TTKPRESTIG

March 20 (Reuters) - TTK Prestige Ltd TTKL.NS:

• TTK PRESTIGE - TO INVEST 150 MILLION RUPEES IN INNOVATION AND RESEARCH AND DEVELOPMENT FACILITIES

Source text: ID:nNSEb0TLzZ

Further company coverage: TTKL.NS

((Reuters.Briefs@thomsonreuters.com;))

** Indian induction stove maker Butterfly Gandhimathi Appliances BUTT.NS surges about 11% to 658 rupees

** BUTT is among the biggest gainers across the National Stock Exchange of India

** Peer Stove Kraft STOE.NS jumps 7.3%, while TTK Prestige TTKL.NS is up 2.2%

** Stocks surge amid rising demand for induction stoves due to conflict-driven shortage of liquefied petroleum gas, or cooking gas

** Kitchen appliance stocks buck broader market weakness as Middle East conflict escalates, with Nifty 50 .NSEI index down 3.5% and set for its worst day since June 2024 .BO

** STOE, BUTT up over 8% each since conflict began end-February, TTKL is down 6.7%, while Nifty 50 index has dropped 8.8%

(Reporting by Nandan Mandayam in Bengaluru)

((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))

By Praveen Paramasivam

CHENNAI, March 12 (Reuters) - Indian households are rushing to buy electric induction stoves, draining stocks online and in stores, amid fears of a potential cooking gas shortage tied to the Middle East conflict.

India, the world's ​second-largest importer of liquefied petroleum gas (LPG), has invoked emergency powers to boost supplies for households even as availability tightens for commercial users including canteens, hostels and restaurants.

Meanwhile, consumers are buying electric cooking appliances as a precaution, with some households worried about refill delays and higher prices.

Checks by Reuters on Thursday showed several induction stove models were unavailable on Amazon AMZN.O, Walmart-backed WMT.O Flipkart, Eternal's ETEA.NS Blinkit and Zepto, while some offline chains said fresh supplies were still days away.

Induction stove sales on Amazon India have jumped more than 30-fold, while rice cookers and electric pressure cookers are up fourfold, a company spokesperson said.

Kitchen appliances maker TTK Prestige TTKL.NS said demand for induction stoves had surged far beyond supply.

"There is a threefold surge (in demand)," CEO Venkatesh Vijayaraghavan told Reuters.

The company has raised its production capacity to 100% from about 70% before the start of the war, and increased staffing by roughly 15%. It also plans to raise prices of induction stoves in the June quarter to offset any higher costs.

Induction stoves accounted for about a tenth of TTK's 25.30 billion rupees ($274.52 million) standalone revenue in 2024–25.

Online shopping platforms also showed models from Butterfly CROP.NS, Havells India HVEL.NS and Bajaj Electricals BJEL.NS marked as "currently unavailable".

Google Trends showed search interest for induction stoves hit a record high on March 12, while some restaurant chains, including Wow Momo and California Burrito, said they were exploring induction stoves as a contingency plan.

Anand Rathi analyst Manish Valecha said large kitchen appliance makers with domestic assembly and strong distribution, including TTK Prestige, Butterfly and Stove Kraft STOE.NS, are best placed to benefit from the surge in induction cooktop demand. But reliance on imported components could pose supply risks if the spike persists, he added.

TTK Prestige will switch from sea shipments to airlifting components sourced from China and Southeast Asia, absorbing higher costs to ensure supplies if disruptions persist, Vijayaraghavan said.

The Middle East conflict has disrupted shipping through the Strait of Hormuz and the Gulf, raising costs and tightening oil and gas supplies from the Middle East. O/R

On Thursday, the Suezmax tanker Shenlong reached Mumbai with Saudi crude, becoming the first crude carrier to arrive in India from the Middle East since the war between Iran and the United States and Israel erupted in late February, LSEG data showed.

($1 = 92.1625 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai; Editing by Dhanya Skariachan and Leroy Leo)

((Praveen.Paramasivam@thomsonreuters.com; +91 867-525-3569;))

Jan 29 (Reuters) - Indian kitchenware maker TTK Prestige TTKL.NS reported nearly 44% fall in third-quarter profit on Thursday, hurt by higher expenses and the impact of a one-time charge due to the country's recently enacted labour codes.

