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Results
06-May-24
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Analysis
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Titan Company
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OP up 9.37%
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For
the quarter ending March 2024, consolidated Net sales (including other operating income) of Titan Company has increased 20.60% to Rs 12494 crore compared to quarter ended March 2023. Sales of Watches & Clocks segment has gone up 6.34% to Rs 939.00 crore (accounting for 7.46% of total sales). Sales of Jewellery segment rose 20.67% to Rs 11,005.00 crore (accounting for 87.48% of total sales). Sales of eyewear segment has gone up 0.61% to Rs 166.00 crore (accounting for 1.32% of total sales). Sales of Others segment has gone up 87.25% to Rs 470.00 crore (accounting for 3.74% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 10.47% to Rs 1,213.00 crore. PBIT of Watches & Clocks segment fell 28.30% to Rs 76.00 crore (accounting for 6.27% of total PBIT). PBIT of Jewellery segment rose 8.67% to Rs 1,091.00 crore (accounting for 89.94% of total PBIT). PBIT of eyewear segment rose 250.00% to Rs 7.00 crore (accounting for 0.58% of total PBIT). PBIT of Others reported profit of Rs 39.00 crore compared to loss of Rs 14.00 crore. PBIT margin of Watches & Clocks segment fell from 12.00% to 8.09%. PBIT margin of Jewellery segment fell from 11.01% to 9.91%. PBIT margin of eyewear segment rose from 1.21% to 4.22%. PBIT margin of Others segment rose from negative 5.58% to 8.30%. Overall PBIT margin fell from 10.54% to 9.64%. Operating profit margin has declined from 10.51% to 9.53%, leading to 9.37% rise in operating profit to Rs 1,191.00 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 67.97% to 68.80%. Purchase of finished goods cost rose from 10.76% to 10.91%. Employee cost decreased from 3.87% to 3.44%. Other expenses fell from 8.18% to 8.17%. Selling and administration expenses fell from 2.12% to 1.95%. Advertisements cost fell from 2.12% to 1.95%. Other income rose 39.47% to Rs 159 crore. PBIDT rose 12.22% to Rs 1350 crore. Provision for interest rose 109.38% to Rs 201 crore. Loan funds rose to Rs 15,528.00 crore as of 31 March 2024 from Rs 9,367.00 crore as of 31 March 2023. Inventories rose to Rs 19,051.00 crore as of 31 March 2024 from Rs 16,584.00 crore as of 31 March 2023. Sundry debtors were higher at Rs 1,018.00 crore as of 31 March 2024 compared to Rs 674.00 crore as of 31 March 2023. Cash and bank balance rose to Rs 1,526.00 crore as of 31 March 2024 from Rs 1,343.00 crore as of 31 March 2023. Investments declined from Rs 2,515.00 crore as of 31 March 2023 to Rs 2,345.00 crore as of 31 March 2024. PBDT rose 3.79% to Rs 1149 crore. Provision for depreciation rose 32.77% to Rs 158 crore. Fixed assets increased to Rs 3,683.00 crore as of 31 March 2024 from Rs 3,019.00 crore as of 31 March 2023. Intangible assets stood at Rs 123.00 crore. Profit before tax grew 0.30% to Rs 991.00 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 220 crore, compared to Rs 252 crore. Effective tax rate was 22.20% compared to 25.51%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 5.62% to Rs 771.00 crore. Equity capital stood at Rs 89.00 crore as of 31 March 2024 to Rs 89.00 crore as of 31 March 2023. Per share face Value remained same at Rs 1.00. Promoters’ stake was 52.90% as of 31 March 2024 ,compared to 52.90% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of Titan Company has increased 25.90% to Rs 51084 crore. Sales of Watches and Wearables segment has gone up 18.73% to Rs 3,930.00 crore (accounting for 7.66% of total sales). Sales of Jewellery segment rose 26.76% to Rs 45,524.00 crore (accounting for 88.71% of total sales). Sales of eyewear segment has gone up 5.37% to Rs 726.00 crore (accounting for 1.41% of total sales). Sales of Others segment has gone up 41.37% to Rs 1,138.00 crore (accounting for 2.22% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 9.18% to Rs 5,290.00 crore. PBIT of Watches and Wearables segment fell 3.68% to Rs 393.00 crore (accounting for 7.43% of total PBIT). PBIT of Jewellery segment rose 9.69% to