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Motilal Oswal Report
Tata Consumer Products Ltd. reported ~11% YoY revenue growth, driven by a strong traction in India food business (up 16% YoY) and NourishCo (up 25% YoY).
Tata Consumer's Ebit grew 22% YoY to Rs 4.4 billion in Q2 FY24 led by a healthy performance of the international business (Ebit up 60% YoY due to pricing interventions and savings from restructuring).
We retain our FY24/FY25 earning per share estimates. Reiterate 'Buy' with an SoTP-based target price of Rs 1,040.
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