs 2,796.94 crore as of 31 March 2023 to Rs 2,454.49 crore as of 31 March 2024. Investments declined from Rs 1,432.97 crore as of 31 March 2023 to Rs 870.55 crore as of 31 March 2024. PBDT rose 23.82% to Rs 2399.91 crore. Provision for depreciation rose 24.03% to Rs 377.15 crore. Fixed assets increased to Rs 9,213.22 crore as of 31 March 2024 from Rs 5,339.56 crore as of 31 March 2023. Intangible assets increased from Rs 8,025.38 crore to Rs 10,334.28 crore. Profit before tax grew 23.78% to Rs 2,022.76 crore. Share of profit/loss was 224.45% lower at Rs -85.59 crore. Provision for tax was expense of Rs 394.73 crore, compared to Rs 447.04 crore. Effective tax rate was 24.52% compared to 25.30%. Minority interest decreased 44.08% to Rs 65.07 crore. Net profit attributable to owners of the company decreased 4.44% to Rs 1,150.33 crore. Equity capital increased from Rs 92.90 crore as of 31 March 2023 to Rs 95.28 crore as of 31 March 2024. Per share face Value remained same at Rs 1.00. Promoters’ stake was 33.55% as of 31 March 2024 ,compared to 34.41% as of 31 March 2023 . Cash flow from operating activities increased to Rs 1,936.68 crore for year ended March 2024 from Rs 1,461.29 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 334.69 crore, compared to Rs 311.75 crore during the year ended March 2023. Other Highlights
Board has recommended a final dividend of
Rs 7.75 per equity share of Re 1 each (775%) for the financial year 2023-24.
In Q4 FY24, the
India Packaged Beverages business revenue increased by 2%, India food business
grew 20%, Coffee grew 45% and NourishCo revenue grew by 13% on YoY basis.
Value-added salt portfolio continued its
strong momentum and grew 34% YoY during FY24, accounting for 9% of the overall salt
business.
In FY24, Modern
Trade channel grew 9% YoY. The E-commerce channel grew 35%, contributing to 11%
of India business sales.
In Q4 FY24, the
International business revenue grew 7% YoY.
In Q4 FY24, India
business contributed 70% of total revenue and International business 30%. Management Comments : Sunil D’Souza, Managing Director & CEO
of Tata Consumer Products said “We delivered good topline growth of 10% in
FY24, but importantly an EBITDA growth of 24% and significant expansion in
EBITDA margin. During the year, we recorded growth in India tea and salt
businesses. Our premiumization agenda continues to progress well with the
premium portfolio in both tea and salt showing good growth and contributing to
an increasing share of the overall portfolio. Our growth businesses (Tata
Sampann, RTD, Tata Soulfull, Tata SmartFoodz) continued their strong growth
trajectory with a revenue growth of 40% in FY 24. Tata Starbucks made
consistent progress in its expansion agenda with a store footprint spanning 61
cities. We also delivered strong performance in our International markets,
along with significant margin improvement. The UK business saw its EBITDA
margin touch historic highs led by restructuring initiatives taken during the
year. In India, we solidified our Sales & Distribution infrastructure; our
total reach has expanded to 4 million outlets as of March ’24. We implemented
split routes in all 1 million + population towns and have seen significant
improvement in assortment and growth. We are strengthening our Rurban focus and
are deepening reach into rural areas. Alternate channels (modern trade and
e-commerce) recorded significant momentum and continue to be strong growth
drivers. We significantly accelerated innovation momentum to cater to key
consumer trends such as Health & Wellness, Premiumisation and Convenience.
On an average, in FY 24, we launched a new product almost every seven days.
There has been a step change in our Digital Transformation agenda with the
launch of a best-in-class commodity procurement platform as well as a
Go-to-market platform leveraging AI. This will enable greater agility; better
decision making and help drive business growth. Our recently announced
acquisitions- Capital Foods and Organic India will be significant value
creators for the company, enabling expansion into high growth, high margin
categories. The front end and back-end integration for Capital Foods was
completed within 60 days of transaction close. The transaction for Organic
India closed on 16th April and we will focus on fast tracking integration of
the business to unlock value.”
