TTK Prestige Q1 Review - Innovation Leading To Market Share Gains: ICICI Securities
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ICICI Securities Report
Key takeaways from TTK Prestige Ltd.'s Q1 FY22:
share of e-commerce increased to 32% of net sales, up from 20% in FY21,
company’s exports grew 68% (y-o-y) due to new customer additions and strong off-take from existing customers, and
south India market still remains impacted due to extended lockdowns.
Steady investment in innovation, distribution expansion and higher focus on rural markets is likely to drive strong revenue growth over FY21-23.
Its subsidiary reported revenue growth of 122% with lockdown relaxations in UK.
We model TTK Prestige to report an earnings compound annual growth rate of 16.5% over FY21-FY23E with:
strong volume growth,
price hikes and
market share gains from unorganised sector.
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