The board recommended a dividend of Rs 30 per equity share for the year.
Shares of TTK Prestige touched 52-week low of Rs 5,612, losing 2 percent intraday Tuesday as company reported 32 percent fall in its Q4 (Jan-March) net profit at Rs 37.44 crore against Rs 55.3 crore in the same quarter last fiscal.
Revenue from operation rose 11 percent at Rs 465.94 crore versus Rs 418.92 crore.
The board recommended a dividend of Rs 30 per equity share for the year.
Credit Suisse has upgraded the stock to neutral from underperform rating and also raised target to Rs 6,300 from Rs 5,900 per share.
According to Credit Suisse, a strong quarter for growth amidst reasonable valuations. Meanwhile, growth was consistent across both South and non-South markets.
The company management refused to guide for 2018-19 but remains optimistic.
The research house upgraded EPS by 2-3 percent on higher growth for 2018-19.
At 12:03 hrs TTK Prestige was quoting at Rs 5,812.45, up Rs 76.55, or 1.33 percent.
Posted by Rakesh Patil