Tata Consumer Products : Consolidated Results | | Quarter ended | Year ended |
---|
Particulars | 202403 | 202303 | Var.(%) | 202403 | 202303 | Var.(%) |
---|
Net Sales (including other operating income) | 3,926.94 | 3,618.73 | 8.52 | 15,205.85 | 13,783.16 | 10.32 | OPM (%) | 16.03 | 14.14 | 189 bps | 15.02 | 13.47 | 155 bps | OP | 629.60 | 511.67 | 23.05 | 2,284.10 | 1,856.47 | 23.03 | Other Inc. | 38.45 | 55.30 | -30.47 | 245.62 | 168.88 | 45.44 | PBIDT | 668.05 | 566.97 | 17.83 | 2,529.72 | 2,025.35 | 24.90 | Interest | 42.83 | 27.66 | 54.84 | 129.81 | 87.16 | 48.93 | PBDT | 625.22 | 539.31 | 15.93 | 2,399.91 | 1,938.19 | 23.82 | Depreciation | 115.76 | 82.86 | 39.71 | 377.15 | 304.08 | 24.03 | PBT | 509.46 | 456.45 | 11.61 | 2022.76 | 1634.11 | 23.78 | Share of Profit/(Loss) from Associates | -55.45 | -56.02 | 1.02 | -85.59 | -26.38 | -224.45 | PBT before EO | 454.01 | 400.43 | 13.38 | 1937.17 | 1607.73 | 20.49 | EO Income | -215.8 | -6.37 | -3,287.76 | -327.04 | 159.45 | PL | PBT after EO | 238.21 | 394.06 | -39.55 | 1610.13 | 1767.18 | -8.89 | Taxation | 25.95 | 104.5 | -75.17 | 394.73 | 447.04 | -11.70 | PAT | 212.26 | 289.56 | -26.70 | 1215.4 | 1320.14 | -7.93 | Minority Interest (MI) | -4.37 | 20.97 | LP | 65.07 | 116.37 | -44.08 | Net profit | 216.63 | 268.59 | -19.35 | 1150.33 | 1203.77 | -4.44 | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | Net profit after discontinued operations | 216.63 | 268.59 | -19.35 | 1150.33 | 1203.77 | -4.44 | EPS (Rs)* | 4.37 | 2.87 | 52.49 | 14.57 | 11.49 | 26.89 | | * EPS is on current equity of Rs 95.28 crore, Face value of Rs 1, Excluding extraordinary items. | # EPS is not annualised | bps : Basis points | EO : Extraordinary items | Figures in Rs crore | Source: Capitaline Corporate Database |
|
Tata Consumer Products : Consolidated Segment Results | | Quarter ended | Year ended |
---|
| % of (Total) | 202403 | 202303 | Var.(%) | % of (Total) | 202403 | 202303 | Var.(%) |
---|
Sales | Tea | 0.00 | 0.00 | 0.00 | - | Coffee & Other Produce | 0.00 | 0.00 | 0.00 | - | Branded Business | 89.79 | 3,532.03 | 3,230.54 | 9.33 | 89.65 | 13,661.90 | 12,306.45 | 11.01 | Non Branded Business | 10.21 | 401.50 | 385.27 | 4.21 | 10.35 | 1,577.39 | 1,500.07 | 5.15 | Other | 0.00 | 0.00 | 0.00 | - | Total Reported Sales | 100.00 | 3,933.53 | 3,615.81 | 8.79 | 100.00 | 15,239.29 | 13,806.52 | 10.38 | Less: Inter segment revenues | | 23.50 | 13.86 | 69.55 | | 90.98 | 72.04 | 26.29 | Net Sales | 100.00 | 3,910.03 | 3,601.95 | 8.55 | 100.00 | 15,148.31 | 13,734.48 | 10.29 | PBIT | Tea | 0.00 | 0.00 | 0.00 | - | Coffee & Other Produce | 0.00 | 0.00 | 0.00 | - | Branded Business | 84.05 | 484.49 | 438.84 | 10.40 | 88.07 | 1,832.41 | 1,572.66 | 16.52 | Non Branded Business | 15.95 | 91.94 | 25.85 | 255.67 | 11.93 | 248.22 | 122.42 | 102.76 | Other | 0.00 | 0.00 | 0.00 | - | Total PBIT | 100.00 | 576.43 | 464.69 | 24.05 | 100.00 | 2,080.63 | 1,695.08 | 22.75 | Less : Interest | | 42.83 | 27.66 | 54.84 | | 129.81 | 87.16 | 48.93 | Add: Other un-allcoable | | -239.94 | 13.05 | PL | | -255.10 | 185.64 | PL | PBIT Margin(%) | Tea | | 0.00 | 0.00 | 0.00 | Coffee & Other Produce | | 0.00 | 0.00 | 0.00 | Branded Business | | 13.72 | 13.58 | 13.29 | | 13.41 | 12.78 | 63.34 | Non Branded Business | | 22.90 | 6.71 | 1,618.95 | | 15.74 | 8.16 | 757.52 | Other | | 0.00 | 0.00 | 0.00 | PBT | 100.00 | 293.66 | 450.08 | -34.75 | 100.00 | 1,695.72 | 1,793.56 | -5.46 |
|
|
|
Previous News |
Tata Consumer Products Ltd slips for fifth straight session
(
Hot Pursuit
-
06-Sep-24
13:35
)
|
|
Tata Consumer Products
(
Results
-
Analysis
31-Jul-24
09:57
)
|
|
Market opens on a firm note; breadth strong
(
Market Commentary
-
Mid-Session
31-Jul-24
09:37
)
|
|
Stock Alert: GAIL, Tata Consumer Products, Torrent Power, Macrotech Developers, Indus Towers, Zaggle Prepaid
(
Market Commentary
-
Stock Alert
31-Jul-24
08:42
)
|
|
Tata Consumer Products consolidated net profit declines 8.30% in the June 2024 quarter
(
Results
-
Announcements
30-Jul-24
18:45
)
|
|
Tata Consumer Q1 PAT slides 8% YoY to Rs 290 cr
(
Hot Pursuit
-
30-Jul-24
17:50
)
|
|
Tata Consumer Products grants 2.12 lakh Performance Share Units
(
Corporate News
-
27-Jul-24
12:03
)
|
|
Tata Consumer Products to announce Quarterly Result
(
Corporate News
-
24-Jul-24
13:53
)
|
|
Tata Consumer Products schedules board meeting
(
Corporate News
-
19-Jul-24
10:26
)
|
|
Tata Consumer Products Ltd spurts 5.03%
(
Hot Pursuit
-
05-Jun-24
13:05
)
|
|
Tata Consumer Products AGM scheduled
(
Corporate News
-
25-May-24
20:01
)
|
|
|
|
Other Stories |
|
|
|
|
|