Add TTK Prestige, target price Rs 1050: ICICI Securities

ICICI Securities has add call on TTK Prestige with a target price of Rs 1050. The current market price of TTK Prestige Ltd. is Rs 949.65. Time period given by analyst is one year when TTK Prestige Ltd. price can reach defined target.

TTK Prestige Ltd., incorporated in the year 1955, is a Mid Cap company (having a market cap of Rs 13168.33 Crore) operating in Consumer Durables sector.

TTK Prestige Ltd. key Products/Revenue Segments include Domestic Appliances and Scrap for the year ending 31-Mar-2021.



Financials
For the quarter ended 31-12-2021, the company reported a Consolidated Total Income of Rs 770.72 Crore, down -11.06 % from last quarter Total Income of Rs 866.55 Crore and up 4.95 % from last year same quarter Total Income of Rs 734.37 Crore. Company reported net profit after tax of Rs 90.70 Crore in latest quarter.

Investment Rationale
The brokerage models TTK Prestige to report PAT CAGR of 17.6% over FY21- FY24E and RoE to be >17% over FY22-24. It remains positive on the company’s business model due to its market leadership in key business segments and competitive advantages. It maintains ADD rating with a revised DCF-based target price of Rs1,050 (implied P/E 39x FY24E).

Promoter/FII Holdings
Promoters held 70.41 per cent stake in the company as of 31-Dec-2021, while FIIs owned 9.57 per cent, DIIs 13.09 per cent.