Tata Consumers Q1FY24 result: Net profit at Rs 285.45 cr; revenue up 11.5%

The standalone net profit of Tata Consumer Products for the first quarter of the current financial year (Q1YFY24) stood at Rs 285.45 crore, compared to Rs 232.83 crore for the corresponding quarter of the previous year, up 22.8 per cent, the company said in a BSE filing.

Sequentially, the net profit was up 13.9 per cent. In Q4FY23, the net profit of the company was Rs 250.46 crore.

The revenue from operations for Q1FY24 came in at Rs 2,316.08 crore, compared to Rs 2,076.88 crore year-on-year (YoY). This is a rise of 11.5 per cent.

On a quarter-on-quarter (QoQ) basis, the revenue for operations was up 6.3 per cent. It was Rs 2177.85 crore in Q4FY23.

In the Indian market, the company's packaged beverages business in Q1FY24 delivered two per cent revenue growth and three per cent volume growth.

The company's coffee business in Q1FY24 continued its strong performance with a revenue growth of 21 per cent YoY. The company's international business revenue grew 7 per cent in Q1FY24. Tata Starbucks recorded strong revenue growth of 21 per cent for the quarter.

Sunil D’Souza, managing director and CEO of Tata Consumer Products, said that the company saw positive results from the interventions put in place for the branded tea business, which grew volumes for the second consecutive quarter.

"Our growth businesses (Tata Sampann, Tata Soulfull, and NourishCo ) continued their strong growth trajectory. They grew by 58 per cent this quarter and accounted for 20 per cent of the India branded business. Our innovation agenda fired on all cylinders with innovation-to-sales reaching five per cent during the quarter. Going forward, we will stay focused on driving profitable growth while making consistent progress in our transformation journey towards becoming a leading FMCG company,” D'Souza said.