TTK Prestige slips after weak Q4 numbers

TTK Prestige fell 2.51% to Rs 5177.05 after the company's consolidated net profit slumped 80.8% to Rs 8.60 crore on 13.3% decline in net sales to Rs 418.23 crore in Q4 FY20 over Q4 FY19.

Profit before tax in Q4 March 2020 stood at Rs 18.17 crore, down by 72.5% from Rs 66.17 crore in Q4 March 2019.

Current tax expense during the quarter fell 56.4% to Rs 9.43 crore from Rs 21.62 crore in the same period last year.

The company said its operations were disrupted by the prolonged lock down announced by the government consequent to COVID-19 crisis, partly in the month of March 2020 and fully in April 2020. Its sales and production partly resumed operations in May 2020.

The group has incurred an impairment charge of Rs 11.69 crore, which has been recognized as an exceptional item in the consolidated financials for the quarter and year ended March 2020 on account of impact of COVID-19 on its financials.

TTK Prestige operates through two segments: kitchen appliances and property & investment.

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