Titan Q4 profit rises 5% to ₹771 crore

Consolidated net profit of Titan Ltd rose 4.8% year-on-year to ₹771 crore for the quarter ended March 31, 2024, compared with ₹736 crore in the same quarter last year.

For the full financial year 2023-24, profit increased 7% to ₹3,496 crore compared with ₹3,274 crore in FY23.

Titan recorded an income growth of 22% in Q4 FY24 compared to Q4 FY23. EBIT (earnings before interest and tax) grew by 10% year-on-year to ₹1,192 crore.

Total Income for FY24 stood at ₹47,501 crore, recording 3% growth over FY23.

In the jewellery business, total income for the quarter grew 19% over Q4 FY23 to ₹8,998 crore. The India business grew 20% in the same period. EBIT at ₹1,089 crore recorded a margin of 12.1% for the quarter. For the full year, the business recorded a total Income growth of 20% to ₹38,353 crore. The corresponding EBIT was ₹4,726 crore at a margin of 12.3% for FY24.

Jewellery brand Tanishq expanded its international presence adding a new store in Dubai and Chicago, U.S., taking the Titan's jewellery international footprint to 16 stores. During the quarter, Tanishq opened 11 new stores in India while Mia added 16 new stores.

The watches and wearables business recorded a total Income of ₹940 crore, up 8% over Q4FY23. The domestic business grew 9% in the same period. EBIT came in at ₹80 crore clocking a margin of 8.5% for the quarter. For the full year, this division recorded a total income growth of 18% to ₹3,904 crore. The corresponding EBIT was ₹397 crore at a margin of 10.2% for FY24.

Revenues from analog watches grew 9% to ₹787 crore, driven by premiumisation and higher average price realisations. Wearables revenues grew 3% whilst doubling in volumes compared to the same period last year. The premiumisation journey continued to see good traction in Titan and Helios.

The international brands analog sales saw growth of 22% in revenue assisted by 13% YoY growth in volumes, the company says.

During the quarter, 10 new stores were added in Titan World, 14 stores in Helios and 20 stores in Fastrack.

Total income from eye care business stood at ₹166 crore in Q4 FY24, flat compared to Q4 FY23. Business recorded an EBIT of ₹8 crore clocking a margin of 4.8% for the quarter.

The emerging businesses comprising Taneira, fragrances, fashion accessories recorded a total income of ₹97 crore for Q4 FY24 growing 26% over Q4 FY23. The businesses together recorded a loss of ₹22 crore for Q4 FY24.

Titan subsidiary Caratlane’s income grew 29% to ₹748 crore in Q4 FY24.

"Our Jewellery business continued to grow in prominence achieving a proud milestone of ₹40,000+ crores in consumer sales," says CK Venkataraman, managing director, Titan.