India's TTK Prestige posts 36% profit decline on competition, soft rural demand
Consolidated net profit fell to 266.3 million rupees ($3.07 million) for the first quarter ended June 30 from 417.5 million rupees a year ago, according to a regulatory filing.
Revenue from operations rose nearly 4% to 6.09 billion rupees, while total expenses increased about 7%.
Consumer-facing businesses selling discretionary goods — from kitchenware to clothing — have been struggling to boost sales over the last several quarters, partly due to slow wage growth.
In rural areas - a significant sales driver for TTK Prestige - microfinance lenders have been issuing fewer collateral-free small loans to borrowers due to rising default rates, weighing on demand.
In February, TTK Prestige earmarked 5 billion rupees to be spent over three financial years on manufacturing and marketing, as part of its plans to beef up its core business, including cookware and kitchen appliances.
PEER COMPARISON
* The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT
APRIL TO JUNE STOCK PERFORMANCE
-- All data from LSEG
-- $1 = 86.6125 Indian rupees
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