Titan Company on May 3 reported a standalone net profit for the quarter ended March of Rs 734 crore, an 50 percent rise over Rs 491 crore posted a year ago.
Total revenue came in at Rs 8,753 crore, rising 25 percent over Rs 6,977 crore reported in the year-ago quarter, said the jewellery major.
According to a Moneycontrol poll of analysts, the company’s revenue was seen growing 25 percent on-year, as indicated in the operational update. The poll pegged EBITDA margin at 11.6 percent improving from 10.7 percent in the year-ago period.
The analysts expected it to report year-on-year growth of 50 percent in its standalone profit after tax (PAT) at Rs 737 crore.
For the jewellery segment, total income of Rs 7576 crore, increasing 24 percent year on year (YoY). The company said its India business grew 21 percent YoY while buyer growth was at 15 percent. Titan said the wedding segment witnessed a comeback with growth rates marginally higher than the overall retail sales growth.
EBIT of the company was Rs 997 crore with 13.2 percent EBIT margin.
The watches and wearables business recorded a total income of Rs 871 crore, up 40 percent YoY backed by strong growth in analogue watches and a multi-fold increase in wearables. EBIT was Rs 98 crore clocking an EBIT margin of 11.3 percent.
Total income for eyecare business of Rs 165 crore, up by 23 percent.
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