Stove Kraft Limited, one of the leading brands for home & kitchen appliances in India, one of the dominant players for pressure cookers and amongst the market leaders in the sale of free-standing hobs, cooktops and non-stick cookware announced its Unaudited Financial Results for the Quarter ended on 31st December 2023.
Key Financial Highlights:
Revenues: Stove Kraft Limited recorded revenues of Rs. 361.6 crores in Q3 FY24, marking a year-on-year (YoY) growth of 11.4%. However, on a quarter-on-quarter (QoQ) basis, there was a marginal decline of 4.8%. The cumulative revenues for the nine months of FY24 stood at Rs. 1039.1 crores, reflecting a steady growth of 3.3% compared to the same period last year.
Gross Profit: The company reported a gross profit of Rs. 139.2 crores in Q3 FY24, indicating a substantial YoY growth of 28.2%. The gross profit margin expanded to 38.5%, compared to 33.5% in Q3 FY23, showcasing improved operational efficiency and cost management. Similarly, on a QoQ basis, there was a growth of 3.8%.
EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization): The company reported an EBITDA of Rs. 30.1 crores in Q3 FY24, reflecting a healthy YoY growth of 18.3%. However, on a QoQ basis, there was a decline of 24.7%. The EBITDA margin stood at 8.3%, compared to 7.8% in Q3 FY23.
Profit After Tax (PAT): The company's PAT for Q3 FY24 amounted to Rs. 6.8 crores, showing a slight decline of 13.3% compared to the same period last year. On a QoQ basis, there was a significant decline of 59.1%. The PAT margin stood at 1.9% in Q3 FY24, compared to 2.4% in Q3 FY23.
Commenting on Q3 Results Mr. Rajendra Gandhi (Managing Director)said, "In 3rd Quarter of FY24 our revenue stood at INR 362 Crores with a gross margin of 38.5%, thus registering a growth of 11.4% in revenue on a Y-o-Y basis. Our Gross margins improved by 503 basis points on Y-o-Y basis on a back of softening in commodity prices, optimization of operations and strong in-house manufacturing has help company to increase volume as we cater to bigger target consumer segment. Volume growth has been seen across product categories except LED in compare Nine months Y-o-Y.
We have strategically expanded our presence across various channels, including general trade, modern trade, e-commerce, institutional and exports. Our foray into direct retail through company-owned and managed stores has further strengthened our accessibility and deepened our connection with customers. We are thrilled to bring our innovative and reliable kitchen appliances to the discerning consumers of North India. This marks the beginning of our expansion plan in the northern region, and we aim to further expand our operations outside Southern-India through our reliable and innovative kitchen appliances solutions."
Shares of Stove Kraft Limited was last trading in BSE at Rs. 466.10 as compared to the previous close of Rs. 465.10. The total number of shares traded during the day was 5761 in over 329 trades.
The stock hit an intraday high of Rs. 469.30 and intraday low of 452.85. The net turnover during the day was Rs. 2647001.00. |
