TTK Prestige (517506) Q4 03/04 earnings summary

Executive summary

• FY04 marked a turnaround: sales rose over 30% in volume and value, and pre-tax profit reached Rs 55 lakh versus a Rs 1,742 lakh loss in FY03.

• After recognizing Rs 497 lakh of property-development income, operations also swung from a loss of about Rs 17 crore to a positive result within one year.

Financial highlights

• Sales including excise duty were Rs 14,611 lakh, up from Rs 11,352 lakh; net sales after excise were Rs 13,855 lakh versus Rs 10,482 lakh.

• Profit before tax was Rs 55 lakh versus a loss of Rs 1,742 lakh; net profit was Rs 21 lakh versus a loss of Rs 1,147 lakh.

• Other income included Rs 497 lakh recognized under a property-development agreement; total other income was Rs 635 lakh versus a loss of Rs 21 lakh in FY03.

• Net profit per share was Rs 0.19 versus a loss per share of Rs 10.11; no dividend was declared to conserve resources.

Outlook and guidance

• FY05 sales and profit were expected to improve, subject to statutory levies not changing adversely.

• Planned priorities included stronger domestic-market growth, expanded rural-market efforts, and aggressive customer acquisition in the US and Europe export markets.

• More than 50 product variants and SKUs were introduced in FY04; continued new models and product features were part of the growth strategy.