Houseware company Stove Kraft announced Q1FY24 results: Revenues of Rs 297.7 crore in Q1FY24 compared to Rs 275.1 crore in Q1FY23, up 8.2% YoY Gross Profit of Rs 109.9 crore in Q1FY24 compared to Rs 90.5 crore in Q1FY23, up 21.4% YoY Gross Profit % at 36.9% in Q1FY24 compared to Rs 32.9% in Q1FY23 EBITDA of Rs 23.4 crore in Q1FY24 compared to Rs 21.60 crore in Q1FY23, up 8.7% YoY Profit for the year stands at Rs 7.7 crore in Q1FY24 compared to Rs 8.1 crore in Q1FY23, down 4.4% YoY PAT % at 2.6% in Q1FY24 compared to 2.9% in Q1FY23 Comments on Q1FY24 Results by Rajendra Gandhi, Managing Director: "First quarter of FY24 was in-line with our expectation in terms of revenue & profitability growth. As the nature of our business is seasonal the first and last quarters are smaller than the second and third quarters. We witnessed revenue and gross profit growth of 8.2% & 21.4% respectively despite muted demand. We have seen significant growth in small appliances on both YoY & QoQ basis. General trade, E-Commerce, retail & modern retail have experienced growth. I’m excited to announce the Company is consistently adding company-owned and company-operated retail stores for the Pigeon brand. During the quarter, we successfully added 25 additional stores in South India taking the total count to 77 stores till 30 Jun 23, and 90% of the stores achieve operational break-even, in an average period of 3 months post opening. As we move ahead in 2023, we remain committed to continuing our growth trajectory by bringing valued products to our customers. We have improved our offering by bringing indigenous manufactured products like stainless steel bottles, kettles & electric rice cookers along with established air fryers from our Bangalore Unit which will lead us to the next leg of growth & create long-term value for all our stakeholders. The Leadership team of 7 (seven) CXOs are in place who are fully committed to the sustainable growth and value creation for our stakeholders." Result PDF
Houseware company Stove Kraft announced FY23 results: Revenue from Operations at Rs 1,283.8 crore, up 13.0% YoY Gross Margin at Rs 420.4 crore, up 15.8% YoY EBITDA at Rs 99.0 crore, up 4.4% YoY Commenting on the Results, Rajendra Gandhi, Managing Director said, "During the year FY23 the industry witnessed a weak demand scenario across markets and despite the challenging business environment, the company has emerged with a significant volume & value growth in revenue by 13% in FY23 to INR 1,284 crore and EBITDA growth of 4.4%. All product categories grew in volume, ranging from 8-16% aided by our strong brand identity, robust distribution channels and effective marketing strategies, and strong manufacturing facilities. The company continues to strive hard to gain market share across business verticals and distribution channels. Our growth momentum continues in addition to company-owned and company operated retail stores for the Pigeon brand. During the whole year FY23, we successfully added 54 stores in southern markets. We remain committed to accelerating our store reach in FY24 with a target to open 7-8 stores every month. As we move ahead in 2023, we remain committed to continuing our growth trajectory while taking cognizance of the volatility and challenges in the market environment. We would continue focusing on expanding our product offering and enhancing the distribution network which will lead Stove Kraft to the next leg of growth & create long-term value for all our stakeholders." Result PDF
Houseware company Stove Kraft announced Q3FY23 results: Q3FY23: Revenue from operations Rs 324.5 crores up +8.9 % Gross margin Rs 108.6 crores up +15.1 % EBITDA Rs 26.4 crores up +23.0% Commenting on the Results, Mr. Rajendra Gandhi, Managing Director said, "I’m pleased to report the company has achieved Rs 1,000 crores revenue milestone within 9MFY23, with another quarter of consistent performance wherein top-line grew by 9%, largely driven by volume uptick. While the quarter encountered a slowdown in overall consumer demand, the company managed to grow faster than the industry. This growth was consistent in the south and non-south markets. The prices of key raw materials continue to remain steady which is also reflected in our gross margins. Gross Margins have improved from 31.7% in Q3FY22 to 33.5% in Q3FY23. EBITDA margin for the quarter stood at 8.1%. I’m excited to announce the Company is consistently adding company-owned and company-operated retail stores for the Pigeon brand. During the quarter, we have successfully added 12 additional stores in Bengaluru taking the total count to 31 stores till 31-Dec-22 with new stores opened in AP, Telangana markets." Result PDF
Conference Call with Stove Kraft Management and Analysts on Q3FY22 Performance and Outlook. Listen to the full earnings transcript.