Tata Consumer share price gains as FMCG firm sets sight on acquisitions in F&B space

India business has a higher margin, especially the branded businesses at around 14 per cent and international business at 11 per cent, N Chandra said

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Tata Consumer Products’ share price gained over 2.5 percent on June 7, a day after Tata Group chairman N Chandrasekaran said that they are open to acquisitions and expanding into new categories in the annual general meeting.

“Currently, we’re expanding both the beverages and food businesses. So there’s a lot of focus in these businesses, we got to scale them. And also we are investing in R&D and innovation. We are looking at new categories and looking at acquisition opportunities,” he said.

At 12:15 pm, Tata Consumer stock was quoting at Rs 813.90 on the NSE, higher by 2.7 percent from previous year. Ever since the announcement of Q4 results in April, the stock has gained 15 percent from Rs 703-levels.

In November 2022, the company was in talks to buy Bisleri, which did not materialise.

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The management expects India’s business growth will continue to outpace that of the international market, with the percentage of revenue from the Indian market set to increase.

India business has a higher margin, especially the branded businesses at around 14 per cent and international business at 11 per cent, N Chandra said.

Last year, the company launched 34 products. Currently, TCPL’s branded tea contributes 47 percent to the total revenue, primarily driven by the Indian market, while coffee contributes 11 percent and is dominated by the international business. To drive growth, the company has allocated a capex plan of Rs 400 crore.

Chandra also highlighted that the company’s subsidiary NourishCo Beverages aims to cross revenue of Rs 1,000 crore in current fiscal year, compared to Rs 645 crore in FY23.

For the quarter ended March 2023, Tata Consumer reported a consolidated net profit of Rs 268.59 crore for the March quarter of the financial year 2022-23, up 23.46 percent from Rs 217.54 crore in the year-ago period.

Revenue from operation came in at Rs 3,618.73 crore, up 13.96 percent from Rs 3,175.41 crore in the year-ago quarter.

The consensus target on the stock is Rs 935.71, representing an upside of 14 percent from current level.

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