Categories AlphaGraphs, Earnings, Retail
Tata Consumer’s net profit soars by 26% in its Q3FY23 earnings
Tata Consumer Products Ltd (TCPL) on Thursday reported a 25.63 per cent increase in consolidated net profit at INR 364.43 crore for the quarter ended December. The company had posted a net profit of INR 290.07 crore for the October-September period a year ago, TCPL, earlier known as Tata Global Beverages Ltd, said in a regulatory filing.
The company’s profit before tax at INR 482 crore is 25 per cent higher as compared to the corresponding quarter of the previous year, reflecting a strong growth in the domestic business partly offset by lower profits in the international business due to inflationary pressures and weakness in the currency, the company filing said.
In the December quarter, revenue from the Indian market rose 7.72 per cent to INR 2,165.34 crore as against INR 2,010.04 crore in the year-ago period. TCPL has continued momentum on innovation with a number of new launches across its beverages and foods categories. TCPL Managing Director and CEO Sunil D’Souza said: “We delivered strong earnings growth this quarter while balancing revenue growth and margins in an extremely challenging macroeconomic environment.”
“While the branded tea business in India has been impacted by demand headwinds in some of our key markets, we are putting in place measures to address some of these challenges. In our other core business of salt, we have continued to gain market share despite pricing actions taken to mitigate input cost inflation,” he said.
“Our new engines of growth — Tata Sampann, Tata Soulfull and NourishCo — have continued their strong growth trajectory and collectively account for 13 per cent of our India business now,” D’Souza said, adding, “Our transformation journey to becoming a leading FMCG company is progressing well.” Its international business contributed a revenue of INR 929.93 crore, up 3.71 per cent from INR 896.62 crore earlier.
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