TTK Prestige Ltd. share price target

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...

TTK Prestige’s (TTKP) Q1FY17 revenues were flattish with 2% YoY growth, below our expectations. However, margins surprised on the positive side and were higher than our expectations of 11.2% at 12.6%. The cooker & cookware segment disappointed with YoY degrowth of 2% and 9%, respectively, while the appliance segment grew steadily by 8% • EBITDA for the quarter grew 15% YoY to | 43.5 crore. The EBITDA margin increased 146 bps to 12.6% (I-direct estimate 11.2%). This was mainly on account of improvement in gross margin by 196 bps • Consequently, PAT grew 10% YoY to | 24 crore (I-direct estimate | 28.3 crore).ICICI Securities Limited have a HOLD recommendation on the stock with a revised target price of | 4590 (28x FY18E EPS).

Trendlyne has 6 reports on TTKPRESTIG updated in the last year from 3 brokers with an average target of Rs 4849. Brokers have a rating for TTKPRESTIG with 1 downgrade,1 price downgrade and 2 price upgrades in past 6 months.

Revenue growth contributed by Horwood: TTK Prestige (TTKPT) reported overall revenues of INR3.8b (est. of INR4.4b), marking 11.3% YoY growth. Horwood contributed INR350m of sales, excluding which growth was flat in the domestic business. EBITDA margins expanded 130bp to 12.4% in 1QFY17 (est. of 12.5%), led by gross margin expansion of 190bp, but partly offset of an increase in employee costs. EBITDA grew 25% YoY to INR472m, while adj. PAT...