Titan Industries Q3 PAT seen up 18% at Rs 168 cr

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Titan Industries Q3 PAT seen up 18% at Rs 168 cr

Titan Industries, the world's fifth largest watch manufacturer, is likely to report a profit after tax of Rs 168 crore in the third quarter of FY12, a growth of 18% as compared to Rs 195 crore in the corresponding quarter of last fiscal.

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Titan Industries , the world's fifth largest watch manufacturer, is likely to report a profit after tax of Rs 168 crore in the third quarter of FY12, a growth of 18% as compared to Rs 195 crore in the corresponding quarter of last fiscal.

Sales are seen going up by 27.9% to Rs 2,500 crore from Rs 1,954.6 crore year-on-year.

Operating profit margin is expected to be falling at 9.2% in the quarter ended December FY12 versus 9.97% in a year ago quarter.

Expectations

* Post a strong October (festive demand), there was pressure on volumes in November - December 

* So likelihood of flattish jewelry volumes in Q3; compares to 3% growth in Q2

* Topline will continue to be driven by gold prices; +40% YoY

* Also management has been vocal about a slowdown in watches; particularly at the lower end 

* Volume growth in watches likely in single digits versus mid teens earlier 

* Watch margins may be supported by 5-7% price hikes taken in Q3

* Jewelry margins expected to be largely stable