Titan Q4 Results: Profit Rises, But Misses Estimates
The watch manufacturer's profit increased to Rs 771 crore in the January–March quarter from Rs 736 crore clocked during the same period last year.
Titan Co.'s consolidated net profit rose 4.8% in the fourth quarter of financial year 2024, but missed analysts' estimates.
The watch manufacturer's profit increased to Rs 771 crore in the January–March quarter from Rs 736 crore clocked during the same period last year, according to an exchange filing on Friday. Analysts tracked by Bloomberg had set a consensus estimate of Rs 876 crore.
Titan Q4 FY24 Results Highlights (Consolidated, YoY)
Revenue up 20.6% to Rs 12,494 crore vs Rs 9,215 crore (Bloomberg estimate: Rs 10,567 crore).
Ebitda up 9.4% to Rs 1,191 crore vs Rs 1,089 crore (Estimate: Rs 1,294 crore).
Ebitda margin at 9.53% vs 10.5% (Estimate: 12.2%).
Net profit up 4.8% at Rs 771 crore vs Rs 730 crore (Estimate: Rs 876 crore).
Board recommended a dividend of Rs 11 per share.
Segmental Performance
Jewellery: Total income of the jewellery segment rose 19% year-on-year to Rs 8,998 crore. Notably, the India business segment experienced robust growth, growing 20% during the period. In FY24, the segment's total income rose 20% to Rs 38,353 crore.
Watch and Wearables: The segment posted a total income of approximately Rs 940 crore, marking an 8% increase as compared with Q4 FY23. The domestic business grew 9% during the same period.
For FY24, the segment's total income rose 18% to Rs 3,904 crore.
Eye Care: Total income of the eye care segment was unchanged at Rs 1,166 crore. The segment's income rose 5% to Rs 4,724 crore in FY24.
Rising Enterprise: Total income of emerging businesses, which include Indian dress wear (Taneira), fragrances and fashion accessories increased 26% YoY to Rs 197 crore. However, the businesses collectively incurred a loss of approximately Rs 22 crore for the quarter.
The segment's total income rose 28% to Rs 378 crore in FY24.
Caratlane
Total income of Caratlane jumped 29% to Rs 2,748 crore. Its margin stood at 6.9%. Its total income rose 34% to Rs 2,930 crore in FY24.
Titan Engineering And Automation
The business' total income more than doubled, growing 114% to Rs 373 crore during the quarter. It FY24 total income was up 49% to Rs 760 crore.
Reappointment Of Directors
The board of directors agreed to reappoint Mohanasankar Sivaprakasam as a non-executive independent director for a second term of five years from July 3. The board also approved the reappointment of CK Venkataraman as the managing director for a further period from October 2024 until December 2025.
