On consolidated basis
Quarter ended December 2024 compared with Quarter ended December 2023.
Net sales (including other operating income) of Titan Company has increased 25.25% to Rs 17740 crore. Sales of Watches & Clocks segment has gone up 15.31% to Rs 1,137.00 crore (accounting for 6.40% of total sales). Sales of Jewellery segment rose 26.62% to Rs 16,134.00 crore (accounting for 90.75% of total sales). Sales of eyewear segment has gone up 16.67% to Rs 196.00 crore (accounting for 1.10% of total sales). Sales of Others segment has gone down 0.32% to Rs 312.00 crore (accounting for 1.75% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 4.05% to Rs 1,619.00 crore. PBIT of Watches & Clocks segment rose 92.86% to Rs 108.00 crore (accounting for 6.67% of total PBIT). PBIT of Jewellery segment rose 0.54% to Rs 1,490.00 crore (accounting for 92.03% of total PBIT). PBIT of eyewear segment rose 53.85% to Rs 20.00 crore (accounting for 1.24% of total PBIT). PBIT of Others segment fell 80.00% to Rs 1.00 crore (accounting for 0.06% of total PBIT). PBIT margin of Watches & Clocks segment rose from 5.68% to 9.50%. PBIT margin of Jewellery segment fell from 11.63% to 9.24%. PBIT margin of eyewear segment rose from 7.74% to 10.20%. PBIT margin of Others segment fell from 1.60% to 0.32%. Overall PBIT margin fell from 10.95% to 9.11%. Operating profit margin has declined from 11.05% to 9.44%, leading to 6.96% rise in operating profit to Rs 1,674.00 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 63.68% to 63.52%. Purchase of finished goods cost fell from 12.86% to 12.45%. Employee cost increased from 3.42% to 3.65%. Other expenses rose from 8.89% to 9.38%. Selling and administration expenses rose from 2.41% to 2.44%. Advertisements cost rose from 2.41% to 2.44%. Other income fell 5.88% to Rs 128 crore. PBIDT rose 5.94% to Rs 1802 crore. Provision for interest rose 36.69% to Rs 231 crore. PBDT rose 2.55% to Rs 1571 crore. Provision for depreciation rose 13.64% to Rs 175 crore. Profit before tax grew 1.31% to Rs 1,396.00 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 349 crore, compared to Rs 325 crore. Effective tax rate was 25.00% compared to 23.58%. Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 0.57% to Rs 1,047.00 crore. Promoters’ stake was 52.90% as of 31 December 2024 ,compared to 52.90% as of 31 December 2023 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Titan Company has increased 18.01% to Rs 45540 crore. Sales of Watches & Clocks segment has gone up 15.81% to Rs 3,464.00 crore (accounting for 7.58% of total sales). Sales of Jewellery segment rose 17.94% to Rs 40,713.00 crore (accounting for 89.14% of total sales). Sales of eyewear segment has gone up 8.57% to Rs 608.00 crore (accounting for 1.33% of total sales). Sales of Others segment has gone up 33.23% to Rs 890.00 crore (accounting for 1.95% of total sales). Profit before interest, tax and other unallocable items (PBIT) has slumped 1.30% to Rs 4,024.00 crore. PBIT of Watches & Clocks segment rose 30.91% to Rs 415.00 crore (accounting for 10.31% of total PBIT). PBIT of Jewellery segment fell 4.17% to Rs 3,566.00 crore (accounting for 88.62% of total PBIT). PBIT of eyewear segment fell 16.44% to Rs 61.00 crore (accounting for 1.52% of total PBIT). PBIT of Others segment rose 47.06% to Rs -18.00 crore (accounting for -0.45% of total PBIT). PBIT margin of Watches & Clocks segment rose from 10.60% to 11.98%. PBIT margin of Jewellery segment fell from 10.78% to 8.76%. PBIT margin of eyewear segment fell from 13.04% to 10.03%. PBIT margin of Others segment rose from negative 5.09% to negative 2.02%. Overall PBIT margin fell from 10.52% to 8.81%. Operating profit margin has declined from 10.63% to 9.13%, leading to 1.37% rise in operating profit to Rs 4,157.00 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 66.60% to 68.73%. Purchase of finished goods cost rose from 11.24% to 11.42%. Employee cost decreased from 3.48% to 3.30%. Other expenses fell from 8.43% to 7.95%. Selling and administration expenses fell from 2.20% to 2.04%. Advertisements cost fell from 2.20% to 2.04%. Other income fell 1.07% to Rs 370 crore. PBIDT rose 1.16% to Rs 4527 crore. Provision for interest rose 67.70% to Rs 701 crore. PBDT fell 5.69% to Rs 3826 crore. Provision for depreciation rose 19.72% to Rs 510 crore. Profit before tax down 8.68% to Rs 3,316.00 crore. Provision for tax was expense of Rs 851 crore, compared to Rs 907 crore. Effective tax rate was 25.66% compared to 24.97%.Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 9.50% to Rs 2,466.00 crore. Promoters’ stake was 52.90% as of 31 December 2024 ,compared to 52.90% as of 31 December 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
In
Q3 FY25, The India business grew 25% YoY and Watches &
Wearables increased 15% YoY. Analog segment recorded a 20%
YoY revenue growth primarily led by Titan brand clocking 18% growth in the same
period. Wearables segment saw a 20% YoY drop in revenue.
