External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Tata Consumer Products / Equity Bottom-Up

<ul><li>Tata Consumer Products (TATACONS) reported 8% YoY EBIT growth in2QFY25 on the back of a strong performance in its international branded beverage segment (EBIT up 74% YoY) and non-branded business (EBIT up86% YoY).</li><li>EBIT for India branded business declined 26% YoY due to tea costinflation.</li><li>Organically (excluding acquisition), India's business revenue grew 2% YoY and EBITDA declined 23% YoY in 2QFY25. Going ahead, India's business margins are likely to recover as the company has increased prices of salt (to mitigate cost inflation) and tea (staggered price increases).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Consumer Products (TATACONS) reported 8% YoY EBIT growth in2QFY25 on the back of a strong performance in its international branded beverage segment (EBIT up 74% YoY) and non-branded business (EBIT up86% YoY).EBIT for India branded business declined 26% YoY due to tea costinflation.Organically (excluding acquisition), India's business revenue grew 2% YoY and EBITDA declined 23% YoY in 2QFY25. Going ahead, India's business margins are likely to recover as the company has increased prices of salt (to mitigate cost inflation) and tea (staggered price increases).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Consumer Products - Incubating New Products

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Our analysis of Tata Starbucks financials over FY14-24 indicate (1) It had revenue CAGR of 29% over FY14-24 and store count CAGR of 26%.</li><li>The revenue/store has remained flat at ~INR 35mn. (2) The gross margins of Tata Starbucks (TS) and Starbucks Corporation (SBUX) are similar at ~67%.</li><li>We believe TS can potentially reach &gt;20% EBITDA margin (SBUX EBITDA margin: ~18%) and (3) TS plans to reach 1,000 outlets by FY28 (421 in FY24). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Our analysis of Tata Starbucks financials over FY14-24 indicate (1) It had revenue CAGR of 29% over FY14-24 and store count CAGR of 26%.The revenue/store has remained flat at ~INR 35mn. (2) The gross margins of Tata Starbucks (TS) and Starbucks Corporation (SBUX) are similar at ~67%.We believe TS can potentially reach &gt;20% EBITDA margin (SBUX EBITDA margin: ~18%) and (3) TS plans to reach 1,000 outlets by FY28 (421 in FY24). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Consumer Products - Consumer Staples & Discretionary

<ul><li>Motilal Oswal's research report onTata Consumer Products Tata Consumer Products (TATACONS) reported a strong operating performance in 4QFY24.</li><li>EBIT growth of 20% YoY was led by a healthyperformance in the international branded beverage segment (EBIT up 29% YoY), and non-branded business (up 3.6x YoY).</li><li>However, the EBIT of the India branded business grew by only 3% YoY.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Motilal Oswal's research report onTata Consumer Products Tata Consumer Products (TATACONS) reported a strong operating performance in 4QFY24.EBIT growth of 20% YoY was led by a healthyperformance in the international branded beverage segment (EBIT up 29% YoY), and non-branded business (up 3.6x YoY).However, the EBIT of the India branded business grew by only 3% YoY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Consumer Products - International Beverage and Non-Branded Business Drive Profitability

<ul><li>ICICI Securities research report onTata Consumer Products TCPL’s Q4FY24 was in line with our estimates.</li><li>We reckon, stock trigger in FY25-26 is likely outperformance of growth businesses (which are gross margin accretive too).</li><li>Post-acquisition of Capital Foods and Organic India, salience of growth businesses is ~30% of India branded sales.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ICICI Securities research report onTata Consumer Products TCPL’s Q4FY24 was in line with our estimates.We reckon, stock trigger in FY25-26 is likely outperformance of growth businesses (which are gross margin accretive too).Post-acquisition of Capital Foods and Organic India, salience of growth businesses is ~30% of India branded sales.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Consumer Products - Performance of Growth Businesses Crucial for Re-Rating

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>In Aug 2022, <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. These shares were released from their lockup in Aug 2023.</li>
<li>Leading to a selldown by <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> in the same month, followed by another selldown in Oct 2023. Softbank will once again be released from its lockup soon.</li>
<li>In this note, we will talk about the lock-up dynamics and recent updates.</li>
</ul>


In Aug 2022, Zomato (ZOMATO IN) completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. These shares were released from their lockup in Aug 2023.
Leading to a selldown by Softbank Group (9984 JP) in the same month, followed by another selldown in Oct 2023. Softbank will once again be released from its lockup soon.
In this note, we will talk about the lock-up dynamics and recent updates.


Zomato Lock-Up - Last of the Softbank Selldown

India

Tata Consumer Products Limited produces food and beverage products. The Company manufactures, sells, and exports tea, coffee, salt, oil, pulses, spices, and food products. Tata Consumer Products serves customers worldwide.

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Tata Consumer Products (TATACONS IN)

Tata Consumer Products - Incubating New Products

Tata Consumer Products (TATACONS) reported 8% YoY EBIT growth in2QFY25 on the back of a strong performance in its international branded beverage...

Motilal Oswal

Tata Consumer Products - Consumer Staples & Discretionary

Our analysis of Tata Starbucks financials over FY14-24 indicate (1) It had revenue CAGR of 29% over FY14-24 and store count CAGR of 26%.

ICICI Securities Limited

Tata Consumer Products - International Beverage and Non-Branded Business Drive Profitability

Motilal Oswal's research report onTata Consumer Products Tata Consumer Products (TATACONS) reported a strong operating performance in 4QFY24.

Motilal Oswal

Tata Consumer Products - Performance of Growth Businesses Crucial for Re-Rating

ICICI Securities research report onTata Consumer Products TCPL’s Q4FY24 was in line with our estimates. We reckon, stock trigger in FY25-26 is...

ICICI Securities Limited

Zomato Lock-Up - Last of the Softbank Selldown

In Aug 2022, Zomato completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. This has led to two earlier...

Sumeet Singh

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