2024-04-25 13:49:49
New Delhi: Tata Group company Tata Consumer Products manufactures many products like Tata salt and tea. Tata Consumer Products Limited has released its March quarter results. The company has informed the stock market that its consolidated net profit in the fourth quarter of the financial year 2023-24 declined by 26.69 percent to Rs 212.26 crore. Along with the results, the board has declared 775 percent (Rs 7.75) final dividend to the investors. At the same time, Tata Elxsi’s net profit for the fourth quarter ended March declined by 2.2 percent to Rs 196.93 crore. The company had earned a net profit of Rs 201.51 crore in the same period of the last financial year. The net profit of the company in the financial year 2023-24 was Rs 1215.4 crore. Earlier in the financial year it was Rs 1320.14 crore. The income during this period was Rs 15,205.85 crore. Earlier in the financial year 2022-23 it was Rs 13,783.16 crore.
Why did profit decrease?
The company’s profit has declined mainly due to higher expenses. This decline has been due to various reasons like mergers, acquisition costs and value loss on financial instruments etc. According to the report, Tata Consumer Products opened 29 net new stores and entered 6 new cities during Q4FY24. A maximum of 95 stores were added this year. This takes the total number of stores to 421 in 61 cities. Here, there has been a rise in the shares of Tata Consumer Products Limited. Yesterday i.e. on Tuesday, the shares of Tata Consumer Products closed at Rs 1172 with a rise. The stock has risen by more than 3 percent in the last 5 days. Shares of Tata Consumer have increased by more than 5 percent in a month.
declaration of dividend
The board of Tata Consumer Products has announced a final dividend of 775 percent for FY24. This is equivalent to Rs 7.75 per equity share. If approved at the upcoming 61st annual general meeting, it will be sent to eligible investors within 30 days, the company said in a regulatory filing to stock exchanges. The company had earlier issued a dividend of Rs 6.05 in 2022 and Rs 4.05 in 2021. The market cap of the company is Rs 1.11 lakh crore.