Tata Consumer Products share price hits all-time high on Q1 earnings
BusinessToday.In August 5, 2020
Tata Consumer Products share price scaled all-time high in early trade today after the firm reported 81.78 per cent rise in net profit. Share price of Tata Consumer Products gained 4.88% to Rs 471 against the previous close of Rs 449.75 on BSE.
Earlier, Tata Consumer Products share opened higher at Rs 465.50. Total 3.74 lakh shares changed hands amounting to turnover of Rs 17.36 crore on BSE. Market cap of the firm rose to Rs 41,852 crore.
The Tata Group firm reported a profit of Rs 327.6 crore in Q1 compared to profit of Rs 173.7 crore in Q1 FY 20. Tata Consumer recorded an exceptional gain of Rs 84 crore on conversion of a joint venture into a subsidiary and costs relating to the business integration of foods business. The gain occurred after the firm bought 50 per cent in PepsiCo India in NourishCo Beverages, making it a wholly-owned subsidiary with effect from May 18, 2020.
Revenue rose 13.44 per cent to Rs 2,713.9 crore in Q1 compared to Rs 2,392.4 crore in the corresponding period of previous fiscal. Rise in revenue was led by volume and value growth in branded businesses both in India and International, TCPL said in an earning statement.
"We have recorded good revenue and profit growth in Q1 due to increased demand in some categories, strong marketing campaigns and adopting new routes to reach the end consumer effectively," TCPL MD & Chief Executive Sunil D'Souza said.