TTK Prestige Q3 Profit Down 6.83% | Sales Dip 1.5% | Rural Demand Slows

New Delhi, Jan 28 (PTI) Kitchen appliances and cookware maker TTK Prestige on Tuesday reported a 6.83 per cent decline in net profit to Rs 57.35 crore for the quarter ended in December 2024 due to sluggish demand as inflation impacted sales in rural markets.

It had posted a net profit of Rs 61.56 crore in the October-December quarter a year ago, according to a regulatory filing from the TTK Prestige.

Its revenue from operations was down 1.51 per cent to Rs 727.23 crore during the quarter under review. It was at Rs 738.4 crore in the corresponding period a year ago.

"The issues faced by Micro Financial Institutions as well as food-price inflation affected the sales to the rural markets which was a significant contributor last year. Institutional sales remained a challenge during this quarter due to budget pressures on cost associated with them," said the Tamil Nadu-based company in its earnings statement.

The demand during most parts of the quarter was sluggish post-festive sales in October.
“The trade channel continues to feel the pressures from e-commerce and modern format stores during this festive season,” it said.

Besides aluminium prices, a key raw material input for TTK Prestige's business increased during the quarter due to worldwide shortage. It is expected to be at around this increased level for the rest of the year, it said.

TTK Prestige said that it has robust orders, but some shipments were deferred to the next quarter due to the non-availability of containers on time.

Total expenses of TTK Prestige in the December quarter were at Rs 669.1 crore.

TTK Prestige's Total Income, including other income, was at Rs 744.29 crore, down 1.59 per cent in the December quarter.

Shares of TTK Prestige Ltd on Tuesday settled at Rs 735.20 on BSE, down 7.94 per cent.