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Q3FY21 Result Update - TTK Prestige - ICICI Direct

Posted On: 2021-02-15 02:03:26 (Time Zone: Arizona, USA)

TTK Prestige reported strong topline growth of 24.4% YoY to Rs. 679.4 crore. The management indicated that it lost ~Rs. 20-30 crore on account of non availability of certain SKUs for which the management is shifting the sourcing from China to domestic vendors. Domestic kitchen and home appliance demand was strong as people were working from home most of the time and also due to accentuated preference for home cooked food. Growth was broad based with cooker (30% of sales), cookware (15% of sales) and appliances (51% of sales) categories registering strong revenue growth of 29%, 34% and 19% YoY, respectively. Gross margins largely remained flattish YoY at 41.5% (I-direct estimate: 42.0%) on the back of ~9% price hike on certain categories during the quarter. However, owing to positive operating leverage, TTK reported one of its all-time high EBTDA margins of 17.4% (up 220 bps YoY). Absolute EBITDA grew 42% YoY to Rs. 118.2 crore (I-direct estimate: Rs. 96.2 crore). On the back of healthy operational performance, ensuing PAT increased 42% YoY to Rs. 86.5 crore (I-direct estimate: Rs. 70 crore).

Valuation & Outlook

With supply side issues mostly resolved and opening up of all distribution channels, we expect revenue growth trajectory momentum to sustain. Increased work from home trend and accentuated preference for home cooked food would act as a catalyst to spur revenue growth. Factoring in the strong performance in Q3FY21, we increase our earnings estimates for FY22E, FY23E by 8% and 7%, respectively, and build in revenue and earnings CAGR of 9% and 17%, respectively, in FY20-23E, with higher RoIC of ~31% in FY23E. TTKP continues to be virtually debt free and has substantial free cash worth ~Rs. 525 crore. We reiterate our BUY rating on the stock with a target price of Rs. 8030 (38x FY23E EPS, previous TP: Rs. 7100).

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Shares of TTK PRESTIGE LTD. was last trading in BSE at Rs.7390.85 as compared to the previous close of Rs. 7254.2. The total number of shares traded during the day was 5309 in over 1743 trades.

The stock hit an intraday high of Rs. 7485 and intraday low of 7060.2. The net turnover during the day was Rs. 39035375.

Source: Equity Bulls

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