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Nirmal Bang Report
Stove Kraft Ltd. reported Q1 FY23 revenue of Rs 2.75 billion, up 28.4% YoY. The topline was 2.7% above our estimate. Gross margin contracted by 140 bps YoY to 32.9%.
Ebitda stood at Rs 216 million, up 7% YoY. Ebitda margin contracted by 160 bps YoY to 7.8%, in line with our estimate. However, Ebitda margin improved by 190 bps on QoQ basis. Profit after tax declined by 40.6% YoY to Rs 80 million, below our estimate of Rs 120 million.
In Q1 FY23, the pressure cooker category saw volume growth of 12.6% YoY. Stove Kraft added 10,568 (LED/Pigeon - 6,329/4,239) retail outlets in Q1 FY23.
The management highlighted that demand has bounced back and has guided for double-digit topline growth for FY23. They also highlighted that e-commerce sales are expected to pick up in Q2 FY23 ahead of the festive season. The management has maintained 11% Ebitda margin guidance for FY23.
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