BackTitan Q4 Results: Net profit up 50% to ₹734 cr, dividend declared
The company's board has recommended a dividend of ₹10 per equity share of ₹1 each.
PremiumTitan Company on Wednesday reported a rise of 50 per cent in standalone net profit to ₹734 crore for the quarter ended March 2023. This is against a net profit of ₹491 crore in the year ago period.
The revenue from operations rose by 25 per cent to ₹8,753 crore in the quarter under review from ₹6,977 crore in the year ago period.
The company's board has recommended a dividend of ₹10 per equity share of ₹1 each which shall be paid on or after the seventh day from the conclusion of the 39th Annual General Meeting subject to the approval of the shareholders of the company.
The jewellery segment grew by 24 per cent to ₹7,576 crore in the March quarter. The India business grew by 21 per cent in the same time. The wedding segment saw a comeback with growth rates marginally higher than the overall retail sales growth said Titan.
The watches and wearables segment recorded a total income of ₹871 crore, up by 40 per cent, backed by strong growth in the analog watches segment and a multi-fold increase in wearables.
The business hit a milestone of ₹5000 crore-plus of annual uniform consumer price (UCSP) retail sales and total sales of 1 million-plus smartwatches.
During the quarter, Titan moved into the top 5 smartwatch companies by market share in India. EBIT for the segment came in at ₹98 crore, while clocking an EBIT margin of 11.3%.
The EyeCare business clocked revenue growth of 25 per cent at ₹165 crore. The emerging business revenue stood at ₹77 crore.
It comprises fragrances, fashion accessories (F&FA), and Indian dress wear grew by 31 per cent, while Taneria grew by 200 per cent.
"The year gone by witnessed several firsts for Titan. The jewellery, watches and wearables, and eyecare achieved landmark milestones of annual consumer retail sales. After a satisfying performance across all the segments during FY23, we are well prepared and looking forward to an exciting FY24," said C K Venkataraman, MD, Titan.
The company's scrip closed 0.26 per cent lower at ₹2,654.35 on BSE.
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