Tata Consumer has seen a five times growth in its innovation business in India over the past three years making FY 2023-24 a milestone year, according to N Chandrasekaran, Chairman of Tata Consumer Products.
“The success of our innovation strategy is reflected in the 5X growth in innovation revenue in the Indian business over the past three years. In our efforts to reach more consumers, we made significant progress in expanding our sales & distribution network, now reaching a total of 4 million outlets. This represents a remarkable two-fold increase since 2020. During the year, we also made further progress towards our portfolio transformation ambition with our growth businesses recording 40 per cent growth in FY 2023-24. Together, they now account for 18 per cent of India business,” he wrote in the company’s annual report.
According to Chandrasekaran, the Indian consumer market showcases an extensive growth opportunity. He said: “India is poised to lead the next decade. India is emerging as a bright spot, defining its role in the new world order. The Indian economy has shown resilience and adaptability, even in the face of global headwinds. India’s consumer market presents a vast opportunity, driven by a young population, a growing middle class, rapid urbanisation, increasing disposable incomes and rising aspirations.”
On AI tech
He added: “Artificial Intelligence (AI) is moving into the mainstream, boosting productivity and opening doors to novel product possibilities. Looking ahead to FY 2024-25 and beyond, I am bullish about our prospects and confident in our ability to navigate the evolving landscape successfully. We remain committed to executing on our strategic priorities, driving sustainable growth and delivering value to our stakeholders. It is your faith in our vision and strategy that has propelled us to achieve significant milestones, including reaching a market capitalisation of ₹1-lakh crore during the year.”
The Indian economy has shown resilience and adaptability, even in the face of global headwinds. N Chandrasekaran Chairman of Tata Consumer Products