14 October 2015

2QFY16 Results Update | Sector: Consumer

TTK Prestige

Niket Shah (Niket.Shah@MotilalOswal.com); +91 22 3982 5426 Atul Mehra (Atul.Mehra@MotilalOswal.com); +91 22 3982 5417

BSE SENSEX S&P CNX CMP: INR4,280 TP: INR4,700 (+10%) Buy 26,780 8,108 Bloomberg TTKPT IN

Equity Shares (m) 11.7 M.Cap(INR b)/(USD b) 49.9/0.8 52-Week Range (INR) 4,401/2,989 1, 6, 12 Rel. Per (%) 4/20/6 Avg Val NRm/Vol‘000 74/20 Free float (%) 29.6

Financials & Valuation (INR B) Y/E MAR 2015 2016E 2017E

Net Sales 13.9 15.2 17.7 EBITDA 1.5 1.8 2.2 Adj PAT 0.9 1.1 1.5 EPS (INR) 77.8 98.4 130.7 Gr (%) -15.0 26.5 32.9 BV/Sh.INR 554.2 617.6 701.6 RoE (%) 14.7 16.8 19.8 RoCE (%) 21.5 24.2 28.6 P/E (x) 55.0 43.5 32.7 P/BV (X) 7.7 6.9 6.1

Estimate change 10%

TP change 5%

Rating change

Results broadly in line; festive demand, new launches to drive growth Results broadly in line: TTKPT reported overall revenue of INR4.2b (est. of

INR4.1b) as against INR3.8b in 2QFY15, marking a 10.2% YoY growth. Cooker revenue grew 9% during 2QFY16 to INR1,610m, cookware revenue grew 3% YoY to INR760m and appliances revenue grew 16% YoY to INR1,800m. EBITDA margins expanded 40bp to 12.5% in 2QFY16 (est. of 13.3%). PAT grew 21.7% YoY—from INR280m in 2QFY15 to INR340m in 2QFY16 (est. of INR362m).

Domestic demand sees revival, festive season/e-commerce to augment growth: Domestic sales grew 10.5% YoY to INR4.2b while exports de-grew 7% YoY to INR86m. Management highlighted that while overall industry saw sluggish growth, TTKPT gained market share during the quarter. Management highlighted that price growth stood at 4% in cooker and cookware categories while volume growth accounted for the balance 3%. The southern market grew 6% while non-southern market grew 16% during the quarter. As a result of delayed festive season (Diwali 2015 in on November 11—~20 days later than the 2014 date), management highlighted that festive demand will be reflected better in 3Q results as against 2Q in FY15. Management highlighted that e-commerce (which contributes 2-3% of overall revenue) is the fastest growing segment for the company and despite heightened activity in e-commerce, discounting trends are abating; this should drive growth higher going forward.

New product launches to propel growth: TTKPT plans to introduce 100 new SKUs in FY16, of which 75 have already been launched. During the quarter, management launched ‘Clip On’ range of pressure cookers on a pilot basis in Bangalore and plans to roll out the product on a pan-India basis during 2HFY16. With a view to tap rural markets, TTKPT has introduced LED Lanterns—which management believes will be a good product to penetrate into rural areas. TTKPT is looking to buy a brand in Europe, the size of which will be limited to INR4b, to tap the export opportunity.

Valuation and view: Management guided for 10% revenue growth and 20% profit growth in 2HFY16. We expect FY16 revenue growth at 10%, along with ~100bp margin expansion—translating into 26% PAT growth. We cut our EPS estimates by 10%/9% for FY16E/FY17E, given the delayed export growth. Maintain Buy (TP of INR4,700—36x FY17E EPS).

Investors are advised to refer through disclosures made at the end of the Research Report. Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

14 October 2015 2

TTK Prestige

Results in line led by domestic demand revival and new launches TTKPT reported overall revenue of INR4.2b (est. INR4.1b) as against INR3.8b in

2QFY15 marking a YoY growth of 10.2%. Domestic sales grew 10.5% to INR4.22b while exports sales declined 7% to

INR86m. Management highlighted that the quarter performance is not strictly

comparable to 2QFY15 on account of delayed festive season. Sales in the non-south part of India grew faster than south. While sales in south

India grew 6%, non-south posted a growth of 16%. Management highlightedthat southern region continues to show sluggish growth.

