Q1 Results Highlights: Titan net profit down 2% to ₹777 crore, revenue up 24% YoY | Mint
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Business News/ Companies / Company Results/  Q1 Results Highlights: Titan net profit down 2% to 777 crore, revenue up 24% YoY
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Q1 Results Highlights: Titan net profit down 2% to ₹777 crore, revenue up 24% YoY

Q1 Results Today Live: Titan reported a net profit of 777 crore, registering a decline of 2 per cent year-on-year, while revenue grew 24 per cent. Meanwhile, IndiGo Airlines is back-to-black as it reported a net profit of 3,090 crore in the Q1FY24 compared to the year-ago period.

Titan Company, IndiGo airlines, among others reported their Q1FY24 results todayPremium
Titan Company, IndiGo airlines, among others reported their Q1FY24 results today

Q1 Results Live: Titan Company's net profit declined two per cent to 777 crore n the April-June quarter of fiscal 2023-24 (Q1FY24), compared to 793 crore in the corresponding period last year. The jewellery and accessories maker's revenue from operations during the first quarter of current fiscal stood at 11,145 crore, compared to 8,961 crore in the year-ago period. Titan Company share price was trading a percent lower ahead of the release of Q1 results today.

Titan Company was expected to see a decent earnings growth in the first quarter of FY24. Analysts expected the net profit rising 14.24 per cent and revenue growth at 19.4 per cent on a year-on-year basis in Q1FY24.

Meanwhile, Interglobe Aviation, the operator of IndiGo Airlines reported a net profit of 3,090 crore in the June quarter, compared to a net loss of 1,064 crore in the year-ago period. Revenue from operations rose 30 per cent year-on-year.

02 Aug 2023, 08:34:31 PM IST

Q1 Results:

This live blog session has ended.

02 Aug 2023, 07:37:11 PM IST

Titan Q1 Results LIVE: Eyecare business segment

The total income of the EyeCare business grew 11 per cent at 203 crore compared to the corresponding period last year. The total income of the emerging business consisting of fragrances, fashion accessories and Indian dress wear grew 37 per cent to 76 crore, according to Titan's statement.

02 Aug 2023, 06:44:01 PM IST

Titan Q1 Results LIVE: CaratLane Q1FY24 figures

The total income of CaratLane Private Limited grew 32 per cent to 640 crore compared to the corresponding quarter previous year. Titan Enginering and Automation Limited recorded a total income of 61 crore down by 32 per cent compared to Q1FY23, according to Titan's Q1 results statement.

02 Aug 2023, 06:12:36 PM IST

Titan Q1 Results LIVE: Wearables segment highlights

In Wearables, the Fastrack brand grew the fastest clocking sizeable gains in the portfolio. Fastrack Smart on-boarded actor Ranveer Singh as the Brand Ambassador and launched its first campaign 'Follow Yourself' towards the end of the quarter. Titan Smart too launched an exciting new line of products titled 'Evoke' providing a refreshing take on 'Fashion meets Function'. EBIT came in at 102 crore with an EBIT margin of 11.5 per cent for Q1FY24.

02 Aug 2023, 06:04:09 PM IST

Titan Q1 Results LIVE: Segment revenue highlights

The watches and wearables segment of Titan Company recorded a total income of 890 crore, up 13 per cent compared to Q1FY23 backed by a robust growth of 81 per cent in the Wearables segment. 

Titan said in a statement that the premiumization theme was at the fore with Titan and International brands seeing strong buying momentum clocking handsome double-digit growths in the analog segment.

02 Aug 2023, 05:56:25 PM IST

Q1 Results LIVE: Titan reports jump in sales on Akshaya Tritiya

The jump in sales was on the back of increased buying of gold in April as consumers celebrated the annual festival of Akshaya Tritiya when buying the yellow metal is considered auspicious, while wedding purchases boosted volumes in the June quarter.

02 Aug 2023, 05:51:50 PM IST

Q1 Results LIVE: IndiGo's Management Quote

"We produced strong operational performance and welcomed the highest number of quarterly passengers which enabled us to generate the highest ever quarterly revenue and net profit for the quarter ended June 2023," said IndiGo CEO Pieter Elbers.

02 Aug 2023, 05:46:48 PM IST

Titan Q1 Results LIVE: Net profit falls 2% to ₹777 crore

The jewellery and accessories maker's net profit in the June quarter came in at 777 crore, reporting a decline of two per cent, compared to 793 crore in the year-ago period.

02 Aug 2023, 04:49:47 PM IST

IndiGo Q1 Results: Airline reports highest-ever quarterly profit in Q1FY24

The airline has reported the highest-ever quarterly net profit in Q1FY24, reflecting strong operational performance, execution of plans and strategy, along with favorable market conditions.

