India`s TTK Prestige posts drop in Q4 profit as cookware demand weakens
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Indian cookware maker TTK Prestige Ltd reported a 26% drop in fourth-quarter profit on Thursday, hurt by weakened demand for its kitchenware products.
The Bengaluru-based company's consolidated net profit fell to 594.5 million rupees ($7.18 million) in the three months ended March, from 800.2 million rupees a year earlier.
Consolidated revenue from operations slid more than 12% to 6.11 billion rupees, the company said in an exchange filing.
Customers, hurt by rising costs, cut down on discretionary spending, hitting profit margins of companies like TTK which make consumer durables like pressure cookers, stoves and grillers.
The Prestige pressure cooker seller's expenses fell 9% to 5.50 billion rupees.
The company's board of directors also declared a dividend of 6 rupees per share.
Shares of TTK Prestige down as much as 4.8% after the results.
