TTK Prestige Q2 Results Review - Revenue Growth To Pick Up In H2 FY23: ICICI Direct

ICICI Direct Report

TTK Prestige Ltd.’s revenue, earnings for Q2 FY23 were below our estimates as the company reported a flattish revenue performance (on high base of Q2 FY22).

On a high base, revenues remained flattish at Rs 808 crore. On a three year compound annual growth rate basis, revenue growth was at a steady 12%.

On account of judicious price hikes undertaken, gross margin was maintained at 39.7 (down 11 basis points YoY; our estimate: 42%).

However, on account of higher than anticipated employee and other expenses, TTK Prestige's Ebitda margin moderated to 14.8% (down 200 basis points YoY, up 100 bps QoQ).

Flattish revenues and decline in Ebitda margin led to profit after tax de-growth of 13% YoY to Rs 86 crore (three year CAGR: 2%; our estimate: Rs 97 crore).

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