EBITDA margins expanded by 40bp from 12.1% in 2QFY15 to 12.5% in 2QFY16(est. 13.3%). This was on account of 10bp of gross margin expansion and 30bp ofsavings in employee costs. Margins benefited due to shift to high valueproducts, benign commodity prices and higher capacity utilization. Goingforward, management believes margins have bottomed out.

Other income grew by 100% from INR11m in 2QFY15 to INR22m in 2QFY16. Consequently PAT grew from INR280m in 2QFY15 to INR340m in 2QFY16 (est.

INR362m) marking a growth of 21.7% YoY.

Exhibit 1: Revenue trend

Source: Company, MOSL

Exhibit 2: EBITDA trend

Source: Company, MOSL

Exhibit 3: PAT trend

Source: Company, MOSL

3,063 3,455

3,694

2,725 3,364 3,820 3,837 2,862 3,486 4,210

1.3 3.0 (15.5) (3.8)

9.8 10.5 3.9 5.0 3.6

10.2

1QFY

14

2QFY

14

3QFY

14

4QFY

14

1QFY

15

2QFY

15

3QFY

15

4QFY

15

1QFY

16

2QFY

16

Revenues (INR m) Growth (YoY, %)

414 444 450 283 410 462 455 184 382 526

13.5 12.8 12.2 10.4

12.2 12.1 11.9

6.4

11.0 12.5

1QFY

14

2QFY

14

3QFY

14

4QFY

14

1QFY

15

2QFY

15

3QFY

15

4QFY

15

1QFY

16

2QFY

16

EBITDA (INR m) Margin (%)

258 303 295 262 265 280 281 94 246 340

-15.90.1

-33.1-6.5 2.8

-7.7 -4.8

-64.3

-7.4

21.7

1QFY

14

2QFY

14

3QFY

14

4QFY

14

1QFY

15

2QFY

15

3QFY

15

4QFY

15

1QFY

16

2QFY

16

PAT (INR m) Growth (YoY, %)

14 October 2015 3

TTK Prestige

Appliances posts 16% growth; cookers growth at 9% / cookware 3% Cooker revenues grew 9% during the quarter to INR1,610m, cookware revenues

grew 3% to INR760m, while appliances revenues grew 16% to INR1,800m. Management highlighted that the general consumer sentiment continued to be

sluggish with monsoon deficit impacting growth in many parts of the country,especially non-urban markets. Management suggests that company saw marketshare gains across markets.

Appliances have posted a strong growth of 16% YoY which company believeswill be much better than competitors because of the strategy adopted.

Price increase of 4% was undertaken at the beginning of the year in cooker andcookware categories.

Management highlighted that induction cooktops posted a positive growth onvolume basis while value growth was largely flat. It expects FY16 to registerhighest absolute sales of induction cook tops. This has been on account of newrange of V3 cook tops with differentiated features.

Management guides that margins will further expand once mix changes towardscookers and cookwares.

Exhibit 4: Revenues (INR m) Segments 1QFY14 2QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 Cookers 1,190 1,380 1,330 1,040 1,350 1,480 1,390 1,060 1,310 1,610 Cookware 480 560 710 520 560 740 780 550 640 760 Appliances 1,380 1,500 1,630 1,130 1,400 1,550 1,590 1,190 1,490 1,800 Others 90 90 110 90 130 140 160 130 130 130 Total 3,140 3,530 3,780 2,780 3,440 3,910 3,920 2,930 3,570 4,300

Source: Company, MOSL

Exhibit 5: Revenues growth (YoY) Segments 1QFY14 2QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 Cookers -2% 4% -16% 6% 13% 7% 5% 2% -3% 9% Cookware -11% -8% -5% -5% 17% 32% 10% 6% 14% 3% Appliances 13% 9% -18% -10% 1% 3% -2% 5% 6% 16% Others -25% -25% -15% -10% 44% 56% 45% 44% 0% -7%Total 2% 3% -15% -4% 14% 11% 4% 5% 4% 10%

Source: Company, MOSL

Exhibit 6: Revenue mix (%) Segments 1QFY14 2QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 Cookers 38% 39% 35% 37% 39% 38% 35% 36% 37% 37% Cookware 15% 16% 19% 19% 16% 19% 20% 19% 18% 18% Appliances 44% 42% 43% 41% 41% 40% 41% 41% 42% 42% Others 3% 3% 3% 3% 4% 4% 4% 4% 4% 3% Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Source: Company, MOSL

14 October 2015 4

TTK Prestige

New product and model launches to sustain growth momentum Management informed that the plan was to launch 100 SKUs in FY16, of which

75 have been already launched. Revenue growth is as a result of product mixchange and the new launches have been received favorably by the market.

