New Research Reports

Double-digit revenue growth trajectory continues as Prestige and Above (P&A) continued to outperform primarily led by higher realisations (driven by premiumisation) as volumes growth trajectory decelerates to 4% YoY (vs ~10% over last two quarters). This is likely due to shift in festive season and BIO normalisation benefits getting over.

For Q2FY24, TATACONS’ consolidated revenue grew by 11.0% YoY to INR 37,338 Mn, which was flattish (-0.2%) sequentially. India beverages saw a volume/ value growth of 3.0%/ 8.0% YoY, respectively. This was the 3rd consecutive quarter of volume-led growth in the India tea business.

With a 13% upside potential from the CMP, we maintain our BUY rating on the stock.

Quarterly Update Q2FY24

Strong growth across categories except beverages which declined 10% YoY in Q2 due to uneven rainfall in North India