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ICICI Securities Report
As impact of tea commodity inflation was largely over by H1 FY22, Tata Consumer Products Ltd. has continued to report strong improvement in profitability, as expected.
That said, beverages and foods volume growth of up 3% and down 1% appears underwhelming.
Not entirely surprising though. We shall seek clarifications in the call tomorrow. We remain (structurally and long term) positive on Tata Consumer Products as it has achieved dual targets of-
Ebitda margin expansion of 411 basis points YoY and
market share gains of 100 bps in India tea and 400 bps in salt.
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