Tata Consumer Products Ltd.'s net profit declined in the third quarter of fiscal 2024, missing analysts' estimates.
However, revenue has risen 9.47% during the October-December period, according to its exchange filing issued on Wednesday.
Tata Consumer Products Q3 FY24 (Consolidated, YoY)
Revenue up 9.47% at Rs 3,803.9 crore vs Rs 3,474.6 crore.
Ebitda up 26.13% at Rs 572.4 crore vs Rs 453.8 crore.
Margin at 15.04% vs 13.06%.
Net profit down 17.26% at Rs 301.5 crore vs Rs 364.4 crore.
Revenue from operations increased, mainly driven by underlying growth of 10% in India business, 6% in international business and 4% in non-branded business
The India packaged beverages business delivered 4% revenue growth. Coffee continued its strong performance, with revenue growth of 32% for the quarter.
The India foods business grew 13%, continuing its double-digit growth trajectory.
The value-added salt portfolio retained momentum and recorded 23% revenue growth during the quarter. Tata Sampann portfolio recorded robust growth of 40%.
The company launched 45 new stock-keeping units in modern trade so far this year, and e-commerce now accounts for 10.7% of the India business, it said.
For the quarter, the international business revenue rose 11% and 6% in constant currency terms.
Tata Starbucks added 22 net new stores during the quarter and entered six new cities.
Shares of Tata Consumer Products closed 0.61% higher, as compared with a 0.01% rise in the Nifty 50.
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