The company said consolidated net profit dropped to 329 million rupees ($3.58 million) in the quarter ended December 31, from 584.5 million rupees a year ago. It booked a charge of 155.5 million rupees after India notified new labour codes in November, the country's biggest overhaul of workers' laws in decades.

Shares fell as much as 6% after results and were last down 3.4%.

Revenue from operations, however, grew 10% to 8.01 billion rupees.

KEY CONTEXT

India's federal government has implemented new labour codes, overhauling outdated rules governing factories and workers, which has squeezed the profits of corporate India in the October-December quarter.

TTK Prestige has faced profit pressure in recent quarters due to weak urban demand and softer rural sales, after microfinance lenders curtailed lending amid stress in their loan books.

The company is also spending heavily to push into smaller towns with lower-priced products, while upgrading its premium range to target affluent urban buyers.

PEER COMPARISON

* The mean of analyst ratings standardized 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

OCTOBER TO DECEMBER STOCK PERFORMANCE

($1 = 91.9700 Indian rupees)

(Reporting by Mridula Kumar in Bengaluru and Praveen Paramasivam in Chennai; Editing by Rashmi Aich)

((mridula.kumar@thomsonreuters.com))

Oct 28 (Reuters) - TTK Prestige Ltd TTKL.NS:

• TTK PRESTIGE - GOING FORWARD EXPORTS MAY BE IMPACTED BY THE ONGOING TARIFF WARS

• TTK PRESTIGE - ROLLOUT OF GST 2.0 REFORMS HAS POSITIVELY IMPACTED CONSUMER DURABLES SECTOR

• TTK PRESTIGE - SEES INVESTMENTS TEMPORARILY IMPACTING OPERATING EBITDA OVER NEXT 6 - 7 QTRS

• TTK PRESTIGE - COMMODITY PRICES HAVE BEEN IN INCREASING, WILL IMPACT GROSS MARGIN FROM Q3

• TTK PRESTIGE - IN Q2, CHANNEL PARTNERS DELAYED PURCHASES IN ANTICIPATION OF LOWER PRICES, AFTER GST CUTS

Source text: ID:nBSE29pSRl

Further company coverage: TTKL.NS

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May 27 - ** Shares of Kitchenware maker TTK Prestige TTKL.NS close 5.7% lower at 645.9 rupees after Q4 results

** Company's Q4 profit before exceptional items and tax falls 39% over the year earlier due to weak rural sales amid reduced lending from microfinance institutions

** TTKL books a one-time impairment charge of 714 million rupees related to its UK subsidiary

** Revenue growth of 4.3%, while expenses up 9.5%

** Stock extends 12-month loss to ~8%

(Reporting by Ananta Agarwal in Bengaluru)

((Ananta.Agarwal@thomsonreuters.com))

March 24 (Reuters) - TTK Prestige Ltd TTKL.NS:

• T T JAGANNATHAN STEPS DOWN AS NON-EXECUTIVE CHAIRMAN

• T T RAGHUNATHAN TO SUCCEED AS NON-EXECUTIVE CHAIRMAN

Source text: ID:nNSE6BGTHs

Further company coverage: TTKL.NS

((Reutersbriefs@thomsonreuters.com;))

Feb 28 (Reuters) - TTK Prestige Ltd TTKL.NS:

• TTK PRESTIGE LTD - FINANCIAL IMPLICATIONS TOTAL 100 MILLION RUPEES ON TAX ORDER

Source text: ID:nBSE9NhpSC

Further company coverage: TTKL.NS

((reuters.briefs@thomsonreuters.com;))

Feb 18 (Reuters) - TTK Prestige Ltd TTKL.NS:

• TO COMMIT 5 BILLION RUPEES OVER NEXT THREE YEARS

• OUTLAY TO FORTIFY CORE BUSINESS OF PRESSURE COOKERS AND COOKWARE

• TO SPEND 2 BILLION RUPEES ON OPERATIONS, 3 BILLION RUPEES ON CAPEX

Source text: ID:nBSEb7p2hT

Further company coverage: TTKL.NS

((Reuters.Briefs@thomsonreuters.com;;))

