Stove Kraft recently inaugurated its first store in Delhi and has ambitious plans to open five more stores within this month. According to Rajendra Gandhi, the Managing Director of Stove Kraft Ltd, the demand for their products has been good, exhibiting improvement compared to the same quarter last year. He remarked in an exclusive interview with CNBC-TV18, "Diwali was reasonably good, and the demand continues to be reasonably good. Not on the very high side and not to regret it at all."
Expressing confidence in future growth, Gandhi stated, "We are very confident of a double-digit growth if the current scenario continues. But if there is a spike in demand in the forthcoming quarter, and if we can do better, then we can see a good double-digit growth."
The management is optimistic about achieving a 36% gross margin and 11% EBITDA margin. Retail revenues have witnessed an impressive doubling compared to last year, and gross margins are expected to remain around 48-52%.
Gandhi highlighted the significance of the retail sector for the company's future, stating, "Retail is going to be one of the best channels for the future, which is going to aid margins, revenues, and brand growth. The retail will start contributing 15-20% in the next three years."
On Monday (November 27), Stove Kraft Ltd, a prominent kitchen appliances manufacturer, revealed a temporary disruption in the operations of its manufacturing plants located in Bengaluru and Baddi. This disturbance spanned from November 22-26 and November 21-23, respectively, and was attributed to an Income Tax Department search conducted at both the company's office premises and manufacturing facilities.
MD Rajendra Gandhi assured that the search was conducted smoothly, stating, "They have their reasons to check, but everything went well."
With a market capitalization of Rs 1,590 crore, Stove Kraft is an Indian company specializing in the production of cooking appliances, operating under the Skava, Pigeon, and Gilma brands. Established in 1999, the company is based in Bangalore, Karnataka, and offers a diverse range of cooking appliances, including mixer grinders, pressure cookers, cooktops, toasters, chimneys, and kitchen utensils.