New products launched were received favorably by the market. Managementexpects these launches to continue to influence consumer interest.

Some products were launched in select markets on test basis which will beexpanded gradually. For example, Clip on cooker which is launched on a pilotphase in Bangalore is expected to be expanded in six months while Roti makerwill be launched pan India before Diwali.

Management guides that health, modernity and time saving are key themes ittargets for launching new products.

Similarly, with a view to tap rural markets TTKPT has introduced LED Lanterns,which management believes will be a good product to penetrate into ruralareas. TTKPT is looking to buy a brand in Europe, to tap the export opportunity,the size of which will be limited to INR4b.

As per management guidance, export demand will see revival in 2HFY16. TTKPT considers after sales service as a distinct competitive advantage. It has

240 service centres along with 27 centres of its own. TTKPT is looking to buy a brand in Europe, to tap the export opportunity.

Acquisition size will be limited to INR4b. This will be funded through internalaccruals and short term debt in the ratio of 1:1.

Management highlighted that new plants are seeing reasonable capacityutilization and expects no capex for next two years. They have guided for amaintenance capex of INR150m annually.

E-commerce discounting abating, helping avoid channel conflicts The count of Prestige Smart Kitchen (PSK) stores was 559 across 303 towns at

the end of September 2015. Management highlighted that sales from PSKsposted a growth of 10%.

Management informed that long-term settlement has been reached at Hosurunited and has thus improved productivity.

Management commented that they are seeing sales across all channels showinggrowth, however the growth in ecommerce and teleshopping is highest. Theshare of traditional channels is gradually reducing, although still remainsdominant. E-commerce contributes ~3% to overall revenues.

Management is leveraging the e-commerce platform to promote its brand andthe visibility. Further, company is trying to stabilize the prices on online andoffline channels through direct tie-ups with e-commerce players.

Despite heightened activity in e-commerce discounting trends are abating.

Other conference call highlights Management expects inflow of real estate proceeds in 4QFY16. Advertising spends during the quarter and 1HFY16 were 6.2%.

14 October 2015 5

TTK Prestige

Valuation and view We value TTKPT at 36x FY17E EPS of INR130.7 (a premium to its 5 year average PE multiple of 33x) and arrive at a price target of INR4,700.

We believe our target multiple is justified, given the following:

Prestige is India’s brand leader in the kitchenware and appliances categories andcommands a ~37% market share in pressure cooker category, 31% market sharein the cookware category and ~10% market share in the appliances category.

Having expanded fixed assets by 8x over last 5 years, TTKPT has ample room toimprove capacity utilization (~60% currently). We believe substitution of importswith own manufacturing, expected revival of domestic demand as well assuccessful tapping of OEM exports strategy will drive utilization rate higher.

With an aim to overcome predatory pricing by e-commerce players and avoidchannel conflicts, TTKPT is in process of direct tie up with e-commerce players tomaintain price discipline. This will ensure channel conflicts are avoided.

We believe the de-growth phase is behind for the company, and withdiscretionary spends revival as well as ramp-up of export opportunity, TTK willpost a robust 13% revenue CAGR over FY15-17.

We expect higher capacity utilization to drive significant operating leverage forTTKPT with margins expanding 200bp over FY15-17, driving 30% PAT CAGR.

Better asset utilization and minimal reinvestment needs should drive strong freecash flow generation and improved return ratios.

