Titan, a jewellery and watchmaker, reported financial statistics for the quarter ended March 31, 2024. The company recorded a 7% year-on-year increase to ₹786 Crore for the March quarter, up from ₹734 Crore the previous year. The corporation issued a dividend of ₹11 per share worth ₹1 each.
The Board has approved the extension of CK Venkataraman’s tenure as the Managing Director of the company, spanning from October 2024 to December 2025.
In Q4FY24, the Emerging Businesses of Indian Dress Wear- Taneira, Fragrances, and Fashion Accessories (F&FA) generated a total income of ₹97 Crore, a 26% increase over Q4FY23. The segment reported loss of ₹22 Crore in Q4FY24.
In Q4FY24, the Eye Care Segment had a total income of ₹166 Crore, which was flat from Q4FY23. The business achieved an EBIT of ₹8 Crore with a margin of 4.8% for the quarter.
The Watches and wearables segment reported a total income of ₹940 Crore, up 8% from Q4FY23. Domestic business expanded by 9% during the same period. The quarterly EBIT was ₹80 Crore, with an 8.5% margin. Division’s annual income increased by 18% to ₹3,904 Crore. FY24 EBIT came in at ₹397 Crore, with a margin of 10.2%.
The jeweller and watch maker recorded a 23% YoY increase in total income for FY24, reaching ₹47,501 Crore. The comparable PBT increased 4% to ₹4,623 Crore.
The Board has recommended a dividend of ₹11 per equity share of ₹1, to be issued or dispatched following the 40th Annual General Meeting, subject to shareholder approval.
In consolidated terms, the company’s income increased by 22% in Q4FY24 compared to Q4FY23. EBIT increased by 10% year on year to ₹1,192 Crore, while PBT remained steady at ₹991 Crore due to CaratLane acquisition and ESOP-related charges.
At around 10.02 AM, Titan Company was trading 6.62% lower at ₹3,299.85 per piece, against the previous close of ₹3,533.90 on NSE. The counter touched an intraday high of ₹3,488.80.
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