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| TTK Prestige sees 40% growth on high demand for cookers |
| Bloomberg / Mumbai Aug 29, 2010, 00:14 IST |
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TTK Prestige, India’s largest kitchen appliances maker, expected net income to rise 40 per cent in 2010-11 on demand for pressure cookers, funding an expansion plan, Chairman T T Jagannathan said in an interview.
Higher profit would fund a Rs 100 crore investment to double the manufacturing capacity of its plant in Tamil Nadu, he said. The Bangalore-based company planned to set up a plant in western India to make cookware, Jagannathan said. TTK reported net income of Rs 52.4 crore last year.
TTK has surged five-fold in Mumbai trading in the past year as rising salaries and an accelerating economy spur residents of the world’s second-most populated nation to spend more on consumer products. The domestic market for pressure cookers was growing by an average 10 per cent every year and for appliances by 15 per cent, Jagannathan said.
“We expect the company to maintain 25 per cent revenue growth due to the expansion plans,” said Shivani Mehra, an analyst at Techno Shares & Stocks in Mumbai, who has a “hold” rating on the stock.
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