TATA CONSUMER PRODUCTS (TCPL) will stay focused on the India business as domestic growth remains higher than international markets, chairman N Chandrasekaran said in a response to a shareholder query at the company's 60th Annual General Meeting (AGM) on Tuesday.
The company is also allocating a capital expenditure (capex) of ₹400 crore and was aiming for a turnover target of ₹1,000 crore in subsidiaries such as NourishCo in FY24. NourishCo closed FY23 with sales of ₹645 crore, Chandrasekaran said. While Tata Starbucks crossed the ₹1,000-crore turnover mark in FY23, with aggressive plans on store additions in FY24, he said.
While TCPL's India business contributes 63% to overall turnover, 27% to the topline comes from the international market, Chandrasekaran said. Until a few years ago, the FMCG company derived close to 60% of its turnover from international markets.
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