Titan shines in Q4, earnings soars by 50%
Jewellery and watch maker Titan on Wednesday reported a rise of 50% in standalone net profit to Rs 734 crore for the quarter ended March (Q4). This is against a net profit of Rs 491 crore in the year-ago period.
The revenue from operations rose 25% to Rs 8,753 crore in the quarter under review from Rs 6,977 crore in the previous year.
The company’s board recommended a dividend of Rs 10 per equity share, which would be paid on or after the seventh day from the conclusion of the 39th Annual General Meeting subject to the approval of the shareholders, the company said.
The jewellery division, which gives Titan the bulk of its revenue, grew 24% to Rs 7,576 crore in the March quarter. The wedding jewellery segment saw a comeback with growth rates marginally higher than overall retail sales growth.
The watches and wearables segment saw a revenue of Rs 871 crore, up 40%, backed by strong growth in the analog watches segment and a multi-fold increase in wearables. The EyeCare business clocked revenue growth of 25% at Rs 165 crore for the quarter and the emerging business revenue stood at Rs 77 crore for the period. This unit includes fragrances and fashion accessories, which grew by 31%, while Taneria (into Indian dress wear and sarees) grew by 200%.
“The year gone by witnessed several firsts for Titan. The jewellery, watches and wearables, and eyecare divisions achieved landmark milestones of annual consumer retail sales. After a satisfying performance across all the segments during FY23, we are prepared for FY24,” C K Venkataraman, MD, Titan, said.
The company’s scrip closed 0.26% lower at Rs 2,654.35 on the BSE on Wednesday.
