Cello World Q4 Results Review - Strategies In Place For Healthy Growth Trajectory: Motilal Oswal

Motilal Oswal Report

Cello World Ltd. reported revenue growth of 5%/11% YoY in Q4/FY24, led by volume growth of ~8%/15%. Ebitda grew by 20% YoY in Q4/FY24 as margin expanded by 330 basis points/180 bp, aided by lower raw material costs and a better product mix.

The management has laid down its growth strategy, involving:

1. the launch of new products;

2. premiumisation of consumerware products;

3. increasing glassware capacity;

4. inorganic acquisitions in existing segments; and

5. rationalisation/expansion of distribution network.

We maintain our FY25/FY26 earnings per share estimates and retain our Buy rating on the stock with a target price of Rs 1,090.

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