Titan Q4 Results Highlights: Net profit up 4.8% YoY at ₹771 crore, total income grows 22%

• For the full fiscal year ended March 31, 2024, Titan reported a consolidated total income of ₹47,501 crore, up 22.8% as compared to ₹38,675 crore in FY23.

• The consolidated net profit in FY24 came in at ₹3,496 crore, higher by 6.8% from ₹3,274 crore in FY23.

• The EBIT grew 10.4% year-on-year (YoY) to ₹5,242 crore in FY24, as against ₹4,747 crore in FY23.

Titan Engineering & Automation recorded a total Income of ₹373 crore in Q4FY24, a growth of 114% compared to Q4FY23. EBIT for the quarter was ₹4 crore at a margin of 17.2%.

Titan's jewellery arm Caratlane's total Income grew 29% YoY to ₹748 crore as compared to Q4FY23. EBIT came in at ₹52 crore, clocking a margin of 6.9%.

"The 'Emerging Businesses' comprising of Indian Dress Wear (Taneira), Fragrances, Fashion Accessories (F&FA) recorded a total income of ₹97 crore for Q4FY24 growing 26% over Q4FY23. The businesses together recorded a loss of ₹22 crore for Q4FY24," Titan said in a release.

The watches & wearables business of Titan 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.

In the jewellery business, total Income for the quarter grew 19% over Q4FY23 to ₹8,998 crore. The EBIT came in ₹1,089 crore, with a margin of 12.1%.

The consolidated earnings before interest and taxes (EBIT) came in at ₹1,192 crore in Q4FY24, higher by 10% from ₹1,084 crore reported in the year-ago period.

• 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 the quarter came in at ₹11,472, up 22% as compared to ₹9,419 crore in Q4FY23.

Shares of Titan settled at ₹3,514.7 apiece on the NSE at closing bell, down 1.5% as against the previous day's close. The stock traded in the red throughout the day ahead of the release of Q4 results.

Titan's shares continued to remain in the red ahead of the release of Q4 results. The scrip was valued at ₹3,526 apiece on the NSE at 2:30 pm, down about 1.1% as against the previous day's close.

In the business update for the fourth quarter shared last month, Titan said its watches segment saw a 6% YoY jump in sales. However, the sales dropped by 1% in the eyewear segment. The company also expanded its retail footprint by adding 86 new stores in the January-March period, taking its overall store count to 3,035.

The revenue from operations is projected to rise to ₹11,054 crore, as per average of estimates shared by six brokerages. This would mark a jump of 11.4% as against March 2023 quarter.

Ahead of the release of Q4 results, Titan was trading at ₹3,534 apiece, down 0.97% as against the preceding day's close. The stock has declined by 3.9% in the calendar year so far.

As per the average of estimates shared by six brokerages, Titan's net profit in the fourth quarter is likely come in at ₹811 crore. This would mark a jump of 10.5% as compared to ₹734 crore clocked in the year-ago period.

• The earnings in the preceding December 2024 quarter was largely in line with the estimates.
• The net profit had increased by 9.5% to ₹1,040 crore.
• The revenue operations went up by 205 to ₹13,052 crore.

Titan Q4 Results LIVE Update: Titan Company, a key player in the jewellery-to-watches market, will declare its results for the quarter ended March 31, 2024 (Q4FY24) on Friday, May 3. The board of directors of the consumer discretionary major is scheduled to meet today to consider and approve the earnings report. Stay tuned here for the latest updates.

The results preview indicate a decent fourth quarter for Titan, with the net profit seen at ₹811 crore, as per the average of estimates shared by six brokerages. This is 10.5% higher as compared to ₹734 crore reported in Q4FY23.

The revenue from operations is expected to rise to₹11,054 crore, as per the estimates. This would mark a climb of 11.4% as against the year-ago quarter.

What Titan posted in its Q4 business update

While releasing its quarterly business update, the late Rakesh Jhunjhunwala-backed company said its jewellery arm Caratlane's sales grew likely by 30% year-on-year (YoY).

The watches segment saw a 6% YoY jump in sales, the company said, but noted that the sales dropped by 1% in the eyewear segment.

The Tata Group company also reported an expansion of its retail foot print during the March 2024 quarter, with the total number of retail stores jumping 86 to 3,035 stores.