TTK PRESTIGE LIMITED
 |
| S.RAVICHANDRAS, MD |
RESULTS FOR Q3 FY 2012-13
Q/E DEC,2012
TTK
PRESTIGE LIMITED has declared excellent results yet again, for the third
quarter ended December, 2012.
Net Sales for Q3 FY 13 stands at Rs.437.13 Cr;
compared to Rs.335.55 Cr in Q2 FY 13 (+30.27%); and Rs.334.33 Cr in Q3 FY 12 (+30.75%).
The QoQ and YoY improvement in sales is impressive.
Total Expenditure for Q3 FY 13 stands at Rs. 377.24 Cr; compared to Rs.288.03 Cr in Q2 FY 13 (+30.97 %); and Rs.283.46 Cr in Q3 FY 12 (+33.08%).
Expenditure also increased more than proportionately, compared to Sales Growth.
Profit before Interest, Dep. & Taxes for Q3 FY 13 stands at Rs.59.89 Cr;
compared to Rs.47.52 Cr in Q2 FY
13 (+26.03%); and Rs.50.87 Cr in Q3 FY 12 (+17.73%). PBIDT Growth is at
17.73 % because of increase in expenditure, more than proportionately compared
to Net Sales.
Net Profit for
Q3 FY 13 stands at Rs.44.10 Cr; compared to Rs.30.28 Cr in Q2 FY 13 (+45.64%);
and Rs.34.57 Cr in Q3 FY 12 (+27.57%).
Diluted EPS for Q3 FY 13 stands at Rs. 38.88 Cr;
compared to Rs.26.75 Cr in Q2 FY 13 (+45.35%); and Rs.30.54 Cr in Q3 FY 12 (+27.31%).
The improvement in EPS YoY is excellent.
Changes in inventories of FG,WIP, SIT for Q3 FY 13 stands at Rs.34.98 Cr;
compared to Rs.(-)44.73 Cr in Q2 FY 13;
and Rs(-)39.19 Cr in Q3 FY 12 .
Cost of materials for Q3 FY 13 stands at Rs.95.27 Cr; compared
to Rs.95.03 Cr in Q2 FY 13 (+0.25%); and Rs.74.17 Cr in Q3 FY 12 (+28.45%).
Purchases of stock-in-trade for Q3 FY 13 stands at Rs.119.29 Cr; compared to
Rs.139.21 Cr in Q2 FY 13 (-14.31 %);
and Rs.153.51 Cr in Q3 FY 12 (-22.29%).
Employee expense for
Q3 FY 13 stands at Rs.23.12 Cr; compared to Rs.21.01 Cr in Q2 FY 13 (+10.04%);
and Rs.21.44 Cr in Q3 FY 12 (+7.84%).
Depreciation for
Q3 FY 13 stands at Rs.2.23 Cr; compared to
Rs.2.15 Cr in Q2 FY 13 (+3.72%); and Rs.1.93 Cr in Q3 FY 12 (+15.54%).
Other expenses for
Q3 FY 13 stands at Rs.102.35 Cr;
compared to Rs.75.36 Cr in Q2 FY 13
(+35.81 %); and Rs.71.60 Cr in Q3 FY 12 (+42.95%).
Total expenses for
Q3 FY 13 stands at Rs.377.24 Cr;
compared to Rs.288.03 Cr in Q2 FY 13 (+30.97%); and Rs.283.46 Cr in Q3FY12 (+33.08%).
Profit before tax for
Q3 FY 13 stands at Rs.57.72 Cr; compared to Rs.44.93 Cr in Q2 FY 13 (+28.47%); and Rs.49.60 Cr in Q3 FY 12 (+16.37%). PBT
Growth also is low at 16.37 % due to Higher expenses.
Tax Expenses for
Q3 FY 13 stands at Rs.13.62 Cr; compared to Rs.14.65 Cr in Q2 FY 13 (-7.03%);
and Rs.15.03Cr in Q3 FY 12 (-9.38%).
Net Profit for
Q3 FY 13 stands at Rs.44.10 Cr; compared to Rs.30.28 Cr in Q2 FY 13 (+45.64 %);
and Rs.34.57 Cr in Q3 FY 12 (+27.57%). Net Profit has gone up further due to
Lower taxes.
Face Value of Share is Rs.10 and Paid-up Equity stands
at Rs.11.32 Cr.
Basic EPS for Q3 FY 13 stands at Rs.38.88 ; compared to Rs. 26.75 in Q2 FY 13; and Rs.30.54
in Q3 FY 12.
Public Shareholding in the
company stands at 25.08%.
