CRISIL has enhanced the rated amount while retaining 'AA-/Stable/A1+' on the bank facilities and commercial paper of TTK Prestige. The rated amount enhanced to Rs 750 billion from Rs 500 billion.

CRISIL's ratings continue to reflect TTK's strong market position in the kitchen equipment space, and its healthy financial risk profile, marked by strong capital structure and robust debt protection metrics. These rating strengths are partially offset by TTK's susceptibility to intense industry competition and volatility in raw material prices.

CRISIL believes that TTK will maintain its business risk profile over the medium term, backed by steady increase in revenue on improving utilisation levels of its enhanced capacities and improvement in operating efficiency with improved operating leverage and backward integration. The outlook may be revised to 'Positive' if TTK significantly improves its revenue and margins, backed by revenue diversification. Conversely, the outlook may be revised to 'Negative' if the company undertakes a larger-than-expected debt-funded capex programme or acquisition, leading to weakening in its financial risk profile.

Shares of the company declined Rs 84.15, or 2.08%, to settle  at  Rs 3,958.40.  The total volume of shares traded  was  1,221 at  the BSE (Tuesday).