Update On Tata Coffee Ltd By Yes Securities
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3Q results ‐ Overall in‐line performance with Vietnam and plantations business offsetting muted instant coffee exports
* Revenue growth ‐ Consol revenue and EBITDA growth of 6% and 18% vs expectations of 9% on both fronts with strong performance in EOC and Vietnam which grew 12% offsetting a 5% decline in standalone business.
* Margin performance ‐ Overall EBITDA slightly ahead of expectations at 18% vs expectations of 17% given improvement in plantations profitability and better sales mix in favor of EOC.
* EOC and Vietnam ‐ saw better realisations and favorable channel mix while Vietnam continued its robust momentum.
* Plantations ‐ Revenue up 6% driven by higher pepper sales and improved tea realisations.
* Instant coffee exports ‐ Revenue decline of 12% given logistics issues and port congestion which is temporary.
* Overall, steady performance with 20% PAT growth giving a positive read through for Tata Consumer results.
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