ICICI Direct has given Buy recommendation for Tata Consumer Products with a target price of Rs. 910 in its research report issued on Feb 03, 2021
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, the UK, US, Canada & some other geographies. In India, it also has salt, pulses, spices & other food products. Its subsidiary NourishCo is present in packaged water and other beverages. The company is in a JV with Starbucks, which has 246 stores in India. The company has 1500 distribution directly reaching to 1.2 million outlets in India. It would continue to expand direct distribution reach TCPL is also increasing its rural presence with 3x feet on street, 2000 rural distributors and 300 super stockists
We continue to maintain our BUY rating on the stock We value the stock at Rs 910 on ascribing 55x FY24 earnings multiple.