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Motilal Oswal Report
The moderation in tea prices led to an expansion in the standalone gross margin for Tata Consumer Products Ltd. in the last five quarters. The average price of January 2022 to June 2022 declined by 11% YoY to Rs 147.6/kilogram.
However, floods and extreme weather events impacted production in June-July-22 and led to a surge in prices since July-22.
Going forward, with an expected normalisation in production, we expect tea prices to remain stable or moderate from current levels, thereby improving its gross margin in FY23.
In this note, we have analysed tea prices and production trends and its impact on Tata Consumer Products.
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