TTK Prestige Plans 30% Store Expansion in 4 Years: CEO

TTK Prestige, an Indian kitchen tools manufacturer, is expecting to increase its number of stores by up to thirty percent in the next four years. This is because the income tax benefits provided by the government are anticipated to increase consumer spending, a senior management official stated on Thursday. 

To stimulate consumption, TTK Prestige is going to venture into major towns as well as smaller ones, where spending is on the rise, as explained by CEO Venkatesh Vijayraghavan. 

This comes during a period of reduced consumer spending in urban India, which has contributed to the firm's profits falling by 6.4% during the timeframe of October to December.

In the last few quarters, demand for kitchen equipment has taken a hit due to unrelenting high inflation. However, because of the taxation reliefs, Vijayaraghavan is hopeful that consumption will increase. 

TTK Präzision’s automated cooking machines were favored by housewives, so sales increased from October last year until March this year when the world’s first automatic electric can opener and dishwasher was invented. 

India proclaims itself as a cash-rich and resource-dense nation. Data reveals increasing number of people below the poverty line, thus the state is mechanizing its everyday needs through rising urban towns.

The company is spending more on their marketing in order to gain greater reach into the consumer market, as released by Vijayaraghavan without any further insight. 

TTK Prestige has to contend with price inflation for several simple and basic raw materials such as aluminum, which may force it to increase its prices yet again. 

Vijayaraghavan says this, weeks after the company has undertaken slight price modifications upwards for certain products.  "The current situation is difficult for us, and one cannot completely rule out (increasing prices) over time.”