Shares of Tata Consumer Products fell 9.4% on Tuesday to their day’s low of Rs 991.50 on the BSE, as an 8% jump in net profit for the quarter ended September 2024—to Rs 364 crore (attributable to shareholders)—failed to impress D-Street investors. The profit figure was Rs 338 crore in the year-ago period.Revenue from operations for the reported quarter stood at Rs 4,214 crore, up 13% from Rs 3,734 crore in the corresponding quarter of the previous financial year.The company's India beverages segment grew by 3%, with tea volumes declining by 4% year-on-year, while India Foods revenue grew by 28% (+9% organic), according to the company filing. Volume growth was 1% for the reported quarter.Post the Q2 results, brokerages expressed disappointment and cut their target prices for the stock. Here is what analysts said:Jefferies: Hold | Target Price: Rs 1,170Jefferies maintained a Hold rating on the stock and cut the target price to Rs 1,170 from Rs 1,190.“Another quarter, another miss,” stated Jefferies. Tata Consumer experienced another weak quarter, especially in the India business, both in terms of revenue and margins. Like-for-like EBITDA was down sharply by 23%, primarily due to significant input cost inflation in the tea business. The tea segment also witnessed a volume decline, with NourishCo experiencing modest trends. Salt was a modest performer with near-flat volumes. However, acquisitions were bright spots, generating higher-than-expected revenues.Morgan Stanley: Overweight | Target Price: Rs 1,273Morgan Stanley maintained an Overweight rating on Tata Consumer while cutting the target price to Rs 1,273 from Rs 1,344.Q2 was a miss across domestic businesses; however, the international business delivered. Organic revenue growth was weak at 5%, with a volume decline in tea. Growth businesses' organic growth was weaker at 15%, while the non-branded/international segments continued to perform well. Market share remains the key focus, as rural recovery is gradual while urban demand has softened.Nuvama: Buy | Target Price: Rs 1,350Nuvama retained a Buy call on the stock but cut the target price to Rs 1,350 from Rs 1,390.The India beverages segment was impacted in Q2 by weather and competition from Campa (-4% YoY LFL), while tea volumes also saw a decline of 4% YoY. Growth businesses accounted for 29% of the India business and grew by 15% YoY (LFL). Inflationary tea and salt costs remain a concern, leading Nuvama to cut FY25/26/27E EPS by 4%/1.2%/3%. They also reduced the P/E multiple for the India business to 60x (from 65x).(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)