Titan Firm Q1 Outcomes: Titan Firm on Wednesday reported a 2 per cent year-on-year (YoY) decline in its standalone web revenue at Rs 777 crore for the quarter ended June 30, 2023 (Q1FY24). The corporate had posted a revenue of Rs 793 crore within the year-ago interval. Its whole earnings grew 19 per cent YoY to Rs 10,306 crore. EBIT slipped 2 per cent YoY to Rs 1,103 crore. Within the year-ago interval, the determine stood at Rs 1,121 crore. EBIT margin noticed a decline of 226 foundation factors to 10.7 per cent.
The underside line and prime line was under Zee Enterprise analysts’ estimates. The analysis desk had projected Titan to report a standalone web revenue of Rs 873 crore for a three-month interval. The income for the three-month interval was anticipated to come back in at Rs 10,753 crore, as in opposition to Rs 8,961 crore logged within the corresponding quarter of the earlier fiscal.
Commenting on the outcomes, CK Venkataraman, Managing Director of the corporate acknowledged, “The 12 months has began nicely for us with double-digit income development throughout enterprise segments. The Jewelry enterprise remained the star performer with a 19% development on a YoY foundation. We’re pursuing market share acquire throughout classes and investing in varied capabilities and retail community growth. Our worldwide foray can be shaping up nicely. We stay optimistic about our efficiency for the remainder of the monetary 12 months.”
Titan Firm: Phase-wise efficiency
Jewelry: Complete Earnings of Rs 9,070 crore recorded a rise of 19 per cent in comparison with Q1FY23. The Indian enterprise grew by 20 per cent in the identical interval, pushed by wholesome demand throughout Akshaya Tritiya and a horny gold change programme. The client development was 14 per cent and the typical ticket measurement moved up by 6 per cent in comparison with Q1 FY23. The EBIT got here in at Rs 999 crore with an 11.0% EBIT margin for Q1FY24, decrease than the identical interval final 12 months as a result of one-time diamond worth stock features in Q1 FY23 however normalised within the present quarter, the corporate stated.
Watches & Wearables: The enterprise recorded a complete earnings of Rs 890 crore, up by 13 per cent in comparison with Q1 FY23, backed by robust development of 81 per cent within the Wearables phase. The premiumisation theme was on the fore, with Titan and Worldwide manufacturers seeing robust shopping for momentum and clocking good-looking double-digit growths within the analogue phase. In wearables, the Fastrack model grew the quickest, clocking sizeable features within the portfolio. EBIT got here in at Rs 102 crore with an EBIT margin of 11.5 per cent for Q1FY24, the earnings launch added.
EyeCare: Complete Earnings of Rs 203 crore was up by 11 per cent in comparison with Q1FY23. EBIT got here in at Rs 35 crore with a 17.2 pe cent EBIT margin for Q1FY24.
