Tata Consumer Q4FY23 PAT up 23.5% at Rs269cr on profit boost from domestic business

Tata Consumer Products reported 13.96% growth in revenues for the March 2023 quarter at Rs3,619 crore. Quarterly revenues were sequentially higher by 4.15%. Revenues were up 12% in constant currency terms. While the India business grew 15%, the global revenues grew by just 6%, with 9% growth in the unbranded businesses of TCPL.

Net profits for the quarter were up 23.5% at Rs268.59 crore while the sequential fall in net profits was -23.64%. The sequential fall in profits was largely due to an exceptional gain of Rs79 crore in the December 2022 quarter on account of restructuring of the business. Coffee revenues continued to be robust with growth at 31%.

Financial highlights for Mar-23 compared yoy and sequentially

 Tata Consumer    

Rs in Crore

Mar-23

Mar-22

YOY

Dec-22

QOQ

Total Income (Rs cr)

₹ 3,618.73

₹ 3,175.41

13.96%

₹ 3,474.55

4.15%

Operating Profit (Rs cr)

₹ 464.69

₹ 415.31

11.89%

₹ 416.00

11.70%

Net Profit (Rs cr)

₹ 268.59

₹ 217.54

23.47%

₹ 351.76

-23.64%

 

 

 

 

 

 

Diluted EPS (Rs)

₹ 2.89

₹ 2.36

 

₹ 3.79

 

OPM

12.84%

13.08%

 

11.97%

 

Net Margins

7.42%

6.85%

 

10.12%

 

 

The operating profit margins were marginally lower in Q4FY23 at 12.84% compared to the year ago quarter but better than the sequential quarter. However, while the net margins were better on a yoy basis, the net margins were sharply lower on a sequential basis, although that was more on account of the impact of the exceptional gain in Q3FY23.

FY23 also saw growth in the modern trade channels of Tata Consumer with these channels growing 21% yoy and now contributing to 14% of the total India business sales. Even the ecommerce channel grew by 32% yoy and now accounts for 9% of all sales. Tata Starbucks saw revenue growth of 48% in Q4FY23.

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