Revenue from operations increased by 11 per cent as compared to the corresponding quarter of the previous year
Tata Consumer Products Ltd. (TCPL) has officially given the green light to merge its wholly-owned subsidiaries, which include NourishCo Beverages Limited, Tata Smartfoodz Limited, and Tata Consumer Soulfull Private Limited. This decision was announced in the company’s results for the quarter ended 30th September 2023. For the quarter, Revenue from operations increased by 11 per cent (10 per cent in constant currency) as compared to the corresponding quarter of the previous year, driven by an underlying growth of 11 per cent in India Business.
According to the filing, the appointed date for this merger is set for April 1, 2024. TCPL, as the transferee company, had previously acquired and held all equity shares issued by the transferor companies.
During the quarter, the company’s India tea business continued to benefit from earlier interventions, resulting in a third consecutive quarter of volume-led growth. In its salt business, the company has seen consistent revenue growth and premiumisation at play. TCPL’s growth businesses (Tata Sampann, Tata Soulfull and NourishCo and Tata Smartfoodz) continued their strong momentum and have increased their contribution significantly in line with its portfolio transformation ambition. Tata Starbucks also delivered strong overall performance while continuing its expansion agenda.