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ICICI Securities Report
Tata Consumer Products Ltd.'s transformational journey continued in FY22.
It achieved rapid progress in distribution expansion – two times direct reach in FY20-22 and introduced multiple innovative products to drive premiumisation and market share gains.
It integrated three acquisitions (Soulfull, Nourishco, Tata Q) quickly, and plans to reap benefits in FY22-24.
While adspends have increased to 6.8% in FY22 from 6.3% in FY21, they are still lower than pre-Covid-19 levels of 7.7% (average: FY17-20).
Tata Consumer continues to gain market shares – 100 basis points in Tea and 400 bps in salt.
In FY22, working capital increased to 71 days (from 39 days in FY21), free cash flow generation was Rs 4.7 billion (0.6% FCF yield) and core-return on equity improved 80 bps to 13.7% (YoY).
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