Tata Consumer Products Ltd remains steadfast amid a challenging global environment by focusing on executing the strategic agenda and building on a strong platform, N Chandrasekaran, Chairman of the company, said while addressing shareholders at the annual general meeting.
“The global environment has been sort of challenging due to a volatile macroeconomic condition as well as the geopolitics under these circumstances, the company remains steadfast and has been focusing on executing the strategic agenda and build on a strong platform that it has,” he said.
‘Fit for future’
In a bid to manage volatility, TCPL has expanded its sales and distribution network three-fold from 0.5 million outlets in 2020 to now 1.5 million outlets. The company saw a 21 per cent growth in revenue through modern trade and a 32 per cent growth through e-commerce in FY23.
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“We invested in building ‘fit for future’ R&D capability and have stepped up the pace of innovation, launching twice the number of products compared to the last year. We expanded our portfolio and entered new categories. Our innovation to sales ratio is 3.4 per cent, up from 0.8 per cent in FY20,” said Chandrasekaran.
The company’s international business grew 8 per cent in FY23 while 71 new Tata Starbucks stores were opened during the year, taking the total to 333 stores in 41 cities.
“The macro-environment remains volatile and we will need to be adaptable and agile to manage the challenges as well as the opportunities arising from this,” he added.