Titan Q1 Beats Estimates Driven By Jewellery Sales
Titan Company Ltd.'s April-June quarter revenue surpassed analysts' estimates, driven by higher jewellery sales ahead of the rollout of the Goods and Services Tax regime.
The topline rose 42.14 percent to Rs 3,944 crore on a year-on-year basis, the company said in an exchange filing on Thursday. This was higher than the Bloomberg consensus estimate of Rs 3,529 crore. The watch-to-jewellery maker's net profit rose Rs 267 crore from Rs 129 crore in the same quarter last year due to an exceptional loss of Rs 10 crore in the base quarter.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at Rs 388 crore, down from Rs 285 crore in the corresponding quarter last year. The company's operating margins contracted 9.9 percent from 10.4 percent in the same period.
Segmental Break-Up
- Watches: Revenue for this segment was almost flat at Rs 510 crore versus Rs 500 crore in the same quarter last year due to the postponement of Titan and Fastrack brand activation, said the company in a press release.
- Jewellery: Revenue rose to Rs 3,308 crore versus Rs 2,151 crore on a year-on-year basis. This was mainly driven by Akshaya Tritya sales earlier this year coupled with higher sales in June in the run-up to GST implementation.
- Eyewear: The revenue remained flat at Rs 111 crore due to slowdown in the sunglasses category, the release added.
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