India emerging as a bright spot, poised to lead next decade: N Chandrasekaran
The Indian economy has shown resilience and adaptability, even in the face of global headwinds, said Tata Consumer Products' chairman.
India is emerging as a bright spot and poised to lead the next decade, said Chairman N Chandrasekaran.
The world is facing uncertainty, and global GDP growth remains subdued, reflecting the ongoing challenges from pandemic to geopolitical tensions, said Chandrasekaran, addressing shareholders of Tata Consumer Products Ltd.
"Amidst this global backdrop, India is emerging as a bright spot, defining its role in the new world order," said Chandrasekaran, who is also the chairman of Tata Sons.
The Indian economy has shown resilience and adaptability, even in the face of global headwinds, he said in the latest annual report of Tata Consumer Products.
"Supported by strong balance sheets, a healthy banking system, favourable corporate tax rates, a thriving capex cycle, and a robust public digital infrastructure, India is poised to lead the next decade," said Chandrasekaran.
According to him, the world is facing a period of uncertainty, and geopolitical shifts are reshaping supply chains, while energy security and transition gain momentum.
"Artificial intelligence (AI) is moving into the mainstream, boosting productivity and opening doors to novel product possibilities," he said.
On the economic front, despite initial recession fears, the global economy has displayed resilience, avoiding major recessions or significant spikes in unemployment.
"Nevertheless, the outlook for global GDP growth remains subdued, reflecting the ongoing challenges and uncertainties," he said.
India's consumer market, Chandrasekaran said, presents a "vast opportunity", driven by a young population, a growing middle class, rapid urbanisation, increasing disposable incomes, and rising aspirations.
Chandrasekaran is bullish about the prospects of Tata Consumer Products in FY25 and beyond.
"We remain committed to executing on our strategic priorities, driving sustainable growth, and delivering value to our stakeholders," he said.
Tata Consumer Products has been making investments in key capabilities to scale for the future, including bolstering the sales and distribution network, with a focus on building e-commerce and omni-channel orientation.
In FY24, the company posted a revenue of Rs 15,206 crore, registering a growth of 10%.
"In the four years since the formation of your company, the revenue and group net profit before exception items have seen a 12% and 21% CAGR, respectively. This is amongst the best in the industry and continues to improve," said Chandrasekaran.
Tata Consumer Products was formed in 2020, after merging the consumer products business of Tata Chemicals with Tata Global Beverages. It owns brands such as Tata Salt, Tata Tea, Tetley, Eight O'Clock Coffee, Good Earth Tea, and Tata Sampann. It also operates the Tata Starbucks coffee chain.
Edited by Swetha Kannan