Tata Consumer Products has announced its results for the third quarter of the financial year 2021-22. The company, while releasing its results for the quarter ended December, today i.e. on February 2, has reported a growth of 21.5 percent in consolidated profit on a year-on-year basis. With this increase, the company’s profit increased to Rs 265.1 crore.
The fast-growing consumer goods company reported a 4.5 per cent year-on-year growth in revenue from operations at Rs 3,208.4 crore for the quarter. A CNBC-TV18 survey estimated the company’s consolidated net profit at Rs 275 crore and income at Rs 3,205 crore.
Sunil D’Souza, Managing Director and Chief Executive Officer of the company, said in a press statement, “We delivered strong performance with superior returns in a challenging operating environment.”
The company’s portfolio of domestic packaged beverage products registered a growth of 6 per cent over the year-ago quarter, while the foods business registered a growth of 4 per cent year-on-year.
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“In addition to gaining market share in branded tea, we have also continued to grow in tea business in the e-commerce channel as well,” the company said in a stock exchange filing.
Tata Consumer said that our salt portfolio maintained its momentum and registered double digit growth in terms of market share as well as market share during the quarter.
In the international business, sales continued to fall on a year-on-year basis due to a higher base from the previous year’s quarter. Tata Starbucks, on the other hand, reported a 60 per cent growth in earnings in the third quarter on account of the reopening of the economy.
“While there has been a strong quarterly improvement in earnings since the second wave of Covid, the third wave presents some operational challenges,” the company said. However, the company showed strong operating performance in the quarter with consolidated operating profit up 28 per cent to Rs 468 crore.
Tata Consumer Products’s consolidated operating margin rose 276 basis points year-on-year to 14.6 per cent, as the company navigates inflation in terms of input costs.
Shares of Tata Consumer Products closed at Rs 741.9, up 0.8 per cent, on the National Stock Exchange.
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