Consumer discretionary major Titan on Friday reported a 7% year-on-year (YoY) jump in its standalone net profit at Rs 786 crore, mostly in line with the estimates.
The profit was in line with the Street estimate of Rs 794 crore.
Net sales in January-March 2024 advanced 17% YoY to Rs 10,047 crore, compared to Rs 8,553 crore in the same period last year. The Board has recommended a dividend of Rs 11 per equity share for FY24.
The Board has also approved the reappointment of CK Venkataraman as the MD of the company for a further period with effect from October 2024 up to December 2025.
EBIT for the fourth quarter rose 8% YoY to Rs 1,139 crore, while EBIT margins declined 95 basis points to 11.1%.
On a consolidated level, Titan saw a total income growth of 22% to Rs 11,472 crore. Meanwhile, consolidated PAT rose 5% YoY to Rs 771 crore.
Segment-wise, the total income for the jewellery business grew 19% YoY to Rs 8,998 crore. The Indian business rose 20% in the same period.
EBIT for the segment stood at Rs 1,089 crore with a margin of 12.1% for the quarter. For the full year, the jewellery segment recorded a total income growth of 20% to Rs 38,353 crore and EBIT stood at Rs 4,726 crore.
The watches and wearables business recorded a total income of Rs 940 crore, up 8% YoY. The domestic business grew 9% YoY in the same period.
EBIT for the segment came in at Rs 80 crore, clocking a margin of 8.5% for the quarter. For the full year, the division recorded a total income growth of 18% to Rs 3,904 crore.
Analog watches revenues grew 9% YoY to Rs 787 crore, driven by premiumization and higher average price realizations. Wearables revenues grew 3% YoY while doubling in volumes compared to the same period last year.
EyeCare business total income in the March quarter of Rs 166 crore, flat compared with the previous year’s period. Business recorded an EBIT of Rs 8 crore clocking a margin of 4.8% for the quarter.
For the full year, the EyeCare division recorded a total income growth of 5% to Rs 724 crore. The corresponding EBIT for year was at Rs 85 crore and the margins were 11.7% for the full year.
The emerging businesses, which include Indian dress wear, fragrances, and fashion accessories (F&FA), recorded a total income of Rs 97 crore in the March quarter, growing 26% YoY. The businesses together recorded a loss of Rs 22 crores in the reporting quarter.
Taneira’s sales grew 36% compared to Q4FY23. The brand’s 5th edition of the Taneira Saree Run in Hyderabad saw more than 4,200 saree enthusiasts embracing the saree as a garment of liberation.
The F&FA business jumped 13% YoY in the fourth quarter. In key sub-segments, fragrances rose 9% and women’s bags clocked 97% growth, respectively.
Among key subdidiaries, Caratlane Trading clocked a total income growth of 29% at Rs 748 crore. EBIT came in at Rs 52 crore for the quarter.
“FY24 was yet another satisfying year for Titan. Our Jewelery business continued to grow in prominence achieving a proud milestone of Rs 40,000+ crore in consumer sales. As we look forward to FY25, all businesses of Titan Co are single-mindedly continuing to focus on satisfying the ever-evolving needs of our lifestyle consumers,” said CK Venkataraman, MD.
On Friday, Titan stores closed 1.5% lower at Rs 3,514.75 on NSE.
