Tata Group-owned Titan Company on Wednesday clocked a standalone net profit for the quarter ended March (Q4) of Rs 734 crore, a 50 per cent jump over Rs 491 crore posted a year ago. Titan’s total revenue came in at Rs 8,753 crore, a rise in 25 per cent over Rs 6,977 crore posted in the year-ago quarter, the jewellery major said.
According to news reports, the company’s revenue was seen growing 25 per cent year-on-year (YoY), as indicated in the operational update. The poll pegged EBITDA margin at 11.6 per cent improving from 10.7 per cent in the year-ago period.
Titan's board also recommended a dividend of Rs 10 per share, according to the BSE filing of the company.
The analysts expected it to report YoY growth of 50 per cent in its standalone profit after tax (PAT) at Rs 737 crore.
For the jewellery segment, total income of Rs 7,576 crore, increasing 24 per cent YoY. The company said its India business grew 21 per cent YoY while buyer growth was at 15 per cent. Titan said the wedding segment witnessed a comeback with growth rates marginally higher than the overall retail sales growth.
EBIT of the company was Rs 997 crore with 13.2 per cent EBIT margin.
Watches and wearables business recorded a total income of Rs 871 crore, up 40 per cent YoY backed by a strong growth in analog watches and multi-fold increase in wearables. EBIT was Rs 98 crore clocking an EBIT margin of 11.3 per cent.
Total income for eyecare business of Rs 165 crore, up by 23 per cent.
The company announced, "The wedding segment witnessed a comeback with growth rates marginally higher than the overall retail sales growth," while adding, "During the quarter, Titan moved into the Top 5 Smartwatch companies by market share in India (IDC Tracker Feb23)."
Stocks of Titan Company were closed at Rs 2,654.35 apiece, down 0.26 per cent on the BSE on Wednesday.
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