Exhibit 7: Price to earnings (one year forward) Exhibit 8: Price to book (one year forward)

32.4

18.5

33.0

20.3

0

15

30

45

60

Mar

-04

May

-05

Jul-0

6

Sep-

07

Nov

-08

Jan-

10

Mar

-11

Apr-1

2

Jun-

13

Aug-

14

Oct

-15

P/E (x) 15 Yrs Avg(x)

5 Yrs Avg(x) 10 Yrs Avg(x)

5.7

3.6

7.2

4.7

0.0

2.5

5.0

7.5

10.0

12.5

Mar

-04

May

-05

Jul-0

6

Sep-

07

Nov

-08

Jan-

10

Mar

-11

Apr-1

2

Jun-

13

Aug-

14

Oct

-15

P/B (x) 15 Yrs Avg(x)

5 Yrs Avg(x) 10 Yrs Avg(x)

14 October 2015 6

TTK Prestige

Story in charts: Rules India’s kitchen

Exhibit 9: Significant portfolio expansion

Source: MOSL, Company

Exhibit 10: Strong marketing investments

Source: MOSL, Company

Exhibit 11: Higher penetration through Prestige Smart Kitchens

Source: MOSL, Company

Exhibit 12: Significant capacity expansion

Source: MOSL, Company

Exhibit 13: Robust cash generation

Source: MOSL, Company

Exhibit 14: Strong return ratios

Source: MOSL, Company

59 56 55 53 47 41 36 37 37 38 38 37

15 15 16 15 17 20 20 18 17 19 20 20

10 11 10 10 12 10 10 9 13 12 12 11 9 13 14 17 20 25 31 33 30 27 27 28

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

E

FY17

E

Kitchen Electrical Appliances Gas StovesNonStick Cookware Pressure Cookers & Pans

1.6% 2.6%

3.5% 4.2%

6.2%

BajajElectricals

Havells Hawkins V-Guard TTK Prestige

Ad spend to revenues (%)

80 180 173 196 228 279

356 433

536 580650

725

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

E

FY17

E

Prestige Smart Kitchens (nos)

419

1,507 1,681

3,396 3,365 3,412 3,447

FY11 FY12 FY13 FY14 FY15 FY16E FY17E

Net Fixed Assets (INR m)

-911

49 145 482

1,154 1,103

FY12 FY13 FY14 FY15 FY16E FY17E

Free Cash Flow (INR m)

59

47

27 22 24 29

FY12 FY13 FY14 FY15 FY16E FY17E

RoCE (%)

14 October 2015 7

TTK Prestige

Assumption Sheet

Exhibit 15: Key assumptions Assumptions FY12 FY13 FY14 FY15 FY16E FY17E Pressure Cookers & Pans 4,132 5,106 4,940 5,440 5,940 6,861 NonStick Cookware 2,247 2,449 2,270 2,660 2,905 3,507 Gas Stoves 1,108 1,279 1,669 1,750 1,890 2,079 Kitchen Electrical Appliances 3,494 4,490 3,907 3,900 4,382 5,153 Total Revenues (INR m) 11,034 13,585 12,938 13,883 15,245 17,696 Pressure Cookers & Pans 30% 24% -3% 10% 9% 16% NonStick Cookware 46% 9% -7% 17% 9% 21% Gas Stoves 37% 15% 30% 5% 8% 10% Kitchen Electrical Appliances 81% 28% -13% 0% 12% 18% Total Revenue Growth (%) 45% 23% -5% 7% 10% 16% Pressure Cookers & Pans 37% 38% 38% 39% 39% 39% NonStick Cookware 20% 18% 18% 19% 19% 20% Gas Stoves 10% 9% 13% 13% 12% 12% Kitchen Electrical Appliances 32% 33% 30% 28% 29% 29% Total Revenue Mix (%) 100% 100% 100% 100% 100% 100%

