TTK Prestige reported record sales for the September quarter. Cookware was up 8 percent, cookers were negative but appliances rose 7 percent and other appliances were up 41 percent. TT Jagannathan, Chairman of TTK Prestige discussed the numbers as well as an outlook in an interview to CNBC-TV18.

He said the uptrend was seen in October as well, with sales rising 15 percent year-on-year.

“Cookers didn’t do well, it is a base effect. August, September, October cooker sales were 20 percent lower,” he said.

On capacity utilisation Jagannathan said, “What we are making, we are up to 100 percent now. In the month of November, even in October, we had problems with part shortages, handles, and packaging and so no. Now we are on speed, but it is not the same thing with our vendors, they are still coping.”

“We have shifted all procurement from China to India that is why we were having shortages in stock. The market is booming, we could have sold Rs 75 crore more in September if we had the stock,” he added.

On margins, Jagannathan said, “For this year margins will hold, next year we will have to look at price increases if the raw material prices keep rising.”

To know more about the company's Q2 performance, watch the video.

(Edited by : Santosh Nair)

First Published:Nov 11, 2020 10:38 AM IST