CLSA on Tata Cons ; O-P, TP Rs 1372

Reported sales growth of 14% YoY (11% UVG for India business), 3% above CLe. Ebitda grew 17%, in line with estimate. Salt business volumes grew +9% with tea volumes flat. Growth business delivered 42% revenue growth, vs 47% last quarter, despite a difficult base driven by strong growth in Sampann (+57% YoY, largely volume led). TCPL expects tea business growth to accelerate, better margins YoY and sequentially (2HFY27 vs. 1HFY27) driven by price increases (tea, salt, cap foods) and rising scale efficiency for growth businesses.

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