02 Aug 2023, 04:48:14 PM IST

IndiGo Q1 Results LIVE: Revenue from operations rose 30% YoY

The airline's revenue from operations during the June quarter came in at 16,683 crore, registering a growth of 30 per cent, compared to 12,855 crore in the year-ago period

02 Aug 2023, 04:33:53 PM IST

IndiGo Q1 Results LIVE: Net profit comes in at ₹3,090 crore 

Interglobe Aviation, the operator of IndiGo Airlines reported a net profit of 3,090 crore in the April-June quarter of fiscal 2023-24, compared to net loss of 1,064 crore in year-ago period.

02 Aug 2023, 03:36:28 PM IST

Titan Q1 Results Live: Titan shares end 1% lower ahead of Q1 results

Titan Company share price ended over a percent lower on Wednesday ahead of the announcement of Q1 results. Titan share price closed 1.10% lower at 2,968.05 apiece on the BSE.

02 Aug 2023, 03:33:31 PM IST

Titan Q1 Results Live: Expect strong sales growth despite a tougher base: JM Financial

Expect Titan Company to deliver strong sales growth despite a tougher base. We forecast both Jewellery & Watches margins to be 14% vs 13% LY which would drive earnings growth of 28%. Commentaries on exit-growth and outlook remain key, JM Financial said. 

The brokerage expects jewellery revenue growth of 21% (ex bullion), watches segment to grow 13% and Eyewear by 10%, YoY.

02 Aug 2023, 03:26:51 PM IST

Titan Q1 Results Live: Expect revenue CAGR of 16% for Titan over FY23-25: ICICI Securities

ICICI Securities models revenue CAGR of 16% for Titan Company over FY23-25E. Jewellery demand has been strong from Akshaya Tritiya which continued through wedding sales in June despite volatility in the gold price during 1QFY24. 

In medium term, we continue to believe that jewellery segment can outperform (other consumer discretionary segments) as it is relatively immune (inelastic wedding purchases, gold as an investment asset etc.) to general slowdown in consumer discretionary spends, ICICI Securities said.

02 Aug 2023, 03:08:03 PM IST

Titan Q1 Results Live: EBITDA expected to rise 13.6%, margin to remain flat: Motilal Oswal

According to Motilal Oswal estimates, Titan Company’s EBITDA in Q1FY24 may grow by 13.6% YoY to 1,358.1 crore, while operating margin is expected to contract by 30 basis points (bps) YoY to 12.4% on gold price volatility.  

02 Aug 2023, 02:05:22 PM IST

Titan Q1 Results Live: Titan shares extend losses ahead of Q1 results

Titan Comapny share price extended losses on Wednesday ahead of the release of Q1 results today. Titan shares fell as much as 1.32% to an intraday low of 2,961.50 apiece on the BSE.

02 Aug 2023, 01:39:36 PM IST

Titan Q1 Results Live: Titan’s net profit was ₹734 crore in Q4FY23

Titan Company reported a rise of 50% in standalone net profit to 734 crore for the quarter ended March 2023. This was against a net profit of 491 crore in the year ago period. The revenue from operations rose by 25% to 8,753 crore in Q4FY23 from 6,977 crore in the year ago period. The company's board had recommended a dividend of 10 per equity share. Read here

02 Aug 2023, 01:01:33 PM IST

Titan Q1 Results Live: Fragrances & Fashion Accessories segment growth at 11% in Q1

In Emerging Businesses, Titan Company's Fragrances & Fashion Accessories grew 11% YoY driven by 9% growth in Fragrances and 13% growth in Fashion Accessories. 

Taneira's Q1 sales grew by 81% YoY. The brand opened 6 new stores of which 3 stores were in new cities of Vijayawada, Agra and Berhampur and balance 3 stores were in the existing cities of Mumbai, Hyderabad and Lucknow.

02 Aug 2023, 12:38:54 PM IST

Titan Q1 Results Live: EyeCare Division sales grew 10% YoY

EyeCare Division saw sales growth of 10% YoY in Q1FY24. The Trade & Distribution (Trade) channel grew faster than Titan Eye+ improving its contribution in the overall pie, as per Q1 business update.

The Division added 5 new Titan Eye+ and 2 new Fastrack stores in the domestic market during the quarter.

02 Aug 2023, 12:21:15 PM IST

Titan Q1 Results Live: Titan's jewelry segment to grow at 18% YoY: Ambit Stock Broking

We understand that the first half of April witnessed weakness in demand due to an increase in gold prices and no wedding dates, while the second half of April witnessed some recovery due to Akshay Tritiya. May witnessed a relative improvement in demand due to a higher number of wedding dates. June witnessed good performance due to a decline in gold prices by 3%-4% along with wedding demand.

Additionally, the withdrawal of 2,000 notes by the government could have aided demand. Overall, we expect Titan's jewelry segment to grow at 18% YoY, with LTL growth of 12% YoY and the balance 6% YoY growth from store expansion. We expect the watches and eyewear division to grow at 11% and 7% YoY, respectively.

02 Aug 2023, 12:03:56 PM IST

Titan Q1 Results Live: Titan Company added 68 stores in Q1

Titan Company added a total of 68 stores,including CaratLane, during the April-June 2023 quarter taking its retail presence to 2,778 stores.

