At nearly Rs2,100 crore, TTK Prestige is nearly four times as big as its nearest competitor Hawkins in the pressure cooker market, company chairman T.T. Jagannathan points out. Prestige, which was the first to get into pressure cookers back in 1955, sold about 6.5 million pieces last year, more than 40 per cent of the total market volume of 15 million. “The other brands, like Butterfly, are very small, while there are many players in the unorganised sector,” he says.

The company reported a profit before tax of Rs248.21 crore on a standalone revenue of Rs1,936.79 crore in the year ended 31 March 2020. Operations in the first quarter of the current year were ‘impacted by the prolonged lockdown announced by various state governments’, it has said in its filing to the stock exchanges. IIFL had maintained an ‘add’ rating on the company after its Q1 results, with a target price of Rs5,600, because it had seen above-estimate EBIDTA in the quarter. the current price has already overshot this to Rs6,145.30.