Stove Kraft Ltd, the makers of cookware, kitchen and home appliances, reported a profit of ₹6.8 crore for the quarter ended December 2023, marking a y-o-y decline of 13.3 per cent compared to ₹7.8 crore for the same quarter last year. Its revenue grew 11.4 per cent to ₹361.6 crore from ₹324.5 crore in the same quarter of last year.
On a sequential basis, revenue decreased by 4.8 per cent, while net profit also decreased by 59.1 per cent. EBITDA for the quarter stood at ₹30.1 crore, marking a growth of 18.3 per cent y-o-y.
Commenting on Q3 results, Rajendra Gandhi, Managing Director, Stove Kraft Ltd, said: “In the third quarter of FY24, our revenue stood at INR 362 crore with a gross margin of 38.5 per cent, thus registering a growth of 11.4 per cent in revenue on a y-o-y basis. We have strategically expanded our presence across various channels, including general trade, modern trade, e-commerce, institutional, and exports. We are thrilled to bring our innovative and reliable kitchen appliances to the discerning consumers of North India. This marks the beginning of our expansion plan in the northern region, and we aim to further expand our operations outside Southern India through our reliable and innovative kitchen appliances solutions.”