In
Q3 FY25, EyeCare reported 16% YoY growth. Caratlane
grew 27% YoY.
In
Q3 FY25, the International Jewellery business recorded
an income growth of 64% YoY. Titan Engineering & Automation decreased 4%
YoY.
In
Q3 FY25, The Emerging Businesses comprising of Indian
Dress Wear (`Taneira`), Fragrances, Fashion Accessories (F&FA) recorded 5%
YoY growth. Within sub-segments, Fragrances (SKINN) grew 27% YoY and Women`s
Bags (IRTH & Fastrack) grew 25% YoY.
Management Comments :
Mr. CK Venkataraman, Managing Director of
the Company stated that: "The festive quarter gone by firmly established
the FY25 growth trajectory after a muted Q1 and healthy Q2. Jewellery saw its
strongest quarter (yet) for the fiscal year, growing well in excess of 25% at a
retail level. Consumer preference for gold, both as adornment jewellery and as
a store of value continued to remain fairly strong. Our analog watches clocked
a healthy retail growth of 20%, reinforcing Titan`s customer value proposition
in the eyes of the consumer. EyeCare`s retail growth returning to double-digits
was encouraging. The custom duty related losses on the inventory (held at the
time of the duty change) have been fully realized in this quarter and hence the
profitability is lower to that extent. We are committed to investing in the
growths of all our businesses and specifically the emerging ones to help them
scale faster. We remain optimistic on our performance and hope to end the
fiscal year with a good growth over FY24."
| Titan Company : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202412 | 202312 | Var.(%) | 202412 | 202312 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 17,740.00 | 14,164.00 | 25.25 | 45,540.00 | 38,590.00 | 18.01 | 51,084.00 | 40,575.00 | 25.90 | | OPM (%) | 9.44 | 11.05 | -161 bps | 9.13 | 10.63 | -150 bps | 10.36 | 12.02 | -167 bps | | OP | 1,674.00 | 1,565.00 | 6.96 | 4,157.00 | 4,101.00 | 1.37 | 5,292.00 | 4,879.00 | 8.46 | | Other Inc. | 128.00 | 136.00 | -5.88 | 370.00 | 374.00 | -1.07 | 533.00 | 308.00 | 73.05 | | PBIDT | 1,802.00 | 1,701.00 | 5.94 | 4,527.00 | 4,475.00 | 1.16 | 5,825.00 | 5,187.00 | 12.30 | | Interest | 231.00 | 169.00 | 36.69 | 701.00 | 418.00 | 67.70 | 619.00 | 300.00 | 106.33 | | PBDT | 1,571.00 | 1,532.00 | 2.55 | 3,826.00 | 4,057.00 | -5.69 | 5,206.00 | 4,887.00 | 6.53 | | Depreciation | 175 | 154 | 13.64 | 510 | 426 | 19.72 | 584 | 441 | 32.43 | | PBT | 1,396.00 | 1,378.00 | 1.31 | 3316 | 3631 | -8.68 | 4622 | 4446 | 3.96 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 1 | 1 | 0 | 1 | 1 | 0 | | PBT before EO | 1396 | 1378 | 1.31 | 3317 | 3632 | -8.67 | 4623 | 4447 | 3.96 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 1396 | 1378 | 1.31 | 3317 | 3632 | -8.67 | 4623 | 4447 | 3.96 | | Taxation | 349 | 325 | 7.38 | 851 | 907 | -6.17 | 1127 | 1173 | -3.92 | | PAT | 1047 | 1053 | -0.57 | 2466 | 2725 | -9.50 | 3496 | 3274 | 6.78 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | 24 | - | | Net profit | 1047 | 1053 | -0.57 | 2466 | 2725 | -9.50 | 3496 | 3250 | 7.57 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 1047 | 1053 | -0.57 | 2466 | 2725 | -9.50 | 3496 | 3250 | 7.57 | | EPS (Rs)* | 11.79 | 11.86 | -0.57 | 27.78 | 30.69 | -9.50 | 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 |