Rs 4,812.00 crore (accounting for 90.96% of total PBIT). PBIT of eyewear segment fell 18.37% to Rs 80.00 crore (accounting for 1.51% of total PBIT). PBIT of Others reported profit of Rs 5.00 crore compared to loss of Rs 48.00 crore. PBIT margin of Watches and Wearables segment fell from 12.33% to 10.00%. PBIT margin of Jewellery segment fell from 12.22% to 10.57%. PBIT margin of eyewear segment fell from 14.22% to 11.02%. PBIT margin of Others segment rose from negative 5.96% to 0.44%. Overall PBIT margin fell from 11.90% to 10.31%. Operating profit margin has declined from 12.02% to 10.36%, leading to 8.46% rise in operating profit to Rs 5,292.00 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 62.82% to 67.16%. Purchase of finished goods cost fell from 13.31% to 11.16%. Employee cost decreased from 3.85% to 3.47%. Other expenses fell from 8.63% to 8.36%. Selling and administration expenses fell from 2.26% to 2.14%. Advertisements cost fell from 2.26% to 2.14%. Other income rose 73.05% to Rs 533 crore. PBIDT rose 12.30% to Rs 5825 crore. Provision for interest rose 106.33% to Rs 619 crore. Loan funds rose to Rs 15,528.00 crore as of 31 March 2024 from Rs 9,367.00 crore as of 31 March 2023. Inventories rose to Rs 19,051.00 crore as of 31 March 2024 from Rs 16,584.00 crore as of 31 March 2023. Sundry debtors were higher at Rs 1,018.00 crore as of 31 March 2024 compared to Rs 674.00 crore as of 31 March 2023. Cash and bank balance rose to Rs 1,526.00 crore as of 31 March 2024 from Rs 1,343.00 crore as of 31 March 2023. Investments declined from Rs 2,515.00 crore as of 31 March 2023 to Rs 2,345.00 crore as of 31 March 2024. PBDT rose 6.53% to Rs 5206 crore. Provision for depreciation rose 32.43% to Rs 584 crore. Fixed assets increased to Rs 3,683.00 crore as of 31 March 2024 from Rs 3,019.00 crore as of 31 March 2023. Intangible assets stood at Rs 123.00 crore. Profit before tax grew 3.96% to Rs 4,622.00 crore. Provision for tax was expense of Rs 1127 crore, compared to Rs 1173 crore. Effective tax rate was 24.38% compared to 26.38%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 7.57% to Rs 3,496.00 crore. Equity capital stood at Rs 89.00 crore as of 31 March 2024 to Rs 89.00 crore as of 31 March 2023. Per share face Value remained same at Rs 1.00. Promoters’ stake was 52.90% as of 31 March 2024 ,compared to 52.90% as of 31 March 2023 . Cash flow from operating activities increased to Rs 1,695.00 crore for year ended March 2024 from Rs 1,370.00 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 691.00 crore, compared to Rs 432.00 crore during the year ended March 2023. Other Highlights
Board
has recommended a Dividend of Rs 11 per Equity Share of Re 1 each for FY24.
In
Q4 FY24, India Jewellery business grew 20% YoY, Watches & Wearables
increased 8% YoY and EyeCare reported flat growth.
In
Q4 FY24, Caratlane grew 29% and Emerging Businesses increased 26% on YoY basis.
In
Q4 FY24, Jewellery business contributed 86% to consolidated revenue, Watches
& Wearables 8%, EyeCare 2%, and Other Businesses 4%.
Management Comments :
Mr. CK Venkataraman, Managing Director of
the Company stated that: "FY24 was yet another satisfying year for Titan.
Our Jewellery business continued to grow in prominence achieving a proud
milestone of "Rs 40,000+ crores in consumer sales. Together our brands of
Tanishq, Mia, Zaya and Caratlane are meaningfully innovating and offering the
best variety of choices for the discerning woman of tomorrow. Our Wearables
business is making good strides contributing to the ambitious growth targets
that the business has embarked upon. The EyeCare business has re-calibrated
itself in this year of consolidation and has launched exciting new product
launches for the fashion-conscious youth . Taniera`s expansions are gathering
pace, and their stores are accessible across the length and breadth of the
country. Through their `Weavershalas` initiative, the brand is assiduously
striving to protect traditional heirloom methodologies whilst embracing
modernity practices. As we look forward to FY25, all businesses ofTitan Company
Limited are single-mindedly continuing to focus on satisfying the ever-evolving
needs of our lifestyle consumers."
