Titan Company Limited’s shares traded flat on May 3 after the company reported standalone net profit of Rs 786 crore for the March quarter, a 7% increase from Rs 734 crore in the same period last year. 

The company’s revenue for the quarter was Rs 10,047 crore, marking a 17% rise from Rs 8,553 crore in the year-ago quarter. 

Titan Company Limited’s Earnings before interest, tax, depreciation and amortization (EBIDTA) for the quarter was Rs 1,109 crore, growing by 6.2%. EBITDA margins fell by 90 basic points (bps) year-on-year(YoY) to 9.9%. 

The company’s Board suggested a dividend of Rs 11 per equity share with a Rs 1 face value. The dividend will be payable or dispatched after the conclusion of the 40th Annual General Meeting, pending approval from the company’s shareholders.

Jewellery Segment 

Titan’s Jewelry Segment had a successful quarter, with a 19% increase in total income compared to the same period last year, reaching around Rs 8,998 crore. 

The EBIT for the quarter was about Rs 1,089 crore with a margin of 12.1%. Tanishq opened new stores in Dubai and Chicago, USA, increasing Titan’s Jewelry presence to 16 stores worldwide.

Watch and Wearables Segment

The revenue from analogue watches increased by 9% YoY to 787 crores, driven by premiumization and higher prices. Wearables revenues grew by 3% YoY, with doubled volumes.

Titan and Helios witnessed positive premiumization trends. International brand analogue sales grew by 22% YoY, supported by a 13% increase in volumes. Titan introduced new collections, including Ceramic Fusion Automatics and Classique Slim Multifunction. 

Raga’s new collections featured four stylish clusters. 10 new stores were added to Titan World, 14 to Helios, and 20 to Fastrack during the quarter.

Eye Care Segment

In Q4FY24, the business made 1,166 crores in total income, which was the same as Q4FY23. EyeCare Division had a margin of 4.8%, achieving an EBIT of 8 crores.

The EyeCare Division’s total income increased by 5%, reaching 1,724 crores over the fiscal year, with an EBIT of 85 crores and a margin of 11.7%. 

Titan Eye+ launched a new collection of ‘Affordable Fashion’ eyewear with Blue Safe Lenses and opened one new store in Dubai. It also converted five Fastrack eyewear stores into Titan Eye+ outlets in the domestic market.

Emerging Business

In Q4FY24, Emerging Businesses (Taneira, Fragrances, and Fashion Accessories) earned 197 crores, up 26% from Q4FY23. The businesses incurred a loss of 22 crores for the quarter. 

The total income for the businesses grew by 28% to 378 crores for FY24, with an EBIT loss of Rs 93 crore. Taneira’s sales increased by 36% and opened 11 new stores, reaching 73 stores across 37 cities. 

Within F&FA, there was a 13% growth. Fragrances grew by 9% and Women’s Bags saw a remarkable 97% growth in key sub-segments.

CaratLane Business

Caratlane’s total income grew 29% to Rs 1,748 crore in Q4FY23 with an EBIT of Rs 52 crore and a margin of 6.9%. The total income for the fiscal year grew by 34% to Rs 2,930 crore, with an EBIT of Rs 195 crore and a margin of 6.7%. 

Caratlane launched ‘Postcards by Caratlane’ for Valentine’s season, and added 10 new stores in the quarter, bringing the total number of stores to 272 outlets across 110 cities nationwide.

However, at 3:30 pm, the shares of Titan closed 1.50% lower at Rs 3,514.75 on NSE.