Jan 28 (Reuters) - TTK Prestige Ltd TTKL.NS:

• Q3 CONSOL NET PROFIT 584.5 MILLION RUPEES

• Q3 CONSOL REVENUE FROM OPERATIONS 7.27 BILLION RUPEES

Source text: [ID:]

Further company coverage: TTKL.NS

((Reuters.Briefs@thomsonreuters.com;;))

Oct 30 (Reuters) - TTK Prestige Ltd TTKL.NS:

• Q2 CONSOL NET PROFIT 528.7 MILLION RUPEES

• Q2 CONSOL REVENUE FROM OPERATIONS 7.5 BILLION RUPEES

Source text: ID:nBSE6lSC2c

Further company coverage: TTKL.NS

((Reuters.Briefs@thomsonreuters.com;))

Sept 26 (Reuters) - Butterfly Gandhimathi Appliances Ltd BUTT.NS:

• HIGH COURT ALLOWED PERMANENT DECREE IN FAVOUR OF TTK PRESTIGE

• TTK PRESTIGE ALLEGED CO INFRINGED DESIGN FOR PRESSURE COOKER

• POTENTIAL IMPACT ON CO AT 3.9 MILLION RUPEES

Source text for Eikon: ID:nNSEYgfGp

Further company coverage: BUTT.NS

((Reuters.Briefs@thomsonreuters.com;;))

** Shares of TTK Prestige TTKL.NS are up 4% in high vols

** Cookware maker approves share buyback of up to 2 billion rupees ($24 million)

** Sets buyback price at 1,200 rupees per share, a near 25% premium on last close

** Nearly 500,000 shares traded, 4x the 30-day avg

** TTKL has gained around 10% since buyback plan was announced on July 30

** Stock up 34% YTD after dropping 7.5% in 2023

($1 = 83.7275 Indian rupees)

(Reporitng by Nishit Navin)

((nishit.navin@thomsonreuters.com;))

** Shares of TTK Prestige TTKL.NS rise 4% to 941.70 rupees, hitting their highest since early Nov 2022

** Indian cookware maker to consider a proposal for buyback of shares on Aug. 2

** Stock up ~18% in July so far, on track for second straight month of gains

** More than 277,000 shares change hands, over two times the 30-day avg

** Avg rating of six analysts covering the stock at "hold"; median PT at 925 rupees - LSEG data

** Including session's gains, stock up ~26% YTD

(Reporting by Dimpal Gulwani in Bengaluru)

((dimpal.gulwani@thomsonreuters.com))

July 26 (Reuters) - TTK Prestige Ltd TTKL.NS:

• JUNE-QUARTER CONSOL NET PROFIT 417.5 MILLION RUPEES

• JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 5.88 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: TTKL.NS

((Reuters.Briefs@thomsonreuters.com;))

June 19 (Reuters) - TTK Prestige Ltd TTKL.NS:

• COMPANY HAS SIGNED AN AGREEMENT WITH A GLOBALLY REPUTED CONSULTANT

• AGREEMENT TO ASSIST COMPANY TO REDRAW ITS BLUEPRINT FOR A 5-YEAR LONG-TERM STRATEGY AND PLAN

• CO WILL BE SPENDING IN RANGE OF AROUND 120 MLN RUPEES OVER NEXT 6 MONTHS FOR THIS EXERCISE

Further company coverage: TTKL.NS

((Reuters.Briefs@thomsonreuters.com;))

June 12 (Reuters) - TTK Prestige Ltd TTKL.NS:

• ENTERED INTO BINDING AGREEMENT WITH GRAMYAHAAT RURAL TECH

• TTK PRESTIGE WILL NOT HAVE CONTROLLING STAKE IN GRAMYAHAAT

• TOTAL COMMITMENT IS OF ORDER OF 150 MILLION RUPEES OF COMPULSORILY CONVERTIBLE DEBENTURES

Source text for Eikon: ID:nBSE3yxjgk

Further company coverage: TTKL.NS

((Reuters.Briefs@thomsonreuters.com;;))

May 28 (Reuters) - TTK Prestige Ltd TTKL.NS:

