External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Tata Consumer Products / Equity Bottom-Up

<ul><li>Tata Consumer Products (TCPL) is one of the major FMCG companies present in tea, coffee &amp; other beverages in India, UK, US, Canada and some other geographies.</li><li>In India, it also has salt, pulses, spices and other food products.</li><li>Its subsidiary NourishCo is present in packaged water &amp; other beverages.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Tata Consumer Products (TCPL) is one of the major FMCG companies present in tea, coffee &amp; other beverages in India, UK, US, Canada and some other geographies.In India, it also has salt, pulses, spices and other food products.Its subsidiary NourishCo is present in packaged water &amp; other beverages.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Consumer Products (TCPL) - Maintain Our Positive Stance on Growth…

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<div><div><div><div><ul><li>TATACONS has made significant progress on key strategic initiatives laid out to build a focused consumer products company.</li><li>Strengthening and accelerating the core business: In FY22, TATACONS expanded into new target markets, launched regional focused packs, unveiled impactful campaigns across multiple platforms, and drove premiumization.</li><li>It met its direct reach commitment of 1.3m outlets in India by the end of Mar’22. It gained ~100bp/400bp market share in core categories such as Tea/Salt.</li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

TATACONS has made significant progress on key strategic initiatives laid out to build a focused consumer products company.Strengthening and accelerating the core business: In FY22, TATACONS expanded into new target markets, launched regional focused packs, unveiled impactful campaigns across multiple platforms, and drove premiumization.It met its direct reach commitment of 1.3m outlets in India by the end of Mar’22. It gained ~100bp/400bp market share in core categories such as Tea/Salt.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Consumer Products - On Course for Growth

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Revenue growth drivers: The company expects low-to-mid single-digit growth in its international business while in the domestic business, the company anticipates double-digit growth</li></ul><div><div><div><div><ul><li>Distribution: Direct reach now stands at ~1.3mn outlets with a total numeric reach of ~2.7mn outlets.</li></ul><div><div><div><div><ul><li>Innovations: Innovations continue to see an improvement. TCPL started FY22 with innovations contributing 0.9% to sales, which has now increased to 2.7% while exiting the year.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Revenue growth drivers: The company expects low-to-mid single-digit growth in its international business while in the domestic business, the company anticipates double-digit growthDistribution: Direct reach now stands at ~1.3mn outlets with a total numeric reach of ~2.7mn outlets.Innovations: Innovations continue to see an improvement. TCPL started FY22 with innovations contributing 0.9% to sales, which has now increased to 2.7% while exiting the year.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Consumer Products Ltd. - Continues to Make Progress on Strategic Priorities

<div><div><div><div><ul><li>Headline performance: TCPL’s 4QFY22 consolidated revenue grew by 4.5% YoY to Rs31.8bn (vs our est. of Rs31.3bn).</li></ul><div><div><div><div><ul><li>Business performance: India Branded business was up 6% YoY in 4QFY22.</li></ul><div><div><div><div><ul><li>Consolidated 4QFY22 margin: Gross margin was up 540bps YoY at 44.6% (+90bps QoQ; vs est. of 43.7%)</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Headline performance: TCPL’s 4QFY22 consolidated revenue grew by 4.5% YoY to Rs31.8bn (vs our est. of Rs31.3bn).Business performance: India Branded business was up 6% YoY in 4QFY22.Consolidated 4QFY22 margin: Gross margin was up 540bps YoY at 44.6% (+90bps QoQ; vs est. of 43.7%)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Consumer Products Ltd. - Operating Performance In-Line

<p>Tea price inflation has impacted TCP's performance since the last four quarters. However, we expect gross margin to improve from 2QFY22 onwards as tea prices have declined (down 32% from their peak in Aug'20 to INR175/kg in Aug'21). In this note, we have analyzed the impact of the fall in tea prices on TCP in the near term. Here are the key insights:...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Tea price inflation has impacted TCP's performance since the last four quarters. However, we expect gross margin to improve from 2QFY22 onwards as tea prices have declined (down 32% from their peak in Aug'20 to INR175/kg in Aug'21). In this note, we have analyzed the impact of the fall in tea prices on TCP in the near term. Here are the key insights:...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gross margin pressure to ease in coming quarters

India

Tata Consumer Products Limited produces food and beverage products. The Company manufactures, sells, and exports tea, coffee, salt, oil, pulses, spices, and food products. Tata Consumer Products serves customers worldwide.

Tata Consumer Products (TATACONS IN)

Tata Consumer Products (TCPL) - Maintain Our Positive Stance on Growth…

In India, it also has salt, pulses, spices and other food products. Its subsidiary NourishCo is present in packaged water & other beverages.

ICICI Securities Limited

Tata Consumer Products - On Course for Growth

TATACONS’s FY22 annual report focuses on six strategic initiatives identified by the management to strengthen its foundation as a strong consumer...

Motilal Oswal

Tata Consumer Products Ltd. - Continues to Make Progress on Strategic Priorities

We recently hosted Mr. Sunil D’Souza, MD and CEO, Tata Consumer Products Ltd (TCPL) at our investor conference. At an overall level, the company...

Nirmal Bang

Tata Consumer Products Ltd. - Operating Performance In-Line

Tata Consumer Products Ltd’s (TCPL) 4QFY22 operating performance was in line with our estimate. The India business grew by ~6% YoY, led by price...

Nirmal Bang

Gross margin pressure to ease in coming quarters

Tea price inflation has impacted TCP's performance since the last four quarters. However, we expect gross margin to improve from 2QFY22 onwards as...

Motilal Oswal