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ICICI Securities Report
Tata Consumer Products Ltd.'s Q2 FY24 was largely in-line with our expectations. We note the positives-
post completing split-routes for salesmen in one million plus cities, it is focussing on ‘rurban' strategy. It has inducted 1,000 distributors in 50,000 plus population towns,
Starbucks has added 22 outlets and now focuses on highway stores. In-spite of rapid increase in outlets post Covid, Starbucks has remained Ebit positive (ahead of expectations) and
Growth businesses (18% of India branded sales) reported strong 39% YoY growth rate.
We highlight one concern (likely to be transitory) as it has lost market shares in India Tea and India Salt for second successive quarter.
We reckon Tata Consumer will likely attempt to implement the biggest M&A strategy in our consumer staples coverage. 'Buy'.
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