|
| Titan Company : Consolidated Segment Results | td>-| | Quarter ended | Year to Date | Year ended |
|---|
| % of (Total) | 202412 | 202312 | Var.(%) | % of (Total) | 202412 | 202312 | Var.(%) | % of (Total) | 202403 | 202303 | Var.(%) |
|---|
| Sales | | Watches & Clocks | 6.40 | 1,137.00 | 986.00 | 15.31 | 7.58 | 3,464.00 | 2,991.00 | 15.81 | 7.66 | 3,930.00 | 3,310.00 | 18.73 | | Time Products | 0.00 | 0.00 | 0.00 | - | | Jewellery | 90.75 | 16,134.00 | 12,742.00 | 26.62 | 89.14 | 40,713.00 | 34,519.00 | 17.94 | 88.71 | 45,524.00 | 35,914.00 | 26.76 | | eyewear | 1.10 | 196.00 | 168.00 | 16.67 | 1.33 | 608.00 | 560.00 | 8.57 | 1.41 | 726.00 | 689.00 | 5.37 | | Others | 1.75 | 312.00 | 313.00 | -0.32 | 1.95 | 890.00 | 668.00 | 33.23 | 2.22 | 1,138.00 | 805.00 | 41.37 | | Total Reported Sales | 100.00 | 17,779.00 | 14,209.00 | 25.12 | 100.00 | 45,675.00 | 38,738.00 | 17.91 | 100.00 | 51,318.00 | 40,718.00 | 26.03 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 17,779.00 | 14,209.00 | 25.12 | 100.00 | 45,675.00 | 38,738.00 | 17.91 | 100.00 | 51,318.00 | 40,718.00 | 26.03 | | PBIT | | Watches & Clocks | 6.67 | 108.00 | 56.00 | 92.86 | 10.31 | 415.00 | 317.00 | 30.91 | 7.43 | 393.00 | 408.00 | -3.68 | | Time Products | 0.00 | 0.00 | 0.00 | - | | Jewellery | 92.03 | 1,490.00 | 1,482.00 | 0.54 | 88.62 | 3,566.00 | 3,721.00 | -4.17 | 90.96 | 4,812.00 | 4,387.00 | 9.69 | | eyewear | 1.24 | 20.00 | 13.00 | 53.85 | 1.52 | 61.00 | 73.00 | -16.44 | 1.51 | 80.00 | 98.00 | -18.37 | | Others | 0.06 | 1.00 | 5.00 | -80.00 | -0.45 | -18.00 | -34.00 | 47.06 | 0.09 | 5.00 | -48.00 | LP | | Total PBIT | 100.00 | 1,619.00 | 1,556.00 | 4.05 | 100.00 | 4,024.00 | 4,077.00 | -1.30 | 100.00 | 5,290.00 | 4,845.00 | 9.18 | | Less : Interest | | 231.00 | 169.00 | 36.69 | | 701.00 | 418.00 | 67.70 | | 619.00 | 300.00 | 106.33 | | Add: Other un-allcoable | | 8.00 | -9.00 | LP | | -6.00 | -27.00 | 77.78 | | -48.00 | -98.00 | 51.02 | | PBIT Margin(%) | | Watches & Clocks | | 9.50 | 5.68 | 381.92 | | 11.98 | 10.60 | 138.19 | | 10.00 | 12.33 | -232.63 | | Time Products | | 0.00 | 0.00 | 0.00 | | Jewellery | | 9.24 | 11.63 | -239.57 | | 8.76 | 10.78 | -202.07 | | 10.57 | 12.22 | -164.50 | | eyewear | | 10.20 | 7.74 | 246.60 | | 10.03 | 13.04 | -300.28 | | 11.02 | 14.22 | -320.42 | | Others | | 0.32 | 1.60 | -127.69 | | -2.02 | -5.09 | 306.73 | | 0.44 | -5.96 | 640.21 | | PBT | 100.00 | 1,396.00 | 1,378.00 | 1.31 | 100.00 | 3,317.00 | 3,632.00 | -8.67 | 100.00 | 4,623.00 | 4,447.00 | 3.96 |
|
|