Motilal Oswal's research report on Cello World
CELLO reported revenue growth of 6% YoY in 1QFY25, led by consumerware (up 5% YoY; despite demand headwinds) and moulded furniture & allied product businesses (up 16% YoY; strong growth from coolers segment). The writing instruments business remained flat due to continued sluggishness in the overall demand scenario. EBITDA grew by 8% YoY as EBITDA margin expanded by 60bp, aided by improved gross margin (up 120bp YoY), which was led by a favorable product mix and continued focus on value-added premium products. We maintain our FY25/FY26 EPS estimates and retain our BUY rating on the stock with a TP of INR1,070.
Outlook
We reiterate our BUY rating on CELLO with a TP of INR1,070 (premised on 45x FY26E EPS).
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