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Nirmal Bang Report
Stove Kraft Ltd. reported Q4 FY22 revenue of Rs 2.61 billion, up 11% YoY. The topline was 5.2% below our estimate. Gross margin contracted by 450 basis points YoY to 30%.
Ebitda stood at Rs 155 million, down 38.5% YoY. Ebitda margin contracted by 480 bps YoY to 5.9%, nearly in line with our estimate of 5.8%. Profit after tax declined by 55% YoY to Rs 86 million, above our estimate of Rs 77 million.
In Q4 FY22, the pressure cooker category saw volume decline of 9.3% YoY.
Stove Kraft also added 8,615 retail outlets in Q4 FY22. In the conference call, the management highlighted that exports were affected by container availability issues. They also highlighted that e-commerce sales are expected to grow in line with the company's topline growth going forward.
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