Tata Consumer Products Ltd. witnessed a decline by 1.16 per cent in its stocks despite the company reporting strong financial results for Q1 FY24 in its domestic business segment. In the June quarter, the company witnessed significant growth in its consolidated net profit, surging by 42 per cent to ₹316 crore compared to ₹255 crore in the same quarter last year. The company also reported an 18 per cent increase from ₹268 crore in the preceding March quarter. However, going forward the company’s focus on prioritizing premiumization alongside growing volumes in the premium segment will drive the growth. For the forthcoming quarters, we remain optimistic about the company’s increasing distribution reach and green shoots in rural recovery will aid its domestic business growth.

Source: The Hindu July 27, 2023 19:09 UTC