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TTK Prestige shares gain over 3% as investors cheer robust demand for kitchen appliances

market | May 30, 2022 3:12 PM IST

TTK Prestige shares gain over 3% as investors cheer robust demand for kitchen appliances

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Shares of TTK Prestige rose over 3 percent to Rs 853.65 in early trade on the back of a strong set of numbers for the March ended quarter.

Shares of TTK Prestige rose over 3 percent in trade on Monday on the back of a robust set of numbers for the March ended quarter. The company witnessed double-digit growth in the March quarter, contributed by all channels and geographies.

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At 11:55 am, the stock quoted at Rs 838.55 apiece on the BSE, up 1.23 percent or Rs 10.15. For the last three sessions, the stock has been gaining and has outperformed the sector by 0.31 percent.
TTK Prestige intraday stock chart (source: BSE)
The company’s total sales grew by 16.7 percent on a year-on-year basis to Rs 647.5 crore in the March ended quarter.
In an interview with CNBC-TV18, TT Jagannathan, Chairman, TTK Prestige, explained that the company may see a 50-60 basis points reduction in the fiscal year 2023 margin due to the rise in raw material costs.
On further price hikes, he said, "That (price hikes) would depend on what happens to the raw material prices, in the future. So far, the price hikes have covered the cost increases, and then there might be a small reduction in margins in FY23, but not significant, by maybe 50-60 basis points (bps)."
"In the first quarter of fiscal 2023, the retail is good, and demand is robust across nearly all segments. He added that the market is currently at 30 percent of pre-pandemic levels. People are buying more premium products," said Jagannathan.
"People are going into premium brands, premium products. And this has happened not only in our industry but also in the car industry, the TV industry; it's happened everywhere," he said.
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