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ICICI Securities Report
According to our interaction with management of TTK Prestige Ltd. -
Entry level products are facing demand slowdown; however, premium products continue to do well.
The company remains focused on growing its exclusive brand outlet network and reach of ultrafresh outlets.
The share of online sales has declined to less than 20% as customers return to offline channels.
While input material prices have corrected, we note the complete impact will reflect Q3 FY23 onwards, as TTK Prestige carries high cost inventory.
Adverse economic environment continues to dent the recovery in Horwood Homewares.
The company has now de-risked itself from geographical dependence on south India, as north India now contributes 50% of its revenue.
We model TTK to report revenue and earnings compound annual growth rate of 14% and 10.7% over FY22-FY24E with strong volume growth, stable margins of ~15% and market share gains from the unorganised sector.
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