Stove Kraft reported a net profit of Rs 19.2 crore in Q4 FY21 as against a net loss of Rs 10.4 crore in Q4 FY20.
Revenues increased by 53% year-on-year (YoY) to Rs 235.4 crore during the quarter. The company reported EBITDA of Rs 25.2 crore in the fourth quarter. It had reported an EBITDA loss of Rs 1.7 crore in the same period last year. EBITDA margin was at 10.7% as on 31 March 2021.
The kitchen appliances maker reported a standalone net profit of Rs 81.2 crore in the year ended 31 March 2021 compared with a net profit of Rs 2.8 crore in the year ended 31 March 2020. Revenues increased 28% to Rs 859 crore in FY21 over FY20.
The company's debt was Rs 15 crore as on 31 March 2021 as against Rs 338 crore as on 31 March 2020. Return on Capital Employed (RoCE) was at 31.9% while Return on Equity (RoE) was at 26.8% as on 31 March 2021.
Rajendra Gandhi, Managing Director said: Our Company delivered record revenues and profitability in FY21 on back of a strong volume growth of 32%, operational efficiencies, better product mix and cost rationalisation programmes.
Going forward, the company plans to spend 3-4% of revenues on branding and marketing. Our working capital cycle has improved from 37 days in March 2020 to 27 days as of March 2021. During the current financial year, the company has reduced its debt by Rs 276 crore. The company plans to be a zero-debt company in the near term.
We are witnessing a second wave of COVID-19 infections, and this has once again resulted in disruption to our business as several states have announced restrictions.
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We are currently working at approximately 50% capacities but we expect this to increase once trade restrictions are lifted by state governments.
Stove Kraft is engaged in the manufacture, trade and retail of a wide and diverse suite of kitchen solutions under "Pigeon" and "Gilma" brands. The company is one of leading player in kitchen appliances in India and are one of the dominant players for pressure cookers and amongst the market leaders in the sale of free-standing hobs and cooktops.
The scrip fell 1.53% to currently trade at Rs 646.65 on the BSE.
Shares of Stove Kraft entered the stock exchanges on 5 February 2021. The stock was listed at Rs 467, at a premium of 21.30% to the initial public offer (IPO) price of Rs 385 per share. The IPO of Stove Kraft was subscribed 18.03 times. The issue opened for subscription on Monday (25 January 2021) and closed on Thursday (28 January 2021). The price band for the IPO was set at Rs 384-385 per share.
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