Chairman’s letter
BUILTFOR GROWTH
"As I had shared with you in last year’s Annual Report, we had identified six strategic priorities for the business. These priorities are key building blocks that power the Company’s growth agenda, and I am pleased to report that we have made substantial progress against each of these during the course of this year."
Chairman’s letter
BUILTFOR GROWTH
Dear Shareholders,
I am pleased to present to you the Integrated Annual Report of Tata Consumer Products for FY 21-22.
Just over two years ago, we formed Tata Consumer Products with the vision of becoming a formidable player in the FMCG industry. This gave us a much larger addressable market and created several exciting opportunities for growth. The last couple of years have seen unprecedented challenges in the form of the pandemic, geopolitical flareups and overall, a very volatile macro environment with wide-ranging impact on people, economies and businesses. We, as an organisation have used this period to strengthen our capabilities, build innovative thinking and agility, and enhance our focus on efficiencies; all in the interest of creating a growth company. This mindset has helped your Company deliver strong overall performance for this fiscal across all metrics and kept us firmly on track to achieving our vision.
As I had shared with you in last year’s Annual Report, we had identified six strategic priorities for the business. These priorities are key building blocks that power the Company’s growth agenda, and I am pleased to report that we have made substantial progress against each of these during the course of this year. Progress was made on expanding our distribution significantly, accelerating the pace of innovation, redesigning our supply network, and driving digital transformation across the value chain. We are investing in these capabilities for the long term and I am confident that these will catapult us towards our goals.
One of the exciting opportunities before us is to understand consumer trends and leverage them to expand our portfolio and drive our future growth. The integration of the targeted acquisitions we made in the last fiscal to accelerate this agenda has been completed with speed, and this year the product portfolio of the Company has been further strengthened with the addition of ready-to-eat products.
There have also been several launches across the Foods and Beverages portfolio, catering to consumer needs around health and wellness, taste and convenience, which also helped us expand our total addressable market. We continued to invest behind all these initiatives to ensure that these will act as growth engines for the future.
We are streamlining and simplifying our business to be more agile and efficient, and unlock its full potential. Restructuring initiatives are being undertaken in India and International markets and as part of that, we recently announced a re-organisation plan to combine Tata Coffee’s business into Tata Consumer Products. This exercise is expected to bring similar businesses in the two companies together, create dedicated verticals to drive focus and result in revenue synergies and operational efficiencies.
"Our employees remain our most valued asset, and we are constantly striving to build an engaged and progressive workforce. During the year, we launched several initiatives to foster health and wellness, as well as diversity and inclusion; and we continued to strengthen programmes around recognition as also learning and development."
As you will read across this Report, our approach to value creation extends to all stakeholders, and we remain steadfast in our commitment to raising the bar on sustainability and corporate social responsibility. Our programmes related to sustainable sourcing, natural resource management, circular economy, and community empowerment, are now an integral part of our strategy and progressing well.
Our employees remain our most valued asset, and we are constantly striving to build an engaged and progressive workforce. During the year, we launched several initiatives to foster health and wellness, as well as diversity and inclusion; and we continued to strengthen programmes around recognition as also learning and development.
Making meaningful progress during such a challenging year would not have been possible without the tireless efforts of each of our employees and the support from their families. I would like to thank them all for their contributions. I am also grateful to you, our shareholders, for your continued faith, support and confidence in our Company and look forward to realising our long-term vision for Tata Consumer Products.
Warm Regards
N. Chandrasekaran
Chairman