Analyst Meet / AGM 17-Jul-14
Conference Call
TTK Prestige
Expects 20% - 25% sales growth in FY15
The company held conference call to discuss results for the quarter ended June 2014.
Key highlights
The net sales for June 2014 quarter grew by 10% to Rs 336.39 crore driven by efforts to market new models and improvement in its key southern market. OPM declined by 129 bps to 12.2%. The net profit was stagnant at Rs 25.81 crore
The mgmt said that consumer sentiment did not show marked improvement. Key southern markets showing some signs of recovery. Power cuts in Tamil Nadu eased from June 2014. Non-south market remained sluggish.
Under-absorption of overheads in their recent facilities in Gujarat and Maharashtra has impacted OPM.
The cooker segment sales grew by 13% to Rs 135 crore, the cookware segment sales grew by 17% to Rs 71 crore, appliances segment sales grew by just 1% to Rs 140 crore, while others de-grew by 38% to Rs 11 crore. Export grew by 43% to Rs 16.35 crore driven by foray into new markets.
In appliance segment, sales growth was almost flat due to rice cooker, which de-grew by 25%. Induction cooktop was flat while mixer grinder did well.
Ad spend to sales ratio was 6.2% in Q1.
South has grown by 12%, while non-south markets were flat in Q1.
The company has launched water filter in Q1 FY15. The mgmt expects Rs 30 crore sales from it in FY15.
The company will launch lots of new products in present categories in next 6 months.
The company added 10 Prestige Smart Kitchen stores in Q1, taking total number to 546.
The net borrowing of the company as on 30
th
June 2014 was nil.
There will be no expansion for next 2 – 3 years.
The mgmt expects 20% - 25% growth at top-line for FY15. Expects a flat growth in induction cooktop in FY15.
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