Tata Consumer Products Ltd recorded a consolidated net profit of INR 301.5 crore in the quarter ending December 2023, marking a 17 percent decrease from the INR 364 crore in the year-ago period.
The company’s net profit for the period is also lower compared to the previous quarter in September 2023, which was recorded at INR 363.9 crore.
During the quarter under review, the company’s revenue from operations totaled INR 3,804 crore, marking a 9 percent increase from the INR 3,475 crore reported in the same period last year.
The FMCG giant’s third-quarter revenue has surpassed expectations, as brokerages anticipated it to reach INR 3,731 crore.
The revenue is also slightly higher compared to the INR 3,734 crore recorded in the quarter ended September 2023.
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Tata Consumer stated in a media release that the consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) for Q3 FY24 reached INR 576 crore, representing a 26 percent growth. The margin grew by 200 basis points to 15.1 percent.
“We delivered strong operating performance with a revenue growth of 9 percent and EBITDA growth of 26 percent…Our sales and distribution buildout is progressing well, our total reach has expanded to 3.9 million outlets as of December ’23. We have been focused on driving depth in existing geographies and widening our distribution in lower population strata towns and urban areas and will now focus on rural areas as well,” Tata Consumer’s managing director and CEO Sunil D’Souza said.
In the trading session on February 7, the company’s scrip settled at INR 2,160.00 apiece on the BSE, higher by 1.34 percent as compared to the previous day’s close.
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