TTK Prestige says lower middle class is buying less kitchenware due to inflation

"The entry-level segment is not growing for us. I wouldn’t say we are under pressure, the upper segment that is premium segment is growing, the entry-level segment is kind of stagnant — that is what we are seeing. The 60 percent is stagnant and the 40 percent is growing at a double-digit.”

TTK Prestige's total sales in the April-June quarter came in at Rs 600 crore, rising 68 percent on a YoY basis. In the quarter, TTK Prestige sold cookers worth Rs 194 crore, which rose from Rs 1,054 crore in the same quarter a year ago, registering a jump of nearly 87 percent YoY.

In fact, the company's sales in the premium segment is growing at a double-digit.

“What used to be a 70-30, between entry-level or aluminum, and value-added that is now more like 60-40 so that is the kind of thing that we are seeing," Kalro told CNBC-TV18.

On rural sales, Kalro said, "Direct rural is a single digit, what we count as direct rural, indirect rural will be the tier-three, tier-four cities that are significant, that could be about 20 plus percentage.”

Their UK arm is doing badly Kalro said, “Their inflation rates are only getting worse, and hopefully with the new prime minister coming in, we will see some direction in that. But yes, we are facing a tough time as we speak.”

TTK Prestige stock ended Tuesday's trade quoting at Rs 992.90, up 0.81 percent. In the last six months, the stock has surged about 28 percent, while the one-month return on the stock is around 13 percent.