Q4FY23 Quarterly Result Announced for Titan Company Ltd.
Gems & Jewellery company Titan Company announced Q4FY23 & FY23 results: Titan (Standalone) recorded revenue growth of 25% in Q4FY23 compared to Q4FY22. The corresponding PBT before exceptional items came in at Rs 979 crore, higher by 37%, compared to Q4FY22. The like-to-like PBT growth for this quarter was 28% (after adjusting for ex-gratia provision in Q4FY22) Jewellery: Total Income of Rs 7,576 crore, increased by 24% compared to Q4FY22 The Indian business grew by 21% in the same period EBIT was Rs 997 crore with a 13.2% EBIT margin for Q4FY23. Watches & Wearables: The business recorded a Total Income of Rs 871 crore, up by 40% compared to Q4FY22 backed by strong growth in analog watches segment and a multi-fold increase in wearables. EBIT was Rs 98 crore clocking an EBIT margin of 11.3% for Q4FY23. EyeCare: Total Income of Rs 165 crore was up by 23% compared to Q4FY22 EBIT came in at Rs 2 crore after making a one-time payment of Rs 8 crore to its franchisee partners to recognize their extraordinary efforts. Emerging Businesses: Total Income of Rs 77 crore for the Emerging Businesses comprising Fragrances, Fashion Accessories (F&FA;), and Indian Dress Wear (Taneira) grew by 84% compared to Q3FY22 Within this, F&FA; clocked 31% growth whereas Taneira grew by 200% over the same period last year The Emerging Businesses continued to invest in scaling up their respective verticals and recorded a loss of Rs 33 crore Commenting on the results, CK Venkataraman, Managing Director of the Company stated that: "The year gone has witnessed several firsts in the history of Titan. The Jewellery, Watches & Wearables, and EyeCare achieved landmark milestones of Rs 30,000 crore, Rs 5,000 crore, and Rs 1,000 crore of annual consumer retail sales respectively for the first time in their retail journeys. During the year, Titan opened the first Tanishq store in USA and Titan Eye+ store in Dubai. The House of Titan proudly launched its latest brand 'IRTH', an exciting collection of Women's Bags. After a satisfying performance across all the segments during FY23, we are well-prepared and looking forward to an exciting FY24." Result PDF03-05-2023