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EQUITY - MARKET SCREENER

TTK Prestige Ltd
Industry :  Domestic Appliances
BSE Code
ISIN Demat
Book Value()
517506
INE690A01028
139.3784988
NSE Symbol
P/E(TTM)
Mar.Cap( Cr.)
TTKPRESTIG
41.48
9751.5
EPS(TTM)
Face Value()
Div & Yield %
16.96
1
0.85
 

As on: Apr 15, 2024 03:43 PM

(Including ManagementRs.s Discussion & Analysis Report)

Your directors have pleasure in presenting their Sixty Seventh Annual Report, together with the Audited Financials of the Company, for the year ended March 31, 2023, as follows:

FINANCIAL RESULTS (STAND ALONE)

(Rs. in Crores)

2022-23 2021-22
1 Sales (Net of discounts) 2625.72 2532.15
2 Other Income 42.85 34.98
3 EBITDA

(Before Exceptional Items)

402.24 441.21
4 Profit Before Tax and Exceptional Items 349.52 395.52
5 Exceptional Items - -
6 Profit Before Tax 349.52 395.52
7 Tax Provision 89.36 101.87
8 Profit After Tax 260.16 293.65
9 Other Comprehensive Income (1.75) (0.73)
10 Total Comprehensive Income 258.41 292.92
11 Transfer to General Reserve 26.00 29.00
12 Surplus carried to Balance Sheet 232.41 263.92

REVIEW OF PERFORMANCE/HIGHLIGHTS

• The global economy has been continuously under stress throughout the year with the global inflationary trends due to the continued geo-political crisis. While the Indian economy showed its resilience due to its strong macroeconomic fundamentals the impact on general inflation especially on account of fuel prices was also felt in India which took a toll on some consumer sectors like domestic kitchen and home appliances.

• While the first quarter saw a significant growth due to lower base of the comparable quarter of FY22 impacted by Omicron, the growth in subsequent quarters was tepid due to the aforesaid factors.

• All channels were active throughout the year though the online channels felt the impact of re-emergence of offline channels. Smaller players were able to get into online platform with lower price points especially in entry level products. The inflation had higher impact on low-income group than on the middle & large income groups.. Under these circumstances the domestic sales saw a growth of 5% from Rs. 2434 Crores to Rs.2556 crores.

• Exports were impacted due headwinds caused by geo-political situation, tightening global financial conditions, and slowing global economy. This resulted in a drop in export sales from Rs. 98 crores to Rs. Rs.69.70 Crores.

• Your Company continued its focus on digitizing its sales process and in its innovative marketing strategies which helped it to maintain its sales growth against the tough market conditions. Your company continued with its efforts on enlarging its customer base in rural, large-format and online channels thus de-risking from dependence on a few customers in each of these channels.

• Your company launched various innovative products in all categories during the year. The Svachh range of Gas Stoves and Pressure Cookers on Svachh platforms maintained its momentum in the market.

• The commodity price increase which hit the roof in the previous year softened/stabilised during the year though not significant compared to the price increases in the previous year and the prices were at a level higher than the pre-pandemic level. Due to high value inventory carried forward from the previous quarters till September 30, 2022 the benefit of softened prices did not fully accrue to your Company. The inflationary trends and adverse exchange resulted in increase in key raw & packing material costs and in manufacturing costs.

• However, your Company was able to maintain a healthy margin through improved efficiencies in operations. Against the pressures on lower sales growth, increase in cost of operation, your Company delivered EBITDA of Rs. 402 crores (PY Rs. 441 Crores) and Profit before tax at Rs. 349.5 Crores (PY Rs.395.5 Crores). Operating EBITDA margin was at a healthy level of 15.3% (PY 17.4%).

• The depreciation charge was higher at Rs.47.7 crores (PY Rs. 41.7 Crores) due to investment in fixed assets.

• The Net Profit after Tax was at Rs. 260.2 Crores (PY Rs. 293.7 Crores).

• The standalone EPS (face value of Rs.1/-) was at Rs. 18.77 (PY Rs. 21.18)

• As stated in the past years, your company does not follow a stand-alone margin led policy but is focussed on growth with a fair long-term return on capital employed. Operating ROCE stood at 35.9% (PY 41.7%) on expanded asset base as compared to the previous year.

• The Company is debt-free and carried a comfortable free cash of over Rs. 840 Crores (including short term

Liquid investments) as on March 31,2023.

• The consolidated turnover and profit before tax of the Company and its subsidiaries amounted to Rs. 2777 Crores (PY Rs. 2722 Crores) and Rs. 343 Crores (PY Rs. 411 Crores) respectively.

• As you are aware in the Q4 of previous year your Company made a strategic investment in Ultrafresh Modular Solutions Ltd (Ultrafresh) engaged in the business of Modular Kitchens and kitchen appliances having many franchisee outlets across India. In early Jan 2023 your Company increased its shareholding in Ultrafresh from the earlier 40.8% to 51% and thus Ultrafresh became a subsidiary of your Company from that date. The financials of Ultrafresh has been considered in the consolidated financial statements appropriately for these periods.

Your Board of Directors consider the performance of your Company during the year as commendable given the recession and inflationary environment. Your Company continues to maintain its leadership in market share both in value & volume terms across major product categories.

Your directors are happy to recommend a dividend of Rs. 6.00 per share of face value Rs. 1/- each for FY 23 (PY Rs. 6.00 per share of face value Rs. 1/- each).

A detailed analysis is provided under the section Rs.ManagementRs.s Discussion and AnalysisRs. forming part of this DirectorRs.s Report.

AWARDS AND RECOGNITIONS

Your Company continued to be recognized by various agencies for its high-quality performance under various parameters. During the Financial Year 2022 - 23, your Company bagged the following awards/recognitions.

• "Great Place to Work" by Great Place to Work? Institute, India

• "Top 50 Companies with Great Managers" by People Business in partnership with The Economic Times

• "Top 100 Great Managers" by People Business in partnership with The Economic Times

• "Leading CIO of the year for Digital Transformation" by CII - Center for Digital Transformation, India.

• "CIO100" award for the innovative CIO practices by Foundry (Formerly International Data Council (IDC))

• "CSO100" award for the Cyber resilience practices by Foundry (Formerly International Data Council (IDC))

• "CIO TRENDSETTER AWARD 2022" by ELETS TECHNOMEDIA

• "Eminent Jury member for SAP Ace award" by SAP Indus

• Superbrand 2023 by Superbrands India Media Private Limited

• The Best of BharatRs. Awards 2022 for Kitchen Appliances category by The e4m Pride of India

• Most Innovative Product of the Year - Svachh Pressure Cooker & Gas Stove by Asia Innovative Congress & Awards

• Best Kitchen Appliances Brand 2022 by National Feather Awards

• Outstanding citizen Award to Mr.Chandru Kalro, CEO by Sindhi Chamber of Commerce

• Best Awareness Creating Campaign for Social Cause by The Mommy 2022 Awards

• Zee National Achievers Award - Most Innovative Kitchen Appliance - Svachh Range Of Gas Stove by Zee Digital

• IndiaRs.s Retail Champions award 2022 by Retailers Association of India

• National Awards for Marketing Excellence and Brand Leadership by Economic Times Ascent

• Most Admired e-commerce Company of the Year: Marketing and Customer Reach by IMAGES e-commerce Award 2022

• Best Traditional Marketing Campaign Award 2023 for AFA Campaign by Indian Business Council -Name Awards