Titan Q4 Results (Image Source: PTI)
Titan, a leading player in the consumer discretionary sector, showcased a commendable performance in the fourth quarter of the fiscal year 2023-24. The standalone net profit witnessed a significant 7 per cent year-on-year (YoY) increase, soaring to Rs 786 crore.
The company’s net sales for the January-March 2024 period demonstrated robust growth, surging by 17 per cent YoY to reach Rs 10,047 crore, compared to Rs 8,553 crore in the corresponding period last year.
Consolidated Performance Highlights
On a consolidated level, Titan experienced a remarkable 22 per cent growth in total income, reaching Rs 11,472 crore. Despite economic challenges, the company managed to achieve a consolidated profit after tax (PAT) of Rs 771 crore, marking a 5 per cent YoY increase.
Jewellery Business
The jewellery segment emerged as a major revenue driver for Titan, witnessing a substantial 19 per cent YoY growth in total income, amounting to Rs 8,998 crore. The Indian jewellery business specifically saw a notable 20 per cent rise during the same period, reaffirming Titan’s stronghold in this segment.
EyeCare Division’s Performance
While the EyeCare division’s total income remained flat at Rs 166 crore in Q4FY24 compared to the previous year, it recorded a commendable full-year growth of 5 per cent to Rs 724 crore. The division’s EBIT stood at Rs 8 crore, with a margin of 4.8 per cent for the quarter.
Watches & Wearables Segment
Titan’s Watches & Wearables division showcased promising growth, with a total income of approximately Rs 940 crore, marking an 8 per cent increase over Q4FY23. The domestic business within this segment experienced a commendable 9 per cent growth. The division recorded an EBIT of approximately Rs 80 crore, with a margin of 8.5 per cent for the quarter.
Titan Dividend Ammount
The company has also announced a dividend of Rs 11 per share for FY 24. As per the company’s filing on the NSE, “The Board has recommended a Dividend of~ 11.00 per Equity Share oft 1 each of the Company which shall be paid/dispatched on or after the seventh day from the conclusion of the 40th Annual General Meeting, subject to the approval of the shareholders of the Company.”
Titan Share Price
On Friday, the shares of Titan closed at Rs 3,514.75, 1.50 per cent down from the previous day’s closing. The 52 week high and low of the share is Rs 3,886.95 and Rs 2,643.10 respectively.
