TTK Prestige Ltd.'s net profit declined 30% in the second quarter of fiscal 2024, missing analysts' estimates.
The kitchen and home appliance company's profit fell to Rs 59.04 crore in the July–September quarter, in comparison with Rs 84.49 crore in the year-ago period, according to the exchange filing on Friday. That compares with the Rs 79.4 crore consensus estimate of analysts tracked by Bloomberg.
According to analysts, the industry has been experiencing subdued demand patterns in the last two to three quarters, which have had a negative effect on revenues. Additionally, sales related to the festive season were deferred to the next quarter, as this fiscal year's major Indian festivals fall in Q3. This mirrors a similar trend observed in the company's Q2 results in the previous fiscal year.
TTK Prestige Q2 FY24 Highlights (Consolidated, YoY)
Revenue down 13.40% at Rs 729.47 crore vs Rs 842.35 crore (Bloomberg estimate: Rs 790 crore).
Ebitda down 31.71% at Rs 80.83 crore vs Rs 118.37 crore (Bloomberg estimate: Rs 122.05 crore).
Margin at 11.08% vs 14.05%.
Net profit down 30.12% at Rs 59.04 crore vs Rs 84.49 crore (Bloomberg estimate: Rs 79.4 crore).
Shares of TTK Prestige were trading 1.36% lower at Rs 770.75 apiece after the results were announced, as compared with a rise of 0.90% in the benchmark NSE Nifty 50 as of 11:43 a.m.
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