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Stove Kraft Ltd.’s miss in Q3 can be attributed to a high base, festive demand peaking in Q2 and input cost volatility. Margins affected by non-implementation of timely price hikes, though company has taken price action in Q4.
It maintains its volume led growth strategy. In-line with that, it has seen volume growth across categories in nine months-FY22.
Benefits of Stove Kraft’s focus on manufacturing and capex are expected to be realized going forward along with benefits of the Metsmith and Skava acquisitions.
We adjust our estimates based on nine months and expect near term margin pressure to ease.
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