Tata Consumer Products said that the credit ratings agency ICRA has reaffirmed its rating on various credit instruments of the company.
ICRA has reaffirmed its long term debt (including non-convertible debenture) rating of the company at '[ICRA] AAA (Stable)'. It has reaffirmed the rating on the company's short term debt (including commercial papers) and non-fund based facility at '[ICRA] A1+'.
The rating on Tata Consumer's fund-based working capital facilities has been reaffirmed at '[ICRA] AAA (Stable)/ [ICRA] A1+'.
Tata Consumer Products is a focused consumer products company uniting the principal food and beverage interests of the Tata Group under one umbrella. The company's portfolio of products includes tea, coffee, water, salt, pulses, spices, and ready-to-cook offerings.
On a consolidated basis, Tata Consumer Products reported 4% increase in net profit to Rs 268 crore in Q2 FY22 from Rs 257 crore in Q2 FY21.
For the quarter ended Q2 FY22, revenue from operations stood at Rs 3,033 crore, rising 9% year on year on reported basis and growing 11% on a like to like basis mainly driven by growth of 14% in India Beverages and 23% growth in India Foods business. International business revenues growth, excluding exited businesses, was flat.
The scrip fell 1.84% to end at Rs 725.90 on the BSE on Friday.
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