ICICI Direct has given Buy recommendation for Tata Consumer Products with a target price of Rs. 910 in its research report issued on Oct 25, 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, UK, US, Canada and some other geographies. In India, it also has salt, pulses, spices & other food products. Its subsidiary NourishCo is present in packaged water & other beverages. The company is in a JV with Starbucks, which has 233 stores in India. The company has 1500 distribution directly reaching to 1.1 million outlets in India. This will be increased to 1.3 million outlets by March 2022 TCPL is also increasing its rural presence by increasing rural distributors to 5000 by March 2022


We continue to maintain our BUY rating on the stock We value the stock at Rs 910 on ascribing 56x FY24 earnings multiple


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