Titan Q4 revenue, profit beat estimates
Bengaluru: Watches and accessories firm Titan Co Ltd’s fourth-quarter results beat street estimates as revenue from all segments, led by its jewellery division, grew in double digits from a year earlier.
The company reported revenue of Rs 3,486.99 crore for the quarter ended 31 March a 43.89% jump from the same period last year. Net profit rose 7.4% to Rs 2,007.1 crore during the period.
Analysts surveyed by Bloomberg expected revenue of Rs 3,218.1 crore and a net profit of Rs 219.8 crore.
Income from the jewellery business, which accounts for a major portion of total sales and mainly operates under the Tanishq brand, grew 54.99% during the quarter.
“The year witnessed launch of many successful collections in jewellery as well as an effective wedding campaign,” the company said in a filing with the BSE on Friday.
Even the watches segment, which bore the brunt of demonetization as sales fell at multi-brand retail outlets, posted double-digit revenue growth during the quarter.
“The key highlight of the year was Titan’s entry into the world of smart watches through the launch of Titan Juxt Pro and Sonata Act - the safety watch for women - and Fastrack Reflex - the fitness band,” the company added in the filing.
Titan added 84 new stores during the 2016-17 financial year and, as of 31 March, the firm had 1,336 retail outlets.
“The year 2016-17 was an extremely satisfying year, in terms of company performance, given the market conditions. The various businesses of the company retained their focus and took bold steps, wherever needed, to drive growth and enhance profitability,” Bhaskar Bhat, Titan’s managing director said in a statement.