| Titan Company : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202403 | 202303 | Var.(%) | 202403 | 202303 | Var.(%) |
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| Net Sales (including other operating income) | 12,494.00 | 10,360.00 | 20.60 | 51,084.00 | 40,575.00 | 25.90 | | OPM (%) | 9.53 | 10.51 | -98 bps | 10.36 | 12.02 | -167 bps | | OP | 1,191.00 | 1,089.00 | 9.37 | 5,292.00 | 4,879.00 | 8.46 | | Other Inc. | 159.00 | 114.00 | 39.47 | 533.00 | 308.00 | 73.05 | | PBIDT | 1,350.00 | 1,203.00 | 12.22 | 5,825.00 | 5,187.00 | 12.30 | | Interest | 201.00 | 96.00 | 109.38 | 619.00 | 300.00 | 106.33 | | PBDT | 1,149.00 | 1,107.00 | 3.79 | 5,206.00 | 4,887.00 | 6.53 | | Depreciation | 158 | 119 | 32.77 | 584 | 441 | 32.43 | | PBT | 991.00 | 988.00 | 0.30 | 4622 | 4446 | 3.96 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 1 | 1 | 0 | | PBT before EO | 991 | 988 | 0.30 | 4623 | 4447 | 3.96 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 991 | 988 | 0.30 | 4623 | 4447 | 3.96 | | Taxation | 220 | 252 | -12.70 | 1127 | 1173 | -3.92 | | PAT | 771 | 736 | 4.76 | 3496 | 3274 | 6.78 | | Minority Interest (MI) | 0 | 6 | - | 0 | 24 | - | | Net profit | 771 | 730 | 5.62 | 3496 | 3250 | 7.57 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 771 | 730 | 5.62 | 3496 | 3250 | 7.57 | | EPS (Rs)* | 8.68 | 8.22 | 5.62 | 39.38 | 36.61 | 7.57 | | | * EPS is on current equity of Rs 88.78 crore, Face value of Rs 1, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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| Titan Company : Consolidated Segment Results | | | Quarter ended | Year ended |
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| % of (Total) | 202403 | 202303 | Var.(%) | % of (Total) | 202403 | 202303 | Var.(%) |
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| Sales | | Watches & Clocks | 7.46 | 939.00 | 883.00 | 6.34 | 7.66 | 3,930.00 | 3,310.00 | 18.73 | | Time Products | 0.00 | 0.00 | 0.00 | - | | Jewellery | 87.48 | 11,005.00 | 9,120.00 | 20.67 | 88.71 | 45,524.00 | 35,914.00 | 26.76 | | eyewear | 1.32 | 166.00 | 165.00 | 0.61 | 1.41 | 726.00 | 689.00 | 5.37 | | Others | 3.74 | 470.00 | 251.00 | 87.25 | 2.22 | 1,138.00 | 805.00 | 41.37 | | Total Reported Sales | 100.00 | 12,580.00 | 10,419.00 | 20.74 | 100.00 | 51,318.00 | 40,718.00 | 26.03 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 12,580.00 | 10,419.00 | 20.74 | 100.00 | 51,318.00 | 40,718.00 | 26.03 | | PBIT | | Watches & Clocks | 6.27 | 76.00 | 106.00 | -28.30 | 7.43 | 393.00 | 408.00 | -3.68 | | Time Products | 0.00 | 0.00 | 0.00 | - | | Jewellery | 89.94 | 1,091.00 | 1,004.00 | 8.67 | 90.96 | 4,812.00 | 4,387.00 | 9.69 | | eyewear | 0.58 | 7.00 | 2.00 | 250.00 | 1.51 | 80.00 | 98.00 | -18.37 | | Others | 3.22 | 39.00 | -14.00 | LP | 0.09 | 5.00 | -48.00 | LP | | Total PBIT | 100.00 | 1,213.00 | 1,098.00 | 10.47 | 100.00 | 5,290.00 | 4,845.00 | 9.18 | | Less : Interest | | 201.00 | 96.00 | 109.38 | | 619.00 | 300.00 | 106.33 | | Add: Other un-allcoable | | -21.00 | -14.00 | -50.00 | | -48.00 | -98.00 | 51.02 | | PBIT Margin(%) | | Watches & Clocks | | 8.09 | 12.00 | -391.08 | | 10.00 | 12.33 | -232.63 | | Time Products | | 0.00 | 0.00 | 0.00 | | Jewellery | | 9.91 | 11.01 | -109.51 | | 10.57 | 12.22 | -164.50 | | eyewear | | 4.22 | 1.21 | 300.47 | | 11.02 | 14.22 | -320.42 | | Others | | 8.30 | -5.58 | 1,387.56 | | 0.44 | -5.96 | 640.21 | | PBT | 100.00 | 991.00 | 988.00 | 0.30 | 100.00 | 4,623.00 | 4,447.00 | 3.96 |
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