TTK Prestige reported marginal decline in its fourth-quarter earnings on May 28, attributed to consumers cutting back on discretionary spending due to weariness of inflation.
The cookware manufacturer's consolidated net profit after tax increased to 574.2 million rupees ($6.9 million) from 580.1 million rupees the previous year, for the quarter that ended on March 31.
Income from operations rose nearly 2 percent to 6.23 billion rupees.
Throughout the quarter, there was little demand for kitchen appliances as customers tightened their budgets, especially for economy-range items due to inflationary pressures.
Their non-seasonal appeal further subdued quarterly sales. Summer brought with it a jump in demand for air coolers and room air conditioners.
Competitor Butterfly Gandhimathi Appliances, a manufacturer of home goods, reported a loss in the March quarter versus a profit in the year-ago period.
Separately, the TTK Prestige board has also recommended a dividend of 6 rupees apiece.
(With inputs from Reuters)
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