RESULTS TABLE
|
TTK PRESTIGE
|
31-Dec-12
|
30-Sep-12
|
%dif QoQ
|
30-Jun-12
|
31-Mar-12
|
31-Dec-11
|
%Dif YoY
|
|
Net Sales
|
43713
|
33555
|
30.27
|
30253
|
23248
|
33433
|
30.75
|
|
Total Expenditure
|
37724
|
28803
|
30.97
|
25675
|
20283
|
28346
|
33.08
|
|
Profit before Interest,
Dep. & Taxes
|
5989
|
4752
|
26.03
|
4578
|
2965
|
5087
|
17.73
|
|
Net Profit
|
4410
|
3028
|
45.64
|
3068
|
1974
|
3457
|
27.57
|
|
Diluted EPS
|
38.88
|
26.75
|
45.35
|
27.1
|
17.44
|
30.54
|
27.31
|
|
Changes in inventories of
FG,WIP, SIT
|
3498
|
-4473
|
-178.2
|
-646
|
-963
|
-3919
|
-189.26
|
|
Cost of materials
|
9527
|
9503
|
0.25
|
7940
|
5071
|
7417
|
28.45
|
|
Purchases of
stock-in-trade
|
11929
|
13921
|
-14.31
|
9999
|
9800
|
15351
|
-22.29
|
|
Employee expense
|
2312
|
2101
|
10.04
|
2017
|
1712
|
2144
|
7.84
|
|
Depreciation
|
223
|
215
|
3.72
|
204
|
195
|
193
|
15.54
|
|
Other expenses
|
10235
|
7536
|
35.81
|
6161
|
4468
|
7160
|
42.95
|
|
Total expenses
|
37724
|
28803
|
30.97
|
25675
|
20283
|
28346
|
33.08
|
|
Profit before tax
|
5772
|
4493
|
28.47
|
4386
|
2908
|
4960
|
16.37
|
|
Tax Expenses
|
1362
|
1465
|
-7.03
|
1318
|
934
|
1503
|
-9.38
|
|
Net Profit
|
4410
|
3028
|
45.64
|
3068
|
1974
|
3457
|
27.57
|
|
Face Value of Share (Rs )
|
10
|
10
|
0
|
10
|
10
|
10
|
0
|
|
Paid-up Equity
|
1132
|
1132
|
0
|
1132
|
1132
|
1132
|
0
|
|
Basic EPS
|
38.88
|
26.75
|
45.35
|
27.1
|
17.44
|
30.54
|
27.31
|
|
Public Shareholding (%)
|
25.08
|
25.08
|
0
|
25.08
|
25.08
|
25.08
|
0
|
EXCERPTS FROM DIRECTORS REPORT FOR FY 2012
Ø FINANCIAL
RESULTS for 2011-12 Vs 2010-11
Ø (Rupees
in lakhs) :: 2011-12
:: 2010-11
Ø Sales
(inclusive of excise duty):: 112271 :: 77558
Ø Other
income :: 308
:: 427
Ø Profit
before Extra-Ordinary item :: 16324 :: 12035
Ø Profit/(Loss)
before tax :: 16324
:: 12094
Ø Tax
Provision :: 4988 :: 3660
Ø Net
Profit/(Loss) :: 11336 :: 8375
REVIEW OF PERFORMANCE :
Ø Sales
grew by 44.75%
Ø All
time high absolute value growth - around Rs.347 crores
Ø Profit
before extra-ordinary items increased by 35%.
Ø Profit
after tax increased by about 35.35%.
Ø The
operating EBIDTA margin was 15.6% as compared to 16.2 % in the previous year.
Ø EPS
rose to Rs.100.13 from Rs.73.98 - a growth of 35%
ALLIANCES
·
has concluded agreements with World Kitchen,
USA which will enable the Company to enter the high-end Tableware/Cookware and
Store-ware segments. The Company’s basket of products will henceforth include
international brands such as Corelle, Corningware, Pyrex, Vision and Snapware.
Except Corelle, all other products will carry the brand of Prestige also. The
initial arrangement is one of distribution and after gaining sufficient
experience and volumes, a manufacturing Joint Venture may be set up for
decoration of Corelle range of products and manufacture of Snapware range of
store-ware products.The sale of these products will commence during the first
quarter of the financial year 2012-13.
·
has concluded a business collaboration
agreement with Vestergaard Frandson Group, Switzerland which will enable the
Company to enter the fast growing domestic water filter segment. The products
will be made with the patented LifeStraw technology of Vestergaard. The
products will be assembled in India through the Company and the Company will
market and distribute the same across India.
·
has entered into agreements with Bialetti
Industries Spa, Italy whereby the Company has bought their pressure cooker and
cookware manufacturing plants in Romania and Italy for installation in India.
Some of the machineries have already been installed and commissioned and the
balance will be installed and commissioned during the year 2012-13.
·
Pursuant to these arrangements
Stainless Steel Pressure cookers are being outsourced by them from your
Company.
·
The Company has also entered into
outsourcing arrangements with their Indian subsidiary.
·
Own manufactured and domestically sourced products contributed to
62% of turnover, against 70% in previous
year. Imported products contributed to 38% of turnover, against 30% in previous
year. This composition also influences the margin as well as working capital
investments.
·
Earlier
during the beginning of FY 2011-12, the Company had given guidance that during
the five year period beginning April 2011, it expected to grow at CAGR of 25%.
Having achieved 45% growth in the first year itself, the prospects of meeting
the said average rate growth of 25% appears to be feasible especially on
account of the entry into new product segments barring unforeseen
circumstances.
·
The
Company has already embarked on a strategy to lower the dependence on imports
for some finished goods. This is possible once the manufacturing facilities in
Western India are commissioned. This step is expected to have a favourable
influence on working capital investments and margins
CAPITAL EXPENDITURE & EXPANSION PLANS
The company has completed most of its capital expenditure investments in
Uttarakhand,
Coimbatore and Hosur units. All these expansions have started commercial
production.
The Company has completed most of the formalities relating to the
acquisition of land in
Gujarat and the construction of the factory has commenced. Most of the
machines have arrived.
The first phase of this project is expected to be in place before the
end of FY 2012-13.
The overall capital expenditure plan for the three years commencing
April 2010 is pegged at around Rs.300 crores out of which around Rs.190 crores
has been incurred till 31st March 2012.
The balance will be incurred during the financial year 2012-13. With
this the Company would have installed sufficient capacities for Pressure
Cookers and Cookware to meet the long-term requirements.
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