• DIVIDEND 6 RUPEES PER SHARE

• Q4 CONSOL NET PAT 574.2 MILLION RUPEES VERSUS 580.1 MILLION RUPEES

• NAMES VENKATESH VIJAYARAGHAVAN AS CEO

• Q4 CONSOL NET SALES 6.23 BILLION RUPEES VERSUS 6.11 BILLION RUPEES

• NAMES SARANYAN RAJAGOPALAN AS CFO

Source text for Eikon: ID:nNSE2PS39p

Further company coverage: TTKL.NS

((Reuters.Briefs@thomsonreuters.com;))

** Shares of India's Butterfly Gandhimathi Appliances BUTT.NS down 4.1% at 756.45 rupees, after falling as much as 4.3% earlier in the session

** Kitchenware maker reports net loss in March quarter, compared with profit a year earlier, decline in revenue

** Trading vols 1.1x the 30-day avg

** YTD stock has fallen 27%, vs 4.3% drop in peer TTK Prestige TTKL.NS

(Reporting by Hritam Mukherjee in Bengaluru)

((Hritam.Mukherjee@thomsonreuters.com;))

** Shares of Havells India HVEL.NS down 1.6%; trading between gains of 2% and losses of 2.1%

** Co on Tuesday said it plans to expand its product portfolio with offering of kitchen appliances such as cooktops and chimneys

** Adds it expects to launch products in May; targets becoming one of top 3 players over next 3 years

** CLSA says competitive intensity to rise in large kitchen appliances segment with co's entry, CNBC-TV18 and Moneycontrol report

** CLSA says if co grabs a 10% market share, it could add 45-70 rupees to earnings per share, reports say

** Analysts' avg recommendation on HVEL is equivalent to 'buy' - LSEG

** Avg recommendation on Stove Kraft STOE.NS is 'strong buy', Crompton Greaves CROP.NS has 'buy' and TTK Prestige TTKL.NS rated 'hold' - LSEG

** HVEL up ~11% YTD, STOE climbed 6.7%

** CROP down 6.8% YTD, while TTKL declined 3.6%

(Reporting by Rama Venkat in Bengaluru)

((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))

Feb 6 (Reuters) - TTK Prestige Ltd TTKL.NS:

• DEC-QUARTER CONSOL NET PROFIT 624.8 MILLION RUPEES VERSUS PROFIT 575.8 MILLION RUPEES

• DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 7.38 BILLION RUPEES VERSUS 6.95 BILLION RUPEES

Source text for Eikon: ID:nBSE3NQBRc

Further company coverage: TTKL.NS

((Reuters.Briefs@thomsonreuters.com;))

Dec 22 (Reuters) - TTK Prestige Ltd TTKL.NS:

• DECIDED TO SPLIT ROLE BETWEEN MANAGING DIRECTOR AND CEO

• APPOINTED VENKATESH VIJAYARAGHAVAN AS CEO WHO WILL REPORT TO CURRENT MANAGING DIRECTOR CHANDRU KALRO

Source text for Eikon: ID:nBSE2smt3k

Further company coverage: TTKL.NS

((Reuters.Briefs@thomsonreuters.com;))

Oct 27 (Reuters) - TTK Prestige Ltd TTKL.NS:

• SEPT-QUARTER CONSOL NET PROFIT 592.7 MILLION RUPEES VERSUS 838.5 MILLION RUPEES

• SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 7.29 BILLION RUPEES VERSUS 8.42 BILLION RUPEES

• EXTENDED CURRENT TERM OF K SHANKARAN AS WHOLE TIME DIRECTOR

Further company coverage: TTKL.NS

((Reutersbriefs@thomsonreuters.com;))

Oct 20 (Reuters) - TTK Prestige Ltd TTKL.NS:

• SUCCESSFULLY CONCLUDED A LONG-TERM SETTLEMENT COVERING ITS PERMANENT WORKMEN AT HOSUR, TAMILNADU UNIT

Source text for Eikon: ID:nBSE8jyny2

Further company coverage: TTKL.NS

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Aug 11 (Reuters) - TTK Prestige Ltd TTKL.NS:

• INDIA'S TTK PRESTIGE JUNE-QUARTER CONSOL NET PROFIT 480.2 MILLION RUPEES VERSUS PROFIT 532.9 MILLION RUPEES

• TTK PRESTIGE LTD JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 5.88 BILLION RUPEES VERSUS 6.29 BILLION RUPEES

Source text for Eikon: ID:nBSE17w8w9

Further company coverage: TTKL.NS

((reuters.briefs@thomsonreuters.com;))

