TTK Prestige’s (TTKP) Q1FY17 revenues were flattish with 2% YoY growth, below our expectations. However, margins surprised on the positive side and were higher than our expectations of 11.2% at 12.6%. The cooker & cookware segment disappointed with YoY degrowth of 2% and 9%, respectively, while the appliance segment grew steadily by 8% • EBITDA for the quarter grew 15% YoY to | 43.5 crore. The EBITDA margin increased 146 bps to 12.6% (I-direct estimate 11.2%). This was mainly on account of improvement in gross margin by 196 bps • Consequently, PAT grew 10% YoY to | 24 crore (I-direct estimate | 28.3 crore).ICICI Securities Limited have a HOLD recommendation on the stock with a revised target price of | 4590 (28x FY18E EPS).Trendlyne has 6 reports on TTKPRESTIG updated in the last year from 3 brokers with an average target of Rs 4849. Brokers have a rating for TTKPRESTIG with 1 downgrade,1 price downgrade and 2 price upgrades in past 6 months.