TTK Prestige Sees Profit Rise By 29% In Q4 As Cooking Gas Shortage Boosts Demand For Appliances
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Kitchenware company TTK Prestige’s profit rises to Rs 53.89 crore for the quarter ending March 31, up from Rs 45.38 crore a year earlier.
TTK Prestige Q4 Results.
Indian kitchenware company TTK Prestige reported a 29% increase in fourth-quarter profit before tax and exceptional items on Friday. This was due to strong demand in India, as more people switched to induction cooking appliances because of liquefied petroleum gas supply problems.
The company’s profit rose to Rs 53.89 crore for the quarter ending March 31, up from Rs 45.38 crore a year earlier. Last year, the company had a one-time loss of Rs 71.4 crore related to its UK subsidiary, Horwood Homewares, because of ongoing economic issues in the UK and worries about possible US tariffs.
Demand for kitchen appliances grew as more people started using induction and electric cooking appliances due to LPG shortages caused by the war in the Middle East. Domestic sales increased by 14.4% to Rs 668 crore, while exports dropped to Rs 12.1 crore from Rs 20.48 crore a year ago, affected by problems in global shipping and tariff issues.
Analysts at HDFC Securities said kitchen appliances are expected to grow well, mainly because more people are using induction cooktops during gas shortages. Revenue from operations went up 12% to Rs 729 crore. The company’s shares rose 5.2% after the results were announced.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – Reuters)
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