 "Tata Consumer Products to boost growth of tea, coffee, salt businesses")
Leading FMCG company Tata Consumer Products Limited (TCPL) will continue to invest in its brands and accelerate the growth momentum of the core businesses, tea, coffee and salt, the company's annual report said.
In the annual report for 2023-24, TCPL said that to strengthen and accelerate core businesses, contribution of modern trade to total sales within the country was 14 per cent driven by the growth of new businesses.
During 2023-24, the company continued to undertake focused brand-building efforts and launched several products. TCPL said that central to the company's growth strategy was on focusing on the core businesses of tea, coffee and salt.
TCPL (formerly Tata Tea) said the company strengthened the tea and coffee businesses and also created new vectors of growth. The company was also successful in driving profitable growth in the key international markets of UK, USA and Canada.
The company's focus on innovation lay in its belief that it is a strong strategic pillar and plays a significant role in meeting future ambitions, both on top line (revenue) and bottom line (profit).
TCPL said in the report, "We aspire to be a leading player in the FMCG industry by expanding our play in the existing categories and venturing into new spaces", adding that the company has taken both organic and inorganic routes to capitalise on industry trends and tap new consumers and markets.
The company clocked a revenue of more than Rs 15,000 crore during the last fiscal. TCPL acquired Capital Foods and Organic India to address the needs of the diverse consumer spectrum.
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In the last four years, TCPL's compounded annual growth rate of the tea business in India was nine per cent while revenue from coffee grew 29 per cent year-on-year.
The CAGR of salt during the last four years was 17 per cent, while that of packaged foods in India was 31 per cent.