Home appliances manufacturer TTK Prestige Ltd’s profits were 15.93 per cent lower at Rs 25.79 crore for the first quarter of the financial year 2012-14 compared with Rs 30.68 crore recorded last financial year (2012-13).
The company’s total income from operations is marginally higher by 1.25 per cent at Rs 306.33 crore compared with the same period last year. EPS stood at Rs 22.74 (Rs 27.10).
Chairman T.T. Jagannathan said: “As expected the growth in Q1 was minimal owing to base effect as well as continuing slowdown in key southern markets. I expect improved growth rates during the following quarters. New ranges in existing products categories will be launched from second quarter onwards.” While addressing the company’s AGM Jagannathan said continuous pressure on spending power due to sharp increase in prices of daily consumption seems to impact the growth in ‘brown goods’ sector in which the company operates in. Brown goods are light electronic goods.
He said during the FY 2013-14, the company is in the process of completing its Rs 325 crore capital expenditure programme. Talking about debt exposure , he said: “As of now, it is around Rs 100 crore. The fresh issue of capital to Cartica Capital Ltd has already been approved by the shareholders and the proceeds of the issue totalling Rs 106.50 crore will be available for use from mid-July subject to completion of process of allotment of shares.”
anil.u@thehindu.co.in