July 19 (Reuters) - TTK Prestige Ltd TTKL.NS:

• RESUMPTION OF PRODUCTION AT OUR ROORKEE PLANT AFTER FLOOD

• NORMAL MANUFACTURING OPERATIONS HAVE BEEN RESUMED FROM 18TH JULY

• ESTIMATED LOSS OF MOVABLES FROM FLOODS IS A LITTLE OVER 4 MILLION RUPEES AND INSURANCE CLAIMS HAVE BEEN LODGED FOR SAME

• ENTIRE AREA IS UNDER RED ALERT FOR NEXT 2 DAYS

Source text for Eikon: ID:nBSE5RrTmp

Further company coverage: TTKL.NS

((Reuters.Briefs@thomsonreuters.com;))

July 14 (Reuters) - TTK Prestige Ltd TTKL.NS:

• DUE TO HEAVY RAIN AND FLOODS OPERATIONS AT MANUFACTURING UNIT AT ROORKEE, UTTARAKHAND HAVE BEEN DISRUPTED

• EXPECT LOSS OF PRODUCTION FOR ABOUT 4 DAYS

• CURRENTLY STEPS ARE IN PLACE TO RESUME PRODUCTION BY 18TH JULY AT OUR MANUFACTURING UNIT AT ROORKEE

• LOSS TO ANY ASSETS ARE BEING ESTIMATED BUT THESE ARE ALL COVERED BY ADEQUATE INSURANCE.

• CO HAS SUFFICIENT CAPACITIES AT OTHER UNITS, IMPACT NOT EXPECTED TO BE MATERIAL

Source text for Eikon: ID:nBSE61GCt1

Further company coverage: TTKL.NS

((Reuters.Briefs@thomsonreuters.com;))

** Brokerage JM Financial says electrical consumer durables to see recovery in growth on the back of higher disposable incomes and low food inflation

** India's macro environment continues to be stable, rural demand scenario shaping up well - JM Financial note

** Stable raw material prices should "alleviate margin pressure", premiumisation and operating leverage to help margins, note says

** Brokerage says tepid demand in appliances continued in Q1FY24, unseasonal rains in March/May impacted channel offtake

** We remain positive for medium to long-term, given macro tailwinds, low penetration for some of the categories and category expansion opportunities - JM Financial analysts

** Rating house maintains "buy" on Bajaj Electricals BJEL.NS, V-Guard Industries VGUA.NS, Havells HVEL.NS and Stove Kraft STOE.NS; "hold" on Crompton Greaves Consumer Electricals CROP.NS and TTK Prestige TTKL.NS

(Reporting by Hritam Mukherjee in Bengaluru)

((Hritam.Mukherjee@thomsonreuters.com;))

Adds details from presentation

BENGALURU, May 25 (Reuters) - Indian cookware maker TTK Prestige Ltd TTKL.NS 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.

Customers, hurt by rising costs, cut down on discretionary spending, hitting profit margins of companies like TTK which makes consumer durables like pressure cookers, stoves and grillers.

"Growth is expected to stabilise during the second half of FY24," the company said in an exchange filing, adding that the overall retail climate during the quarter was not conducive to growth due to the discretionary nature of its products.

Consolidated revenue from operations slid more than 12% to 6.11 billion rupees, the company said, with standalone sales declining across segments.

Standalone margins for earnings before interest, taxes, depreciation and amortisation (EBITDA) contracted to 16.8% from 18.4% in the year-ago period.

Its mainstay appliances segment, which accounted for half of the standalone sales in the quarter, fell 7.8%, while the second-biggest cookers wing slid almost 20%.

The Prestige pressure cooker seller's expenses fell 9% to 5.50 billion rupees.

Spending on automobile, travel, hospitality and entertainment remained high during the quarter that further affected demand for kitchen appliances, the company added.

The company posted a 36.5% profit slump in the last quarter as well.

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.

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Sohini Goswami)

((Hritam.Mukherjee@thomsonreuters.com; +91 9830427878;))