NEW DELHI: Tata Consumer’s India business grew 13% and the FMCG giant recorded market share gains in the core categories of Tea and Salt, its chairman N Chandrasekaran said on Monday at the company’s Annual General Meeting (AGM).
Responding to queries by shareholders, he said Tata Consumer Products would focus on leveraging its product portfolio, expanding distribution and product innovation and entering new categories, while supporting both organic and inorganic growth opportunities in future.
“We also believe in inorganic expansion and yes inorganic expansion is one of the key strategies for the company. The cash in the company will be used definitely for the right inorganic growth opportunities,” he said.
He also talked about the company strategy saying TCP is focused on expanding the distribution, product portfolio and bringing in new categories and a lot of focus in the domestic market. Chandrasekaran went on to say in his speech, “During the year, we made substantial progress on all the six strategic priorities that we had identified for the Company. Significant progress has been made on expanding our distribution, accelerating the pace of innovation, redesigning our supply network, and driving digital transformation across the value chain.”
He added that the company’s growth businesses - NourishCo, Tata Sampann, Tata Soulfull, and Tata Q - collectively grew 52% during the year. “We are investing in these businesses to fuel them further.”
Talking about the international business, he informed that it saw modest growth on the back of double-digit growth last year. He said the company is following a three-brand strategy in tea for international markets with Tetley, Good Earth, and Teapigs.