The Hindu Business Line : TTK Prestige Q1 net rises 63%

TTK Prestige Ltd has posted a 63 per cent increase in its net profit at Rs 1.49 crore for the quarter ended June 30, against Rs 52 lakh in the same period last year.

Though its margins came under pressure due to the increase in the aluminium price, the key raw material for its products, the company's turnover marked an impressive rise by 59 per cent for the first quarter at Rs 72.18 crore against Rs 45.36 crore in the year ago period.

TTK Prestige's pre-tax profit jumped 150 per cent at Rs 2.64 crore (Rs 1.02 crore).

A company spokesman said the margins are expected to improve in the next quarter with the company effecting a revision in the raw material price.

Introduction of 22 new products with well-differentiated features among all categories, addition of 17 "Prestige Smart Kitchen" outlets in the quarter, steep growth in product volumes across categories and steady growth in export volumes contributed to the first quarter's improved performance.

Mr T.T. Jagannathan, Chairman, TTK Group, said, "With the pre-tax profit growth of 159 per cent in the first quarter, the company is very confident of maintaining the momentum & registering an all-time high growth in its annual turnover. In addition to introducing more `Prestige Smart Kitchen' outlets during this fiscal, the company is also planning on entering new categories in the kitchen domain and specialised offerings for different consumer segments".