14 October 2015 8

TTK Prestige

Financials and valuations

Standalone - Income Statement (INR Million) Y/E March FY10 FY11 FY12 FY13 FY14 FY15 FY16E FY17E Net Sales 5,079 7,636 11,034 13,585 12,938 13,883 15,245 17,696 Change (%) 26.6 50.3 44.5 23.1 -4.8 7.3 9.8 16.1 EBITDA 774 1,217 1,720 2,037 1,602 1,492 1,753 2,247 Margin (%) 15.2 15.9 15.6 15.0 12.4 10.7 11.5 12.7 Depreciation 36 43 62 90 148 190 203 215 EBIT 738 1,174 1,658 1,947 1,455 1,302 1,550 2,032 Int. and Finance Charges 35 8 64 143 85 45 0 0 Other Income - Rec. 11 43 31 47 79 51 102 163 PBT bef. EO Exp. 714 1,210 1,625 1,852 1,448 1,309 1,652 2,196 EO Expense/(Income) -40 6 0 0 -70 -24 37 0 PBT after EO Exp. 754 1,204 1,625 1,852 1,518 1,333 1,614 2,196 Current Tax 230 365 463 488 295 351 494 672 Deferred Tax 0 1 36 33 104 59 0 0 Tax Rate (%) 30.5 30.4 30.7 28.1 26.3 30.7 30.6 30.6 Reported PAT 524 838 1,126 1,331 1,118 923 1,120 1,524 PAT Adj for EO items 497 842 1,126 1,331 1,067 906 1,146 1,524 Change (%) 122.0 69.5 33.8 18.2 -19.8 -15.0 26.5 32.9 Margin (%) 9.8 11.0 10.2 9.8 8.2 6.5 7.5 8.6

Standalone - Balance Sheet (INR Million) Y/E March FY10 FY11 FY12 FY13 FY14 FY15 FY16E FY17E Equity Share Capital 113 113 113 114 117 117 117 117 Total Reserves 1,128 1,801 2,738 3,841 5,728 6,343 7,082 8,060 Net Worth 1,242 1,915 2,851 3,955 5,845 6,460 7,198 8,177 Minority Interest 0 0 0 0 0 0 0 0 Deferred Liabilities 31 33 68 101 205 260 260 260 Total Loans 255 382 597 1,145 269 0 0 0 Capital Employed 1,528 2,329 3,516 5,201 6,319 6,720 7,458 8,437

Gross Block 835 892 2,029 2,262 4,125 4,297 4,547 4,797 Less: Accum. Deprn. 430 473 522 581 729 931 1,135 1,350 Net Fixed Assets 405 419 1,507 1,681 3,396 3,365 3,412 3,447 Capital WIP 235 495 794 1,401 243 264 152 177 Total Investments 4 226 4 0 90 35 35 35

Curr. Assets, Loans&Adv. 2,081 3,115 4,532 4,825 4,988 5,294 6,439 7,877 Inventory 613 1,050 1,749 2,355 2,668 2,747 2,924 3,394 Account Receivables 603 747 1,060 1,432 1,491 1,593 1,671 1,939 Cash and Bank Balance 440 535 223 326 296 295 1,067 1,625 Loans and Advances 426 782 1,499 712 533 659 777 919 Curr. Liability & Prov. 1,197 1,925 3,320 2,706 2,399 2,239 2,581 3,100 Account Payables 676 1,063 1,995 2,202 2,036 1,869 2,088 2,424 Provisions 522 862 1,325 504 363 370 492 676 Net Current Assets 884 1,189 1,212 2,119 2,589 3,055 3,858 4,777 Appl. of Funds 1,528 2,329 3,516 5,201 6,319 6,720 7,458 8,437

14 October 2015 9

TTK Prestige

Financials and valuations

Ratios Y/E March FY10 FY11 FY12 FY13 FY14 FY15 FY16E FY17E Basic (INR) *

EPS 43.8 74.3 99.4 117.2 91.5 77.8 98.4 130.7 Cash EPS 47.0 78.0 104.9 125.1 104.2 94.1 115.8 149.2 BV/Share 109.6 168.9 251.6 348.3 501.5 554.2 617.6 701.6 DPS 10.0 12.5 17.5 17.5 20.6 22.6 28.8 41.1 Payout (%) 25.2 19.6 20.6 17.5 24.4 33.4 34.1 35.8 Valuation (x) *

P/E

46.8 55.0 43.5 32.7 Cash P/E

41.1 45.5 37.0 28.7

P/BV

8.5 7.7 6.9 6.1 EV/Sales

3.9 3.6 3.2 2.7

EV/EBITDA

31.1 33.2 27.8 21.5 Dividend Yield (%)

0.5 0.5 0.7 1.0

Return Ratios (%)

RoE 47.6 53.3 47.3 39.1 21.8 14.7 16.8 19.8 RoCE 54.8 64.2 58.8 46.7 27.3 21.5 24.2 28.6 Working Capital Ratios

