TTK Prestige launches Kitchen Boutique

Bangalore-based kitchen appliances maker TTK Prestige announced plans to enter a new business vertical -- total kitchen solutions - and launched a new format Prestige Kitchen Boutique.

"We plan to sell modular kitchen in the range of Rs 1-2 lakh through Prestige Kitchen Boutique," said T T Jagannathan, chairman, TTK Group.

"Currently, we have two stores in Bangalore and we plan to open two more stores by the end of this fiscal. We will be present in all major cities by the end of 2009 through the franchise route," he added.

S Ravichandran, managing director, TTK Prestige, said: "Each boutique will entail an investment of Rs 50 lakh, and will operate on the franchisee model like Prestige Smart Kitchens. All boutiques will have a complete backend of designers, carpenters, plumbers, masons and electricians to ensure prompt and quick fulfillment of client's needs."

TTK Prestige today reported a 47.16% increase in net profit at Rs 6.24 crore for the third quarter ended December 31, 2007 when compared with Rs 4.24 crore in Q3FY07.

Revenues increased 20.17% to Rs 102.68 crore from Rs 85.44 crore in the corresponding quarter of the previous fiscal.

Jagannathan said: "This is the first time that the company's top line has crossed the Rs 100 crore-mark due to improved margins. Also, the company was able cut borrowings to the tune of Rs 16.25 crore."