Titan Company Ltd's Q1FY20 consolidated net profit rises 10.8% yoy to Rs363.7cr : In-line with Estimates

The company’s consolidated revenue stood at Rs5,151.1cr, up 15.7% yoy and 5.4% qoq.

August 06, 2019 3:23 IST | India Infoline Research Team

Titan Company Ltd Q1FY20

Consolidated Results Q1FY20: (Rs. in cr)

Q1FY20 YoY (%)
Revenue 5,151.1 15.7
EBITDA 573.4 18.8
EBITDA Margin (%) 11.1 28
Net Profit (reported) 363.7 10.8
***EBITDA margin change is bps
Titan Company reported healthy set of consolidated numbers for the quarter with revenue and PAT coming in-line with estimates. The company reported revenue growth of 15.7% yoy to Rs5,151.1cr, broadly in-line with estimates. Led by healthy revenue growth, EBITDA grew by 18.8% yoy to Rs573.4cr, ~16% above our estimates (we had incorporated higher input cost). EBITDA margin remained flat on yoy basis to 11.1% (estimate of 10.1%). However, with increase in depreciation and interest costs, company’s PAT growth was restricted to 10.8% yoy to Rs363.7cr, in-line with estimates.
  • The jewellery segment reported 14.3% yoy growth in revenue to Rs4,146cr. The EBIT of the segment grew by 13.7% yoy, however, the EBIT margin remained flat on yoy basis at 10.5%.
  • The watches segment’s revenue grew by 20.1% yoy to Rs716cr. The EBIT of the segment reported growth of 19.7% yoy, however, the EBIT margin remained flat on yoy basis at 16.6%.
  • Eyewear segment reported revenue growth of 13.1% yoy to Rs149cr, however, the segment reported loss of Rs11cr during the quarter.
  • Gross margin of the company remained flat on yoy basis to 27.4%.
  • Depreciation and interest costs were up by 86.4% and 210.8% yoy.
  • Other income grew by 58.0% to Rs57cr.
  • Retail expansion of the company continued with a net addition of 45 stores across all its businesses during the quarter taking the count to a total of 1,640 stores with a retail area of over 2.1 mn sq.ft nationally.
  • Amid the subdued consumer sentiment, company plans to launch new products and use innovative campaigns to stimulate the demand.

Technical View:

Titan Company Ltd is currently trading at Rs. 1,032.50, down by 4.3 points or 0.41% from its previous closing of Rs. 1,036.80 on the BSE.
The scrip opened at Rs. 1,029.70 and has touched a high and low of Rs. 1,070 and Rs. 1,022.75 respectively. So far 60,17,888 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 50 DMA.

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