Titan Q4 results
Titan Q4 Results: Titan's EBITDA increased 6.2% to Rs 1,109 crore in March quarter
Titan Q4 Results: Tata Group company Titan released the results for the March quarter of financial year 2024 on Friday, May 3. The company said that its net profit in the March quarter increased by 7 percent to Rs 786 crore, which was Rs 734 crore in the same quarter of the previous financial year.
This company selling jewelery and watches said that the revenue in the March quarter increased by 17 percent to Rs 10,047 crore, which was Rs 8,553 crore in the same quarter of the previous financial year.
In a poll conducted by six brokerage firms, Titan's net profit was estimated to increase by 10.5 percent to Rs 811 crore in the March quarter. Its revenue was estimated to be Rs 11,054 crore. In this way it can be said that the company's results have been weaker than market expectations.
Titan's operating profit or EBITDA increased by 6.2 percent year-on-year to Rs 1,109 crore in the March quarter. However, its EBITDA margin declined by 0.90 percent and stood at 9.9 percent.
Jewelery segment grew by 19%
Titan sells jewelery through the 'Tanishq' brand. The company said that its total income from the jewelery segment increased by 19 percent to Rs 8,998 crore in the March quarter. If we talk only about Indian business, it grew at the rate of 20 percent.
The company said that the EBIT of the jewelery segment was Rs 1,089 crore and the EBIT margin was 12.1 percent.
Tanishq expanded globally during the March quarter by opening new stores in Dubai and Chicago, United States.
With this, the number of Titan stores located abroad has now increased to 16. In India, Tanishq launched 11 new stores during the quarter, while Mia added 16 new stores.
Titan announced dividend
The company said that its board has recommended a dividend of Rs 11 on each share. However, this decision is yet to be approved by the shareholders.
Shares of Titan closed 1.50 per cent lower at Rs 3,514.75 on the NSE on Friday, May 3. Since the beginning of this year, the company's shares have fallen by about 4.42 percent. However, its price has increased by 31.62 percent in the last one year.