Financials Tata Consumer Products Limited

Equities

TATACONSUM

INE192A01025

Food Processing

End-of-day quote NSE India S.E. Other stock markets 03:30:00 30/04/2024 am IST			5-day change	1st Jan Change
1,108 ^INR	+0.90%		-5.35%	+1.98%

12:41pm	Indian Equities Close Higher on Thursday After US Keeps Interest Rates Steady	MT
08:54am	India widens spices crackdown with nationwide checks on all manufacturers	RE

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,28,719	2,70,128	5,88,779	7,16,415	6,58,193	10,39,686	-	-
Enterprise Value (EV) ¹	1,22,406	2,58,590	5,64,732	7,02,556	6,58,193	10,44,498	10,09,284	10,00,417
P/E ratio	31.5 x	59.1 x	68.7 x	76.6 x	54.4 x	89 x	63.1 x	53.1 x
Yield	1.23%	0.92%	0.63%	0.78%	1.19%	0.76%	0.87%	1.02%
Capitalization / Revenue	1.78 x	2.8 x	5.07 x	5.77 x	4.78 x	6.87 x	5.87 x	5.25 x
EV / Revenue	1.69 x	2.68 x	4.87 x	5.65 x	4.78 x	6.87 x	5.7 x	5.05 x
EV / EBITDA	15.6 x	20 x	36.6 x	40.9 x	35.5 x	45.7 x	35.9 x	31.1 x
EV / FCF	-16.9 x	27.8 x	39.1 x	56.5 x	57.3 x	83.9 x	82.1 x	49.5 x
FCF Yield	-5.92%	3.6%	2.56%	1.77%	1.75%	1.19%	1.22%	2.02%
Price to Book	1.76 x	1.97 x	4.05 x	4.73 x	4.03 x	5.92 x	5.49 x	5.08 x
Nbr of stocks (in thousands)	6,31,130	9,16,155	9,21,552	9,21,553	9,28,536	9,52,835	-	-
Reference price ²	204.0	294.8	638.9	777.4	708.8	1,091	1,091	1,091
Announcement Date	23/04/19	14/05/20	06/05/21	04/05/22	25/04/23	23/04/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	72,515	96,374	1,16,020	1,24,254	1,37,832	1,52,058	1,77,029	1,97,926
EBITDA ¹	7,859	12,922	15,438	17,188	18,565	22,841	28,078	32,214
EBIT ¹	6,633	10,504	12,890	14,408	15,524	19,070	23,196	26,998
Operating Margin	9.15%	10.9%	11.11%	11.6%	11.26%	12.54%	13.1%	13.64%
Earnings before Tax (EBT) ¹	7,347	8,094	13,111	14,560	17,936	16,957	23,277	27,305
Net income ¹	4,082	4,598	8,567	9,358	12,038	11,503	16,274	19,413
Net margin	5.63%	4.77%	7.38%	7.53%	8.73%	7.57%	9.19%	9.81%
EPS ²	6.470	4.990	9.300	10.15	13.02	12.32	17.30	20.55
Free Cash Flow ¹	-7,241	9,315	14,457	12,425	11,495	12,068	12,293	20,205
FCF margin	-9.99%	9.67%	12.46%	10%	8.34%	7.89%	6.94%	10.21%
FCF Conversion (EBITDA)	-	72.09%	93.65%	72.29%	61.92%	53.49%	43.78%	62.72%
FCF Conversion (Net income)	-	202.6%	168.75%	132.77%	95.49%	87.19%	75.54%	104.08%
Dividend per Share ²	2.500	2.700	4.050	6.050	8.450	8.344	9.444	11.15
Announcement Date	23/04/19	14/05/20	06/05/21	04/05/22	25/04/23	23/04/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	30,696	30,372	30,085	30,331	32,084	31,754	33,268	33,630	34,746	36,187	37,412	37,238	37,819	39,960	41,118
EBITDA ¹	3,613	3,002	3,995	4,133	4,617	4,443	4,573	4,338	4,537	5,117	5,450	5,238	5,489	6,069	6,337
EBIT ¹	2,969	2,343	3,327	3,440	3,919	3,722	3,844	3,607	3,785	4,288	4,631	4,427	4,613	5,393	5,057
Operating Margin	9.67%	7.72%	11.06%	11.34%	12.21%	11.72%	11.55%	10.73%	10.89%	11.85%	12.38%	11.89%	12.2%	13.5%	12.3%
Earnings before Tax (EBT) ¹	2,922	1,979	3,364	3,475	3,876	3,846	3,795	4,817	4,823	4,501	4,894	4,630	4,796	5,327	-
Net income ¹	2,182	539	1,852	2,680	2,650	2,175	2,555	3,280	3,518	2,686	3,166	3,385	3,419	3,532	3,524
Net margin	7.11%	1.77%	6.15%	8.84%	8.26%	6.85%	7.68%	9.75%	10.12%	7.42%	8.46%	9.09%	9.04%	8.84%	8.57%
EPS ²	2.370	0.5800	2.010	2.910	2.880	2.360	2.770	3.560	3.790	2.890	3.410	4.095	4.340	4.198	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	02/02/21	06/05/21	03/08/21	22/10/21	02/02/22	04/05/22	10/08/22	20/10/22	02/02/23	25/04/23	26/07/23	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	6,313	11,538	24,047	13,859	-	26,710	30,402	39,268
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-7,241	9,315	14,457	12,425	11,495	12,068	12,293	20,205
ROE (net income / shareholders' equity)	5.68%	4.35%	6.04%	6.65%	6.9%	8.14%	9.25%	9.98%
ROA (Net income/ Total Assets)	3.79%	-	-	4.77%	4.94%	5.4%	5.43%	6.13%
Assets ¹	1,07,655	-	-	1,96,221	2,43,895	2,56,192	2,99,524	3,16,520
Book Value Per Share ²	116.0	150.0	158.0	164.0	176.0	184.0	199.0	215.0
Cash Flow per Share ²	3.330	-	18.00	16.40	15.80	19.90	18.20	23.40
Capex ¹	2,566	1,508	2,107	2,733	3,118	3,827	3,560	4,158
Capex / Sales	3.54%	1.56%	1.82%	2.2%	2.26%	2.5%	2.01%	2.1%
Announcement Date	23/04/19	14/05/20	06/05/21	04/05/22	25/04/23	23/04/24	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Tata Consumer Products Limited

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,091 INR

Average target price

1,219 INR

Spread / Average Target

+11.70%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Coffee & Tea

	1st Jan change	Capi.
TATA CONSUMER PRODUCTS LIMITED	+1.98%	12.65B
JDE PEET'S N.V.	-15.60%	10.81B
ITALMOBILIARE S.P.A.	+22.70%	1.56B
XIANGPIAOPIAO FOOD CO.,LTD	+1.87%	991M
WESTROCK COFFEE COMPANY	+2.64%	922M
TENFU (CAYMAN) HOLDINGS COMPANY LIMITED	-8.20%	637M
TAIWAN TEA CORPORATION	+3.45%	546M
KEY COFFEE INC.	-2.83%	276M
BRC INC.	+7.44%	247M
VINACAFÉ BIEN HOA	+18.92%	236M

Coffee & Tea