Tata Consumer‘s share price crashed sharply on Wednesday morning as the company’s March quarter results failed to impress investors and analysts.

What Happened: The FMCG giant’s operational revenue rose 8% YoY to ₹3,926 crore in the March quarter from ₹3,619 crore last year. The company’s net profit declined by around 20% to ₹216.63 crore compared to ₹268 crore in the same period last year. These figures fell short of street estimates of ₹4,000 crore in revenue and ₹330 crore in profit.

See Also: Tata Stock Rocketing After Q4: Brokerage Raises Target Price By 13%

Analyst Reactions: Brokerage remained unimpressed by the Tata Group company’s performance during the January-March period. CLSA maintained its “underperform” rating for the stock with a price target of ₹1,288. The brokerage firm said that the company’s Q4 numbers missed its estimates on both revenue and profit. The global brokerage added that the margins were a little better due to higher prices of unbranded coffee.

Goldman Sachs also maintained its “neutral” rating for the stock with a target price of ₹1,030. The analysts highlighted that the company’s Indian business was slowing and the margin growth was driven by international and unbranded business. The brokerage also noted that the growth in Indian beverages business slowed down.

Price Action: Tata Consumer's share price was down 3.21% to close at ₹1,135.65 on Wednesday.

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