TTK Prestige net plunges 61% to Rs 10 crore in Q4

Kitchen appliances maker TTK Prestige Ltd today reported a whopping 61.5% decline in net profit at Rs 10 crore for the fourth quarter ended March 2015 compared to Rs 26 crore in the corresponding quarter of last year.

The operating profit also declined by 44% to Rs 14 crore compared to Rs 25 crore a year ago. The company's income from operations was up by 5% to Rs 293 crore compared to Rs 279 crore in the March quarter of 2014.

Almost the entire growth came from domestic sales, while export sales was almost at the same level as previous year at Rs 13.7 crore compared to Rs 13.6 crore last year. 

During the fourth quarter of 2013-14, the company had a benefit of one time income of Rs 8 crore, which was not available in the fourth quarter ended March 2015.

Brand salience was intact as market shares were maintained or improved, the company said in a statement to BSE.

During the fourth quarter, the company registered overall moderate growth in the sales of appliances. Many geographies were sluggish except for select markets in each of the geographies.

The company has initiated dialogues with major e-retail channels to use their platform without disturbing other channels. The company has also focussed on working capital management and is now debt-free. 

The company's stock ended the day 5.68% lower at Rs 3,701 per share on BSE.