Titan Ind Q1 net profit up at Rs 32.2 cr

Titan Industries has declared its first quarter results. The company's Q1 standalone net profit was up at Rs 32.2 crore versus Rs 12.6 crore. Its - OPM were at 6.9% versus 6.15%.

Its standalone net sales were at Rs 810.3 crore versus Rs 666.6 crore. Its Effective tax rate was at 26.7% versus 19%.

Its operating profit was up 52% at Rs 56.8 crore versus Rs 37.3 crore on YoY basis.

Analysis:

• Topline slightly lower than estimates
• Lower than expected growth in watches and precision engineering
•  NO updates but guessing better cost control inspite of higher gold prices ahve helpd in better margins
• Lower tax rate has spurred bottomline; however would have been Rs 29cr with full tax rate of 34% - ahead than expectations of Rs 22 cr.

Particulars	Jun-08	Dec-08	Sep-07
Net Sales / Interest Earned / Operating Income	810.31	813.45	725.11
Other Income	0.83	0.45	0.41
Total Income	811.14	813.9	725.52
Expenditure	-754.25	-763.37	-645.46
Operating Profit	56.89	50.53	80.06
Interest	-5.21	-5.12	-3.93
Profit Before Depreciation and Tax	51.68	45.41	76.13
Depreciation	-7.73	-7.35	-7.24
Profit before Tax	43.95	38.06	68.89
Tax	-11.73	-7.22	-22.59
Net Profit	32.22	30.84	46.3
Equity Capital	44.39	44.39	44.39