India's TTK Prestige quarterly profit more than doubles as consumers shift to induction cooktops
India's TTK Prestige quarterly profit more than doubles as consumers shift to induction cooktops July 28 (Reuters) - Indian kitchenware maker TTK Prestige TTKL.NS first-quarter profit more than doubled, the firm reported on Tuesday, helped by strong domestic demand for induction cooktops and premium cookware.
The company reported consolidated net profit of 593.3 million rupees ($6.19 million) for the quarter, up from 266.3 million rupees last year.
Revenue from operations rose nearly 34% to 8.14 billion rupees.
Total expenses rose 28.1% to 734.2 million rupees, driven largely by inventory purchases.
On a standalone basis, sales from cookware grew 41% to 1.38 billion rupees, while sales from cookers grew nearly 29% to 2.33 billion rupees.
Growth in the quarter was driven largely by sustained demand for induction cooktops, as well as induction-based pressure cookers and cookware products, said the company.
India's cooking gas supply chain disruptions might have triggered a structural shift in consumer behaviour towards induction cooktops, as multiple players indicate strong and sustained demand, said analysts from Elara Capital in a note in June.
Export revenue dipped by nearly 18% to 128 million rupees, as shipping disruptions in the Strait of Hormuz adversely affected the company's business.
($1 = 95.7800 Indian rupees)
(Reporting by Abhirami G in Bengaluru; Editing by Harikrishnan Nair)
((abhirami.g@thomsonreuters.com))
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