Profit before tax in second quarter of FY24 stood at Rs 79.51 crore, down 30.09% from Rs 113.73 crore recorded in the corresponding quarter previous year.

On standalone basis, the household appliances maker's net profit declined 27.46% to Rs 62.17 crore on 15.37% fall in revenue from operations to Rs 683.67 crore in Q2 FY24 over Q2 FY23.

EBITDA decreased 21.20% to Rs 100.15 crore in the quarter ended 30 September 2023 as compared to Rs 127.11 crore posted in the same quarter previous year. EBITDA margin reduced to 14.6% in Q2 FY23 as against 15.7% in Q2 FY23.

The company's consolidated net profit tumbled 57.79% to Rs 107.29 crore on 52.57% drop in revenue from operations to Rs 1,317.09 crore in H1 FY24 over H1 FY23.

Going forward, with both Dussehra and Diwali festivals falling in the third quarter coupled with low base of the Q3 of last year, the company stated that the growth in consumer durable industry is expected to be better in the coming quarter. It will continue its focus on improvement in efficiencies and management of critical costs to maintain EBITDA margins at a healthy level.

TTK Prestige manufactures kitchen appliances and cookware, under the Prestige brand.

Shares of TTK Prestige declined 0.19% to currently trade at Rs 780.05 on the BSE.