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HDFC Securities Institutional Equities
TTK Prestige Ltd. continues to remain impacted by a challenging demand environment (revenue grew by 3% YoY) given-
a shift in consumer wallet to out-of-home consumption activities;
inflationary environment; and
heightened competitive intensity leading to higher discounts (more so in entrylevel products).
General trade remains subdued while alternate channels (modern trade, e-commerce and exclusive stores) fared better. Despite higher sales promotion, TTK Prestige saw expansion in gross margin (+220 basis points); however, lower op-lev led to a 60 bps decline in Ebitdm to 13.5%.
Slow recovery in demand and high competitive pressure (more in the mid-economy segment) will continue to impact performance in the near term.
We cut our FY25/26 earnings estimates by 5/4% and value the stock on 30 times Mar-26 earnings per share to derive a target price of Rs 725. Maintain Reduce.
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