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Motilal Oswal Report
Tata Consumer Products Ltd. reported a strong operating performance, led by gross margin expansion of ~540 basis points YoY to 44.6% in Q4 FY22.
Earnings were driven by its standalone business (gross margin expanded by 930 bps YoY and 140 bps QoQ) on benign tea prices.
However, higher investments behind brands and other expenses restricted consolidated Ebitda growth to 48%.
Margin in the India foods business was impacted by inflation and investments in new businesses. Tata Consumer guided at double-digit growth, with a constant expansion of its portfolio.
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