TTK Prestige Q4 Review - Innovation Leading To Market Share Gains: ICICI Securities
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ICICI Securities Report
We remain structurally positive on TTK Prestige Ltd. as-
1. the company continues to invest aggressively in innovation and plans to launch 120 products in FY22. Steady investments in innovation, branding and distribution expansion is resulting in market share gains,
2. there is steady reduction in replacement cycle of the company’s products. It results in structural growth prospects for the company and
3. the improvement in revenue mix is margin accretive.
We model the company to report an earnings compound annual growth rate of 16.5% over FY21-FY23E with:
- strong volume growth,
- price hikes in mid-teens and
- market share gains across segments.
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