Sell

In Q1FY25, Cera Sanitaryware’s (CRS) consolidated revenue fell 6.5% YoY with sanitaryware/ faucetware segments’ revenue dipping ~9%/5% YoY.

CRS reported Q4FY21 consolidated revenue growth of 47% YoY off a tepid base, with the sanitaryware/faucet segments increasing 47%/62%

V guard saw flat sales at Rs6.2bn, while EBIDTA was down 5% YoY at Rs739mn with EBIDTA margins were down 54bps YoY at 12%. PAT was down 13% at Rs500m. Cash generated from operations was strong at in 1HFY21 at Rs3.2bn vs Rs1.5bn YoY, as working capital has improved...

The company has moved ahead with various transformational initiatives which it had embarked on over the last few years. Through a reoriented marketing strategy, it is shifting gears in the non-south markets as well as preparing for the Ecom channel. It has plans to expand its presence in the non-South region by enhancing distribution network and brand visibility. Its A&P; thrust will be on non-south markets, where it expects to gain share. Its product launches also get transformed. Typically, product introductions are made in the Kerala market followed by the other...

The CD division revenue growth at ~9% YoY was largely impacted by slower demand in Q2FY20. While the fan business increased 22% YoY, the appliances, lighting and Morphy Richards business grew albeit at a low pace of ~7%, ~2% and 2.2%, respectively. We believe the CD business is likely to grow at a CAGR of ~13% in FY19-21E led by dealer addition and market share gain in some of the leading categories like fan and water heater segments, going forward. On the EPC front, while illumination and lighting revenue grew ~11% YoY, the transmission line tower and power...

Modest consumer performance; EPC springs a surprise Bajaj Electricals (BEL)'s adjusted net profit grew 126% YoY in 4QFY18 on the back of EPC (revenue/EBIT grew 44%/110%). On the other hand, Consumer Products revenue grew 15% YoY (like to like basis), in line with JMFe. Aggressive bidding in recent past (after a lull in FY15-17) led to massive new orders in EPC in 4QFY18 (Orderbook of INR 90bn vs INR 31bn in Jan'18), executable over next 18-20 months. The management guides for INR 35-40bn revenue with c.8% EBIT margins in EPC segment while maintained 15% revenue growth and 6-7% EBIT margin guidance in Consumer Products. We continue to remain cautious on the...

ICICI Securities Ltd | Retail Equity Research TTK Prestige announced the launch of leading UK brand JUDGE' kitchen appliances in India. The range of Judge appliances will offer affordable kitchen solutions across Tier 3, 4 and 5 cities in India. Products will be manufactured at the existing factories in India and be retailed at all retail formats, including traditional outlets, leading modern retail formats and ecommerce platforms. The brand would address the lower price point products, which would cater to a new segment of unorganised kitchen appliance market, which is estimated to be worth | 5000 crore....

Q1FY18 standalone net sales came in at Rs 3.5 bn, up 3% YoY, (below estimate of 10% YoY) on destocking in the primary trade channel on transition to GST. TTK indicated sales in April and May cumulatively grew 12.5% YoY, while it de-grew in June by 11% YoY.

Consolidated revenues came in at | 383.7 crore vs. our expectation of | 402.1 crore. Standalone revenues grew 3.3% YoY to | 357.5 crore (I-direct estimate: | 374.5 crore). The subdued revenue growth was mainly on account of de-stocking by trade channels prior to GST implementation. The company registered cumulative 12.5% growth in April-May. However, due to GST disruption, revenues for June declined 11.2% YoY dragging overall revenue growth down for the quarter. In segments per se, cookers and appliances segment...

Q4FY17 net sales grew 22% YoY (estimate: 15% YoY) at Rs 3.6 bnon strong growth revival in pressure cookers (37% of sales) and cookware (17% of sales) segments.

ICICI Securities Ltd | Retail Equity Research TTK Prestige's (TTKP) consolidated Q4FY17 results were above our estimates on the revenue and profitability front. Consolidated revenues came in at | 397.5 crore vs. our expectation of | 376.1 crore. Standalone revenues grew 21.8% YoY to | 366 crore (I-direct estimate: | 350 crore). The revenue beat was driven by health growth in domestic sales (up 23% YoY) to | 372 crore. Exports declined 14% YoY to | 10.6 crore albeit on a smaller base...

Q3FY17 sales at Rs 4.2 bn, down 2% YoY,was below our/consensus expectation, as demonetization hit demand across all product categories in November, which is the peak festive/wedding season. While October/Dec posted strong sales growth at 25%/17% YoY, Novembersaw a steep decline.

TTKPT broadly operates under 3 major segments - Pressure Cooker & Pans, Non-stick Cookware and Kitchen Electric Appliances. TTKPT enjoys high brand recall and they spend ~7.2% of their annual sales for brand building and promotional activity, which enables them to dominate most of the segments in which they operate. TTKPT has a market share of ~60% in the outer-lid pressure cooker, ~15% in inner-lid pressure cooker within the organised market and in Induction cook-top space they enjoy a market share of about ~25%. 80% of sales are from products introduced in the last 3 years. TTKPT has network of 30,000 dealers in India. They...

ICICI Securities Ltd | Retail Equity Research TTK Prestige's (TTK) consolidated Q3FY17 results came in below our estimates. Consolidated revenues came in at | 467.5 crore vs. our expectation of | 509.6 crore. Standalone revenues de-grew 2.1% YoY to | 428.2 crore (down 7.6% QoQ). The cookware segment reported a decline of 7.6% YoY to | 79 crore whereas appliances and...

trades at expensive multiple of 39x, 34x FY18E, FY19E earnings of bharat.chhoda@icicisecurities.com | 151, | 176, respectively. We have a SELL recommendation on the stock...

Key highlights of the results at a glance: Streamlining its distribution model in consumer durablesandappliances resulted in lower primary sales in the segment. Lighting revenues improvedaspricingacrosscategories(CFL/LED)havestabilized.Improvedprojectexecution...