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Q3FY21 Result Update - Tata Consumer Products - ICICI Direct Posted On: 2021-02-03 23:35:44 (Time Zone: Arizona, USA) Tata Consumer Products reported strong revenue growth of 23.1% led by robust growth in India beverage & India foods segment. Overall volume growth was ~7%. The sharp increase (70-80%) in tea procurement prices led the company to take aggressive price hikes in tea. In turn, this resulted in 43% growth in the India beverages segment. Still price hikes were insufficient to pass on the entire commodity price rise, which impacted India beverage segment margin by 839 bps. India food business grew 19% led by 12% volume growth. Tata Sampann & Tata Salt Lite saw 40% & 110% sales growth in Q3. International tea business & US coffee business revenue grew 7% & 6%, respectively, led by similar volumes. Gross margins contracted 574 bps but savings in employee spends, marketing spends & other overhead of 94 bps, 125 bps & 256 bps, respectively, restricted ope ....