In its Jewellery Division, Tanishq added a new store in Sharjah thereby expanding its international presence to 7 stores in the GCC region and 1 store in the USA. The domestic new store additions consisted of 9 stores in Tanishq and 8 stores in Mia by Tanishq.

Watches & Wearables Division added 26 new stores in the quarter. Taneira brand opened 6 new stores, while CaratLane added 11 new domestic stores in Q1FY24.

02 Aug 2023, 11:38:05 AM IST

Titan Q1 Results Live: Titan Eye+ could be worth ₹120 billion: Prabhudas Lilladher

Brokerage firm Prabhudas Lilladher expect Titan’s eyecare business to achieve sales of 10.5  billion with EBITDA of 2.4 billion by FY25. Based on Lenskart valuation of $4.5 billion, Titan Eye+ could be worth 126 per share ( 120 billion) in valuation., according to Prabhudas Lilladher.

“While we remain confident of steady growth in Jewellery and Watches, we believe emerging businesses of Titan Eye+, Wearables, Caratlane and Taneira will provide an icing on the cake. Titan currently trades at 58.0x FY25E EPS with 19.9% EPS CAGR over FY23-25," said Amnish Aggarwal, Head of Research, Prabhudas Lilladher in a note.

02 Aug 2023, 11:13:13 AM IST

Titan Q1 Results Live: Expect revenue growth of 16% YoY: Motilal Oswal

Brokerage firm Motilal Oswal Financial Services expects Titan Company’s Q1 revenue growth of 16.0% YoY on account of Akshaya Tritiya and the wedding season in May and June.

It anticipates the jewelry segment to grow by around 15.1%, with a four-year revenue CAGR of 23.3%. EBITDA margin is likely to remain flat YoY on gold price volatility.

Outlook on international business expansion is a key monitorable, the brokerage house said.

02 Aug 2023, 11:00:27 AM IST

Titan Q1 Results Live: Watches & Wearables Division see 13% YoY growth in Q1

Titan Company's Watches & Wearables Division’s 13% YoY growth in Q1FY24 comprised of 8% growth in analog watches segment and 84% YoY growth in Wearables. Brand Titan and international brands saw strong buying momentum clocking handsome double digit growths. Consumer preferences for premium brands resulted in a good uptick in the average selling price for watches. 

Amongst key channels, Helios chain, Large Format Stores (LFS) and E-commerce clocked higher growth rates compared to others. Of the 26 new stores added in the quarter, 14 stores were in Titan World, 9 stores in Helios and 3 stores in Fastrack respectively.

02 Aug 2023, 10:51:50 AM IST

Titan Q1 Results Live: Jewellery division grew 21% in Q1FY24

Titan Company’s jewellery division grew 21% YoY in Q1FY24, as per the company’s business update. Buyer growth was higher than average ticket size growth for this period. Despite significant volatility in gold prices throughout the quarter, Akshaya Tritiya sales in April and wedding purchases in June were robust. 

The key categories of gold and studded grew well with no notable change in the overall product mix. New store additions, golden harvest and exchange programs continued to do well during the quarter, the company said.

02 Aug 2023, 10:46:28 AM IST

Titan Q1 Results Live: Revenue grows 20% on robust all-round performance; retail footprint expands to 2,778 stores

Titan Company announced on July 6 that it has registered a 20% year-on-year (YoY) revenue growth with all key consumer businesses exhibiting double-digit growth for the April-June quarter of current fiscal. The jewellery maker also said that during the quarter, it added 68 stores, including CaratLane, taking Titan's retail footprint to 2,778 stores. Read full report here

02 Aug 2023, 10:40:45 AM IST

Titan Q1 Results Live: Titan share price trades lower ahead of Q1 results

Titan Company share price traded over half a percent lower on Wednesday ahead of the release of Q1 results today. Titan shares were trading 0.54% lower at 2,985.00 apiece on the BSE.

02 Aug 2023, 10:34:18 AM IST

Titan Q1 Results Live: Revenue grows 20% on robust all-round performance, shows Q1 business update

Titan Company registered a 20% year-on-year (YoY) revenue growth with all key consumer businesses exhibiting double-digit growth for the April-June quarter of the current fiscal, according to its business update filed on exchanges. 

02 Aug 2023, 10:29:47 AM IST

Titan Q1 Results Live: Operating margins likely to remain flat

Titan Company’s earnings before interest, taxes, depreciation and amortization (EBITDA) is likely to rise by 9.2% YoY to 1,307 crore. However, EBITDA margin is expected to shrink by around 30 basis points (bps) YoY to 12.4%.

02 Aug 2023, 10:27:29 AM IST

Titan Q1 Results Live: Revenue growth seen at 19.4% YoY

Titan Company is expected to report revenue of 10,700 crore in the first quarter of FY24, registering a growth of 19.4% on a year-on-year basis, as per average estimates by analysts.

02 Aug 2023, 10:25:54 AM IST

Titan Q1 Results Live: Net profit likely to rise 14.2% to ₹906 crore

Titan Company is likely to see its net profit rising 14.24% YoY to 906 crore in Q1FY24.

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