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ICICI Securities Report
Tata Consumer Products Ltd.'s Q4 FY24 was in line with our estimates. We reckon, stock trigger in FY25-26 is likely outperformance of growth businesses (which are gross margin accretive too).
Post-acquisition of Capital Foods and Organic India, salience of growth businesses is ~30% of India branded sales.
It needs to execute the basics - derive synergies, distribution expansion, increase in through-put per store etc.
Starbucks plans to reach 1,000 outlets FY28 (421 currently). We believe Tata Consumer Products has all ingredients (resources, bandwidth, innovation pipeline, etc.) to achieve these targets. Maintain Buy.
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