Shares of Stovekraft, a leading kitchen appliances company, plunged 11 percent following disappointing numbers for the March quarter. The company reported a net loss of Rs 6 crore compared to a profit of Rs 8.6 crore in the same period last year.However, the revenue saw a modest increase of 6.4 percent at Rs 278 crore compared to Rs 261.3 crore in the previous year.At 11 am, was quoting at Rs 445.20 on the NSE, lower by 10 percent from the previous close. Trading volumes at 967,479 shares, were almost three times the 20-day average volume.In an interview with CNBC-TV18, Rajendra Gandhi, managing director of StoveKraft, said tepid demand was affecting margins. He noted that the distribution network fell short of meeting sales targets, but highlighted the growth in the retail and export segments.StoveKraft aims to expand its gross margin, which increased by 100 basis points in FY23. Despite revenue growth of 13 percent in FY23, falling short of the expected 20 percent, Gandhi expects the EBITDA margin to recover from 2 percent to 11 percent by the end of H1FY24.The general and modern trade sectors saw growth rates of 17 percent and 14 percent respectively, he said. However, the company faced challenges in generating sufficient cash flows from capital expenditure, resulting in increased debt, he added.The company plans to reduce its debt to previous levels within the next three quarters and remains committed to opening 7-8 stores every month.Stovekraft’s share price has recovered from its 52-week low of Rs 353.10 hit in March 2023, however, it is still down 18 percent for this year so far. A few months after its listing in February 2021, the stock hit an all-time high of Rs 1095 but is now absolutely flat.