TTK Prestige Ltd. share price target

TTK Prestige (TTK) reported another steady quarter with revenue/EBITDA/adj. net income growth of 7%/6%/10% YoY despite a) Kerala floods (INR 150mn impact on sales) and b) high base (GST restocking). The company hopes to sustain the current growth momentum with a 14% EBITDA margin trajectory on the back of distribution expansion (deeper rural penetration) and product expansion (cleaning solutions, water purifiers, etc.). We appreciate the improved growth momentum (especially cookers led by the Ujjwala scheme); the recent correction in the stock provides an attractive price point for entry/addition, in our view. We introduce FY21 forecasts and roll forward with an SOTP-based Sep'19 TP of INR 7100 and...

TTK Prestige (TTK) is the leading brands in kitchen appliances with 40%+ market share in organized market. It has evolved from being a single product company to a multi product company offering an entire gamut of kitchen and home appliances (600+ products). It expects to double its revenue in the next 5 years backed by revival in consumpt..

ICICI Securities Ltd | Retail Equity Research Standalone revenues (net of discounts) for Q1FY19 grew 17.2% YoY to | 418.9 crore (I-direct estimate: | 393.1 crore). Domestic sales grew 16.6% YoY to | 429 crore while exports witnessed a significant recovery registering revenue growth of 70% YoY to | 15.5 crore. On...

Revenues for Q4FY18 grew 11.6% YoY to | 443.7 crore (I-direct estimate: | 431.1 crore). Domestic sales grew 14.5% YoY to | 426 crore while exports continued their subdued performance registering de-growth of 6% YoY to | 10.01 crore EBITDA margins for the quarter expanded 109 bps YoY to 13.6% (Idirect estimate: 13.0%) on the back of an enhanced product mix and positive operating leverage. Subsequently, absolute EBITDA increased 21.4% YoY to | 60.4 crore (I-direct estimate: | 56.0 crore) Net profit for the quarter came in at | 37.4 crore (I-direct estimate:...

ICICI Securities Ltd | Retail Equity Research TTK Prestige reported revenue growth of 7% YoY to | 498.9 crore vs. our estimate of | 554 crore. Domestic sales grew 9.4% YoY while exports continued their subdued performance by registering degrowth of 35% YoY to | 8.4 crore. On a like-to-like basis (LFL), effective TTK's sales growth was at 14% YoY EBITDA margins for the quarter came in at 14.3% (I-direct estimate: 12.3%, Q3FY17: 11.9%). The significant improvement in EBITDA margins was on account of enhanced product mix (higher ticket size...

ICICI Securities Ltd | Retail Equity Research Consolidated revenues for Q2FY18 grew 11.2% YoY (after adjusting for excise duty in the previous quarter) to | 545.1 crore vs. our estimate of | 605.5 crore. Growth was mainly driven by domestic sales (up 16.7% YoY) owing to an improvement in consumer...

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.