Tata Consumer Products has indicated to increase the prices of tea, salt, pulses and other packaged food products. Know the reasons due to which your everyday shopping can become expensive.
Tata Consumer Products Price Hike: The coming days may become more challenging for the common people struggling with inflation. If you buy Tata brand tea, salt or pulses every day, you may soon have to pay higher prices for them. Tata Consumer Products (TCPL) has indicated that due to the rising cost of raw materials, the company is considering increasing the prices of many of its essential products.
Why may prices increase?
According to the company, the continuously increasing production costs are now creating pressure. The ongoing geopolitical tensions in West Asia have affected the supply chain, while the prices of tea leaves have increased by 7% to 10% due to the delay in monsoon. If this situation continues, the cost impact may reach the customers.
Which products will be affected?
The impact of the possible price increase can be seen on Tata Tea, Tata Salt, Tata Sampann brand pulses and other packaged food products. The company has also recently increased the prices of tea slightly. Now the market situation will be assessed for the next 15 to 30 days. If cost relief is not achieved, prices of other products may also be increased.
Why may prices have to be increased despite strong earnings?
The performance of Tata Consumer Products remained strong in the current quarter. The total revenue of the company stood at Rs 5,348.88 crore, which is about 12% more than last year. Whereas net profit increased by 28% to Rs 444.86 crore. Despite this, the company says that it may be necessary to change the prices to maintain the balance of profits and business amid continuously increasing costs.
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