Tata Consumer share price slumped in early trade on Wednesday as the company posted its Q4 results.
What Happened: TCPL’s revenue from operations grew up 14% year-over-year to ₹3,619 crore in the March quarter. The company’s India business saw a 15% YoY increase at ₹2,246.9 crore. International business revenue grew by 6% YoY to ₹984.05 crore.
EBITDA for the quarter ended March stood at ₹518 crore, up 13% YoY. The group’s net profit was up around 21% YoY at ₹290 crore. EPS for the quarter stood at ₹2.89. The company also announced a final dividend of ₹8.45/share.
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Brokerages were impressed by the company’s numbers. Morgan Stanley maintained its ‘overweight’ rating on the stock with a price target of ₹904- an over 18% upside from the stock’s last closing price of ₹734.45. Nomura also maintained its ‘buy’ call on the Tata Group company with a price target of ₹880.
Domestic brokerage firm ICICI Direct in its initial reaction to the results said that the company’s Q4 numbers beat its estimates on revenue and profitability. The firm added that it remains positive on the company’s long-term growth prospects.
Price Action: Tata Consumer share price was down 0.31% to trade at ₹732.30 in the early hours of trading on Wednesday.
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