Tata Consumer Products Q4 net profit up 23.4%. Should you buy?

Tata Consumer Products Q4: Revenue from operation came in at Rs 3,618.73 crore, registering a growth of 13.96 percent

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Tata Consumer Products share price will react to its robust Q4FY23 numbers in the early trade on April 26. The Tata group company a day earlier 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 company said in a regulatory filing on April 25.

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Here is what brokerages have to say about stock and Tata Consumer Products after the March quarter earnings:

Morgan Stanley

The brokerage firm has an “overweight” rating on the stock, with a target price of Rs 904 per share. The Q4 earnings were ahead of estimates and strong growth trends in salt and Sampann businesses are a positive factor.

However, the market share loss in the tea business is a negative, while foods business is showing steady growth.

There was a good performance in growth businesses, with Starbucks revenue up 48 percent in Q4 and 71 percent in FY23.

Nomura

The research house assigned a “buy” rating to the stock, with the target price at Rs 880.

The core business saw an improvement as with growth businesses’ strong performance continues and international business sees quarter-over-quarter margin improvement.

Over the medium term, the company is expected to expand its distribution reach by 50 percent and invest in growth businesses with new sub-category entries.

The broking houses sees the company raising its margin profile by premiumising its core categories and ramping up new categories that have healthy margins over the medium term.

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