Titan Q1 Results LIVE: Net profit falls marginally to ₹770 crore, revenue jumps 9.3% YoY

"In the recently presented Union Budget, the custom duty on gold imports in the country has been reduced from 15% to 6%. This development has long term positive implications for the Jewellery industry. While this change is likely to entail a short-term impact in the form of value loss on duty paid gold inventory (expected to be expensed over the next two quarters), we remain optimistic on the longer-term benefits as it makes the market equitable for large businesses like ours".

• Tanishq expanded its int ernational presence adding a new store in Muscat, Oman taking Titan's Jewellery international footprint to 17 stores. During the quarter, in India, Tanishq opened 11 new stores (net), Mia added 19 and Zoya added 3 stores respectively. Zaya opened its first store in the cities of Chennai and Pune.
• During the quarter, a total of 17 new stores (net) were added across the network comprising of 5 new stores in Titan World, 5 in Helios and 7 in Fastrack respectively.
• The International Jewellery business recorded a growth of 92% to ~350 crores compared to Q1FY24. In the preceding 12 months, 8 new Tanishq stores have opened in various geographies. These include 4 stores in GCC region, 3 stores in North America and 1 store in Singapore.

Mr.CK Venkataraman, Managing Director of the Company stated: "Our first quarter performance reflects mixed consumer trends in lifestyle categories. While the inclement weather conditions during the summers, general elections and lower wedding days impacted retail walk-ins, the growth metrics in Watches & Wearables and EyeCare were quite healthy. Notwithstanding some of these nearterm variations, Titan is steadfastly pursuing market share gains across all business cat egories and is well equipped to provide a differentiated retail experience to our valued customers. We remain optimistic about our performance for rest of the financial year".

• On a consolidated level the total income for the company grew by 12% YoY to ₹12386 crore, led by 9% YoY rise in Jewellary business.
• The net profit for the quarter came in lower at ₹715 crore on consolidated basis as against ₹756 crore.

• Standalone revenue of the company grew by 9.3% YoY to ₹11,263 crore as against ₹10,306 crore in previous year similar quarter.
• Net profit for the company recorded a marginal drop at ₹770 crore vs ₹777 crore in Q1FY24.
• EBIT (earnings before interest and taxes grew by 9.1% YoY to ₹1,203 crore as against ₹1,103 crore.

• Arun Roy, Chairman
• N N Tata, Vice Chairman
• CK Venkataraman, Managing Director
• Mariam Pallavi Baldev, Director
• Bhaskar Bhat, Director
• Sandeep Nanduri, Director
• Ashwani Puri, Independent Director
• B Santhanam, Independent Director
• Dr Mohanasankar Sivaprakasam, Independent Director
• Sandeep Singhal, Independent Director
• Anil Chaudhry, Independent Director

• Current price: ₹3,426 (-1.2%)
• Open: ₹3,415
• High: ₹3,461.4
• Low: ₹3,410

Titan's consolidated net profit in the quarter ended March 31, 2024, came in at ₹771 crore, higher by 4.8% as against ₹736 crore the year-ago period.

The company's consolidated total income in fourth quarter of FY24 came in at ₹11,472, up 22% as compared to ₹9,419 crore in Q4FY23.

According to the CNBC-TV18 poll, Titan's net profit in the first quarter is likely come in at ₹785 crore as against ₹777 crore in Q1 FY24.

• Current price: ₹3,421 (-1.37%)
• Open: ₹3,415
• High: ₹3,461.4
• Low: ₹3,410