Tata Consumer Products Ltd (TCPL) on Wednesday reported a 17.26 per cent decline in its consolidated net profit to Rs 301.51 crore in the December quarter, on account of lower contribution by associate and joint venture firms.
The consolidated profit before exceptional items and tax of the Tata Group FMCG arm was up 27.12 per cent to Rs 513.27 crore in the October-December period as against Rs 403.75 crore of the corresponding quarter a year ago.
The Tata Group FMCG arm had posted a consolidated net profit of Rs 364.43 crore in the December quarter a year ago, according to a regulatory filing from the company.
"Group Consolidated Net Profit at Rs 302 crore is lower mainly on account of exceptional items and lower share of profits from Associate and Joint Ventures," said TCPL.
Its revenue from operations rose 9.47 per cent to Rs 3,803.92 crore during the quarter under review as against Rs 3,474.55 crore in the year-ago period.
Total expenses of the TCPL, earlier known as Tata Global Beverages Limited (TGBL), stood at Rs 3,350.24 crore, up 7.38 per cent in the December quarter.
"For the quarter, revenue from operations increased by 9 per cent (8 per cent in constant currency) as compared to the corresponding quarter of the previous year, mainly driven by strong performance in India business which grew 10 per cent, 6 per cent in International Business and 4 per cent in Non-Branded Business," it said.
TCPL's revenue from Indian business was up 9.67 per cent to Rs 2,374.93 crore as against Rs 2,165.34 crore in the corresponding quarter.
"Our India tea business continued to benefit from our earlier interventions, yielding positive results resulting in a fourth consecutive quarter of volume-led growth. We continued to see volume-led growth in salt and recorded the highest-ever quarterly volume market share in salt. In both tea and salt, we saw premiumisation at play with the premium portfolio in tea and the value-added salt portfolio recording good growth," said Managing Director & CEO Sunil D’Souza.
Similarly, TCPL's revenue from the International market was at Rs 1,028.38 crore, up 10.58 per cent. It was Rs 929.93 crore in the December quarter of FY23.
"In the UK, Teapigs and Good Earth continued to deliver strong growth. Joyfull, our recent millet-based muesli launch continued to gain momentum," said TCPL adding in the US, Good Earth and Teapigs continued to outpace category growth rates.
TCPL's total income was at Rs 3,863.51 crore in the December quarter, up 9.65 per cent.
Tata Starbucks -- a 50:50 joint venture between Tata Consumer Products Ltd and Starbucks Corporation -- added 22 net new stores during the quarter and entered six new cities. This brought the total number of stores to 392 across 55 cities.
Shares of Tata Consumer Products Ltd on Wednesday settled at Rs 1,166.15 apiece on BSE, up 0.29 per cent from the previous close.