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Last Updated : May 30, 2019 11:00 AM IST | Source: Moneycontrol.com

TTK Prestige falls 2%; Credit Suisse downgrades stock after Q4 show

Management said it sees no challenge in maintaining current margin

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Kitchen appliances maker TTK Prestige shares fell 2.5 percent intraday on May 30 even as the company's profits surged 18 percent YoY.

Following the Q4 show, the global brokerage house Credit Suisse downgraded the stock to underperform to neutral.

The stock was quoting at Rs 7,140.05, down Rs 151.30, or 2.08 percent on the BSE at 1026 hours IST.

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The research house cut earnings estimates for FY20/21 by 4-9 percent but raised price target to Rs 6,000 from Rs 5,833 apiece.

TTK's profit grew 18 percent year-on-year to Rs 43.80 crore and operating income increased by 13 percent to Rs 72.03 crore with margin remaining healthy at around 16 percent.

Management sees no challenge in maintaining the current margin.

Revenue in Q4 grew around 7 percent to Rs 444 crore compared to year-ago with domestic sales rising 7 percent and exports 10 percent YoY.

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First Published on May 30, 2019 11:00 am
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