Performance press release | Titan Company

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Performance press release

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Titan records growth of 24% in Q3 FY2023-24

Q3 Report > Consolidated Report > Standalone Report >
Titan Company Ltd reports a growth of 26% in Q2 income.

Q2 Report > Standalone report > Consolidated report >
TITAN COMPANY LTD REGISTERS A PROFIT GROWTH OF 31.4% IN Q1

Q1 Report > Consolidated report >
TITAN COMPANY'S PROFIT GROWS 52.6% IN FY 2017-18

CIN No. L74999TZ1984PLC001456

For Titan Company limited the FY 2107-18 was a remarkable year in terms of overall business performance. The financial year 2017-18 recorded a topline growth of 20.5% on a standalone basis. Titan Company Ltd reported an income of Rs.15,655 crores for the year ended March 2018. This performance came in the backdrop of a changing environment and regulatory moves like GST implementation. Income for Q4 stood at Rs.3,916 crores against Rs.3,538 crores last year, registering a growth of 10.72%.

Standalone profit before tax for the year 2017-18 was very encouraging and grew by 52.0% to Rs.1,571 crores. This is after extraordinary items of Rs.91 crores including impairment for investment in Favre Leuba amounting to Rs.75 crores. The standalone net profit for the year is Rs.1,163 crores, a growth of 52.6%.

The Jewellery business of the Company recorded a sale of Rs.13,036 crores, on the back of a very successful diamond activation as well as an excellent reception to the revised gold exchange policy by customers. The income from Jewellery segment saw a growth of 24.3% in FY 2017-18. The year witnessed the launch of many successful collections in jewellery as well as an effective wedding campaign. The Watches business of the Company recorded an income of Rs.2,126 crores for FY 2017-18, registering a much higher growth than the past few years. The growth of 3.6% being reported, appears muted due to the effect of GST on the top line. The key highlights of the year were encouraging growth in the modern Large Format Stores and E-commerce, the successful launch of new licensed brands as well as a resounding success to 'Reflex' Smart Band from Fastrack. The income from Eyewear business was Rs.415 crores. The year 2017-18 saw sales in Eyewear almost flat over the previous year as the Sunglass business continued to face challenges in the new GST regime. Other businesses of the company comprising accessories, fragrances, and sarees recorded a sale of Rs.95 crores, a growth of 45.9%.

The year witnessed the aggressive expansion of its retail network with a net addition of 114 stores by Watches, Jewellery and Eyewear businesses. As of 31st March 2018, the Company had 1480 stores, with over 1.9 million sq.ft of retail space.

Mr. Bhaskar Bhat, Managing Director of the Company stated that "The Company achieved excellent topline and bottom line growth in the Jewellery and Watches business. The Jewellery business scaled new heights in terms of revenue growth and profitability. The business gained from tailwinds provided by regulatory developments like GST. The Watches business had a great year too with the recrafting strategy resulting in the highest topline growth in recent years, a jump in margins and the highest ever profit. The Eyewear business went through a tough period, especially in the Sunglass segment. I am also proud of the fact that through our CSR Program we have made a difference to the lives of three lakh and fifty thousand Indians. Many steps are being taken to prepare the Company for the future and set a foundation for healthy growth in the years to come.

Considering the performance of the Company, a dividend of Rs.3.75 per share (375%) was announced after the Board Meeting held on 10th May 2018.

S. Ravi Kant
Executive Vice President
(Corporate Communications)

Titan consolidated financial results March 2018_Final > Titan standalone financial results March 2018_Final >
TITAN COMPANY LTD.: REGISTERED A HEALTHY GROWTH OF 22.1% IN PROFITS FOR Q3 .

CIN No. L74999TZ1984PLC001456

Titan Company reported an extremely healthy growth of 22.1% in profit before tax for the quarter ending December 2017. Sales income during the same period grew by 6.1% while income for the nine-month period ending December 2017 grew by 23.3%. The overall standalone income from operations in the third quarter, October to December 2017, was Rs.4137 crores, as compared to last year’s income of Rs.3867 crores during the same period. The income for April to December 2017, the nine-month period, stands at Rs.11,483 crores. The consolidated income for the same nine-month period was Rs..11793 crores.

The profit before tax for Q3, October to December 2017, was Rs.423 crores. The net profit for the same period was Rs.308 crores and Rs.881 crores for the nine-months ended December 2017. The profit before tax for the nine-month period ending December 2017 grew by 58.9%, to Rs.1219 crores.

The income from watches was Rs.532 crores in Q3, a growth of 4.7% over last year. The income figures are not comparable as the income last year included Excise Duty as compared to the income being after GST this year and hence the growth appears subdued. The jewellery business recorded a growth of 7.4% in Q3 over last year and had an income of Rs.3497 crores this year in Q3 as compared to Rs.3255 crores last year. For the nine-month ended December 2017, the jewellery business recorded a growth of 28.7%. The eyewear business remained flat in income, in Q3, at Rs.90 crores. Other businesses of the company registered a growth of 26.2% in Q3, at Rs.22 crores. The nine-month income for this segment grew by 41.3% to Rs.68 crores.

The Titan Company (TCL) retail chain is 1439 stores strong, as on 31st December 2017 with the retail area crossing 1.87 million sq.ft. nationally for all its brands. A total of 166 stores were added by TCL brands in the nine month period till December 2017.

Mr. Bhaskar Bhat, Managing Director of the company stated that “The third quarter was an eventful quarter with suspension of the applicability of PMLA (Prevention of Money Laundering Act), favourable to our jewellery business and reduction of GST rates for watches, sunglasses and optical frames. All our businesses recorded good sales in the festival season. It was an extraordinary quarter with the Company registering record levels of profits. Many new products were launched by all our brands during the quarter. Our effort continues to be one of generating demand through new product introductions and network expansion.”

S. Ravi Kant
Executive Vice President
(Corporate Communications)