TTK Prestige share price slips as Credit Suisse maintains underperform rating
Credit Suisse cut the target price to Rs 5,540 from Rs 5,700 per share.
January 31, 2020 / 11:42 AM IST
TTK Prestige share price slipped 1 percent intraday on January 31 after Credit Suisse maintained underperform rating following the company's third quarter numbers.
The kitchen appliance maker's consolidated net profit was up 3.3 percent at Rs 60.2 crore versus Rs 58.2 crore and revenue down 1.1 percent at Rs 587.3 crore versus Rs 593.5 crore, YoY.
Earnings before interest, tax, depreciation and amortisation (EBITDA) were down 5.8 percent at Rs 82.9 crore versus Rs 88.1 crore and margin was down at 14.1 percent, YoY.
Credit Suisse has maintained underperform rating on the stock and cut target to Rs 5,540 from Rs 5,700 per share.
The company's revenue has declined and weakness seen across the segments.
It cut earnings for FY20-22 by 6-8 percent and expects growth to remain subdued in the near term.
At 1127 hours, TTK Prestige was quoting at Rs 5,808.90, down Rs 52.10, or 0.89 percent, on the BSE.