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ICICI Securities Report
Tata Consumer Products Ltd. is a stand-out performer in consumer staples. It is gaining market shares (in India tea) and expanding margins. Yes, the impact of steep inflation in tea was much prior to palm oil and crude oil inflation.
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In Q3 FY22, it reported strong Ebitda and profit after tax growth of 27.8% and 36.3% YoY (two-year compound annual growth rate of 20.5%, 49.6%).
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It is reaping the benefits of expansion and restructuring of distribution network with market share gains of India Tea (160 basis points) and salt (407 bps).
It sold highest ever volumes of salt in Dec-21 even after raising price to Rs 24/kilogram from Rs 21/kg YoY.
We highlight Tata Consumer has continued to introduce differentiated products such as Tata Salt Superlite (premium salt) and Shuddh by Tata Salt (value-for-money).
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