New Delhi Tata Group's Tata Consumer Products Limited has given a big information on Thursday. While giving information, TCPL has said that while denying the news of exit of restaurant chain Starbucks from the Indian market, it has termed such headlines as baseless.
Let us tell you that Tata operates this restaurant chain in India under the Starbucks brand name in a 50:50 joint venture with America-based Starbucks Corporation. By the end of September, Starbucks had 457 stores in 70 cities and the company aims to take it to 1000 stores by the financial year 2027-28. In the financial year 2023-24, the company's operational income increased by 12 percent to Rs 1,218.06 crore. However, due to expansion, the loss of this company has increased from Rs 24.97 crore to Rs 79.97 crore in the financial year 2022-23.
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There is an opportunity to expand the Starbucks chain
According to financial data accessed through business intelligence platform, its advertising promotional expenditure has increased by 26.8 per cent to Rs 43.20 crore and royalty amount to Rs 86.15 crore. Last month, TCPL's Managing Director i.e. MD and Chief Executive Officer i.e. CEO Sunil D'Souza had given information that they are focused on expanding the Starbucks chain in India and are not considering the profitability of the store.
Share of Tata Consumer Products Limited
Shares of Tata Consumer Products Limited i.e. TCPL closed with a decline on Thursday. The company's shares closed at Rs 906, down Rs 2.65 or 0.29 per cent on the BSE. The 52-week high of TCPL shares is Rs 1254. The week low of this company is Rs 900. The market capital of the company on BSE is Rs 89,709.27 crore. Let us tell you that this is a share with a face value of Re 1. Scarbucks company is included in the list of BSE 100 index. Scarbucks is the most popular coffee brand among the youth.
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