TTK Prestige - Multiple M&As In Kitchen Appliances To Escalate Pace Of Formalisation: ICICI Securities

ICICI Securities Report

Post four merger and acquisitions activities such as Philips – Preeti, Whirlpool – Elica, Crompton Greaves Consumer Electricals Ltd. – Butterfly and V-Guard Industries Ltd. – Sunflame Enterprises Ltd., we model the competitive intensity to be higher with more investments by larger players in distribution, innovation, branding and marketing.

However, we model the formalisation of the sector to be faster than earlier decade.

Going ahead, we expect branding and innovation to be key for gaining/ retaining market share and we expect TTK Prestige Ltd. to be the net beneficiary due to its 50 plus year old brand ‘Prestige’ and steady 15-20 launches every quarter.

We model TTK to report revenue and earnings compound annual growth rates of 13.3% and 9% over FY22- FY24E with-

1. strong volume growth,

2. distribution expansion and

3. market share gains from unorganised sector.

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