TTK Prestige (TTKP) posted results below our expectations on both top-line as well as
bottom-line fronts. Revenue grew by ~4% yoy to `434cr due to subdued performance
in cookers and cookware segment. On the operating front, margins contracted by
27bps yoy. Moreover, PAT grew ~2% yoy to `36cr.
Outlook and Valuation: During the quarter the company has reported subdued
numbers both on top-line and bottom-line. However, the company is confident to
achieve healthy profitability on the back of new product launches (in pipeline for the
festive season), revival in rural demand coupled with acquisition. Hence, we maintain
buy on the company with target price of `6,638.
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