Asset Turnover (x) 3.3 3.3 3.1 2.6 2.0 2.1 2.0 2.1 Inventory (Days) 44.0 50.2 57.9 63.3 75.3 72.2 70.0 70.0 Debtor (Days) 43 35 34 38 41 41 39 39 Creditor (Days) 49 51 66 59 57 49 50 50 Working Capital Turnover (Days) 32 31 33 48 65 73 67 65 Leverage Ratio (x)

Current Ratio 1.7 1.6 1.4 1.8 2.1 2.4 2.5 2.5 Debt/Equity 0.2 0.2 0.2 0.3 0.0 0.0 0.0 0.0

Standalone - Cash Flow Statement (INR Million) Y/E March FY10 FY11 FY12 FY13 FY14 FY15 FY16E FY17E Net P/L Before Tax & EO Items 714 1,204 1,632 1,852 1,518 1,333 1,614 2,196 Depreciation 36 44 64 90 148 190 203 215 Interest & Finance Charges 11 8 56 147 85 45 0 0 Direct Taxes Paid 231 351 468 324 471 373 494 672 (Inc)/Dec in WC 97 -123 -647 -760 -367 -473 -32 -361 CF from Operations 628 781 637 1,005 912 721 1,292 1,378 Others -11 -37 -26 -33 -62 -47 0 0 CF from Operating incl EO 617 743 611 973 850 675 1,292 1,378 (inc)/dec in FA -40 -318 -1,523 -924 -705 -193 -139 -275 (Pur)/Sale of Investments 0 -222 222 0 -90 55 0 0 Others 11 37 24 32 62 48 0 0 CF from Investments -29 -502 -1,277 -892 -733 -90 -139 -275 (Inc)/Dec in Debt -179 0 575 365 -881 -250 0 0 Interest Paid -12 -13 -57 -148 -86 -64 0 0 Dividend Paid -66 -132 -164 -197 -232 -272 -382 -545 CF from Fin. Activity -257 -145 353 19 -147 -586 -382 -545 Inc/Dec of Cash 331 96 -312 100 -30 -1 772 558 Add: Beginning Balance 109 440 535 223 326 296 295 1,067 Closing Balance 440 535 223 323 296 295 1,067 1,625

14 October 2015 10

TTK Prestige

Corporate profile: TTK Prestige

Exhibit 17: Shareholding pattern (%) Jun-15 Mar-15 Jun-14

Promoter 70.4 70.4 70.4

DII 5.1 6.1 2.4

FII 16.9 14.8 21.0

Others 7.7 8.7 6.2

Note: FII Includes depository receipts

Exhibit 18: Top holders Holder Name % Holding Axis Mutual Fund Trustee Ltd A/c Axis Mutual Fund

4.0

Nalanda India Equity Fund Ltd 3.5 Copthall Mauritius Investment Ltd 2.5 T Rowe Price International Discovery Fund 2.1 Smaller Companes Portfolio of Genesis Emerging

1.7

Exhibit 19: Top management Name Designation

T T Raghunathan Vice Chairman

T T Jagannathan Executive Chairman

Chandru Kalro Managing Director

Exhibit 20: Directors Name Name

T T Raghunathan Murali Neelakantan*

T T Jagannathan Vandana R Walvekar*

Chandru Kalro Arun K Thiagarajan*

T T Mukund Dileep Kumar Krishnaswamy*

R Srinivasan* K Shankaran

*Independent

Exhibit 21: Auditors

Name Type

S Viswanathan Statutory

Exhibit 22: MOSL forecast v/s consensus EPS

(INR) MOSL

forecast Consensus

forecast Variation

(%)

FY16 98.4 102.5 -4.0

FY17 130.7 136.9 -4.5

Company description Prestige is India’s brand leader in the kitchenware and appliances categories and commands a ~37% market share in pressure cooker category, 31% market share in the cookware category and ~10% market share in the appliances category. It commands 14% share in the INR90b kitchenware industry. It derives 39% of sales coming pressure cookers, 19% of the revenue from non-stick cookware, 28% from kitchen electric appliances, 13% from gas stoves and the balance from other products.

Exhibit 16: Sensex rebased

14 October 2015 11

TTK Prestige

N O T E S

14 October 2015 12

TTK Prestige

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