TTK Prestige posted an 8.5% jump in consolidated net profit at ₹62.4 crore in Q3FY24 on a year-on-year (YoY) basis as December sales remained sluggish after the shifting of the festive season to November. The kitchen appliances and cookware manufacturer posted a net profit of ₹57.6 crore in Q3FY23.
TTK Prestige revenue increased to ₹738.4 crore in the quarter under review, rising 6.3% from ₹694.8 crore on a YoY basis. The company's EBITDA came in at ₹84.8 crore in the quarter ended December 31, 2023, rising 6.7% from ₹79.5 crore it had posted in the same quarter a year ago. TTK Prestige margin was flat at 11.5%, slightly higher from 11.4% in Q3FY23.
#3QWithCNBCTV18 | TTK Prestige reports its Q3 earnings
>>Net Profit up 8.5% at ₹62.5 cr Vs ₹57.6 cr (YoY)>>Revenue up 6.3% at ₹738.4 cr Vs ₹694.8 cr (YoY)>>EBITDA up 6.7% at ₹84.8 cr Vs ₹79.5 cr (YoY)>>Margin at 11.5% Vs 11.4% (YoY) pic.twitter.com/EOa9aKB4ZU— CNBC-TV18 (@CNBCTV18Live) February 6, 2024
In an investor presentation filed with the exchanges, the kitchen and cookware manufacturer highlighted sluggish demand after the end of the festive season and overall global volatility owing to the two wars—Russia-Ukraine and Israel-Hamas—along with the impact of the Red Sea situation on the supply chain.
"While the festival demand was reasonable, post-November, the demand fell. The sentiment was not very positive, and channels were focused on destocking in this situation. The online channels grew faster than the offline. But the December sales were well below expectations confirming the uncertainty in discretionary spending by the customer for consumer durables and electronics industry in this quarter as reported widely. "
TTK Prestige share price quoted at ₹789.55, up by 0.79% on the NSE at 1.40 pm. The stock opened at ₹786 and hit the day's high at ₹807.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
2024 Lok Sabha Elections | Will Amethi and Rae Bareli see the rise of Priyanka Gandhi as a dominant political figure
May 18, 2024 8:59 AM
Lok Sabha Election 2024: I.N.D.I.A. bloc to hold rally at Mumbai's BKC today
May 17, 2024 5:18 PM
In Ayodhya, voters talk of a promise fulfilled and yearning for development
May 17, 2024 2:10 PM
Fight of heavyweights in Sambalpur where farmers, weavers hold the key
May 17, 2024 12:25 PM