ICICI Direct's research report on Tata Consumer Products
Tata Consumer Products (TCPL) is one of the major FMCG companies present in tea, coffee & other beverages in India, UK, US, Canada & some other geographies. In India, it also has salt, pulses, spices & other foods products. Its subsidiary NourishCo is present in packaged water & other beverages. The company is in a JV with Starbucks, which has 275 stores in India. The company has 2000+ distribution directly reaching to 1.3 million outlets in India, which will be increased to 1.5 million outlets by March 2023 • TCPL also increased its rural/ semi urban distributors 4x to 8000+ after the consolidation of consumer business.
Outlook
We maintain our BUY rating on the stock. We value the stock at Rs 950 on ascribing 55x FY24 earnings multiple.
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