Tata Starbucks recorded a revenue of Rs 1087 crore in the financial year 2023, up 71 per cent from Rs 635.7 crore the previous financial year. The growth was recorded on the back of growth in the number of retail outlets during the fiscal year. Further, Starbucks’ revenue for the quarter grew 48 per cent on-year.
The joint venture between Starbucks Coffee Company and Tata Consumer Products Limited currently has 333 stores wherein the company added 71 new outlets in FY23, including 22 new outlets in the fourth quarter of FY23. The coffee major entered 15 new cities during the entire year, which is “the highest-ever annual store addition”. “Tata Starbucks recorded a strong performance, hitting a 4-digit topline along with achieving its highest-ever number of annual store additions. Tata Starbucks is looking to rapidly expand its presence in the coming years. To achieve this, we are looking to enhance its relevance for more segments of consumers,” said Sunil D’Souza, Managing Director & CEO, Tata Consumer Products.
Tata Consumer Products announced its quarter earnings on Tuesday and recorded its consolidated net profit for the March quarter at Rs 289.56 crore, up 21.1 per cent on-year as against Rs 239.05 crore in the same quarter last year. The Group’s revenue from operations stood at Rs 3618.73 crore. “We are embedding digital transformation across the business and will be using this to drive decision-making in areas such as new product development, procurement, and revenue growth management,” said Sunil D’Souza.