Titan Company Q3 net up 91.24% yoy at Rs1,004cr on 68% growth in Jewellery EBIT

4 Feb 2022 , 06:48 PM

Titan Company Ltd reported 31.74% yoy growth in total sales revenues for the Dec-21 quarter on consolidated basis at Rs10,037cr. On a sequential basis, the revenues were up by 33.95%.

During the December 2021 quarter, the Titan consumer business reported 36% yoy growth in sales excluding bullion. The predominant jewellery division grew by 37% at Rs6,249cr on a yoy basis in terms of top line.

The watches and wearables division also saw sales growing by 29% yoy at Rs708cr. The eyewear business grew 24% while the fashion and accessories business grew by 44% you, albeit on a much smaller base. Apart from the festive recovery, the company had also tweaked its product mix.

For the Dec-21 quarter, the operating profits were up on a yoy basis by 78.7% at Rs1,344cr. During the quarter, the EBIT of the jewellery business grew by 67.6% at Rs1,260cr.

Even the watches and wearables business saw EBIT growing by 44% at Rs82cr. Titan currently has a retail chain that is spread across 2,064 stores in 323 towns and cities and covering a retail space of 2.7 million square feet.

Operating margins improved sharply from 9.87% in Dec-20 quarter to 13.39% in the Dec-21 quarter. Operating margins were higher on a sequential basis by 186 bps.

Net Profit after tax (PAT) for the Dec-21 quarter was up 91.24% yoy at Rs1,004cr on the back of the robust operating performance getting transmitted to the bottom line. Titan also recorded inventory efficiency gains during the quarter.

PAT margins improved from 6.89% in the Dec-20 quarter to 10.00% in the Dec-21 quarter. The PAT margins were higher on a sequential basis by 147bps.

Financial highlights for Dec-21 compared yoy and sequentially

	Titan Company Ltd
Rs in Crore	Dec-21	Dec-20	YOY	Sep-21	QOQ
Total Income (Rs cr)	₹ 10,037	₹ 7,619	31.74%	₹ 7,493	33.95%
EBITDA (Rs cr)	₹ 1,344	₹ 752	78.72%	₹ 864	55.56%
Net Profit (Rs cr)	₹ 1,004	₹ 525	91.24%	₹ 639	57.12%
Diluted EPS (Rs)	₹ 11.31	₹ 5.92		₹ 7.20
EBITDA Margin	13.39%	9.87%		11.53%
Net Margins	10.00%	6.89%		8.53%