The shares of Tata Consumer Products Ltd fell in early trade on Thursday on the back of the company posting its fourth quarterly earnings for the quarter ended March 2022.

At 11:16 am, the shares of Tata Consumer Products were trading at Rs 782.00 a piece, down by Rs 21.90 or 2.72 percent on the BSE. The stock was quoting at Rs 803.90 apiece on BSE when it closed on Wednesday.

The company, which up until now has been involved heavily in the foods and beverages space, has recently announced its decision to venture into the home and personal care space, involving products like detergents, creams, body washes etc., primarily by way of inorganic expansion.

Tata Consumer Products Ltd (TCPL), on Wednesday, reported an over three-fold jump in consolidated net profit at Rs 239.05 crore for the fourth quarter ended March.

The company had posted a net profit of Rs 74.35 crore in the January-March quarter a year ago, said TCPL, earlier known as Tata Global Beverages Ltd, in a BSE filing.

Its revenue from operations was up 4.54 percent at Rs 3,175.41 crore during the quarter under review as against Rs 3,037.22 crore in the same period a year ago.

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Total expenses of the Tata Group's FMCG arm were at Rs 2,819.60 crore, marginally up in Q4/FY 2021-22, as against Rs 2,818.34 crore in the corresponding period of the preceding fiscal.

TCPL's revenue from the Indian market in the January-March quarter was at Rs 1,953.66 crore, while its international business contributed Rs 890.19 crore.

TCPL Managing Director and CEO Sunil D'Souza believes the company delivered despite raging macro issues. He said, "Despite all the macro and operating challenges during the year, we delivered reasonable revenue growth along with improved profitability for the company. In the core businesses, we delivered competitive growth with market share gains in both tea and salt."

TCPL's out-of-home businesses -- NourishCo and Starbucks -- both delivered robust performance during the year. Tata Starbucks, a 50:50 joint venture between Tata Consumer Products Ltd and Starbucks Corporation, recorded a revenue growth of 76 percent for the year.

"Our direct reach is now 1.3 million outlets, and we have taken on a new target of 1.5 million direct outlets coverage by March 2023. We have strengthened our distributor network- the total number of distributors has grown 25 percent YoY and the number of rural, semi-urban distributors has quadrupled," the company said.

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(With inputs from PTI)

(Edited by : Jomy Jos Pullokaran, Dipikka Ghosh)

First Published:May 4, 2022 9:42 PM IST