Titan Industries Limited
NSE Symbol TITAN
TITAN INDUSTRIES hs declared excellent performance for FY 2011. There is little difference between Consolidated and non-consolidated performance.
Hence, the consolidated performance is presented below :
Net Sales for FY 2011 is Rs.6532.97 Cr – up by 39.68% from FY 10 and up by 70.46% from FY 09.
Total Expenditure for FY 11 is Rs.5978.60 Cr – up by 37.70% from FY 10; and up by 67.42% from FY 09.
Profit from Operations is Rs.555.35 cr – up by a handsome 65.28% from FY 10 and by a still higher 111.60% from FY 09.
Profit before tax is better at Rs.603.21 Cr – up by 86.98% from FY 10; and Up by 153.39% from FY 09.
Net Profit for FY 2011 is a good Rs.433.12 Cr – up by a good 72.35% from FY 2010 and up by a Huge 164.23% from FY 2009.
Dividend (%) is 250% in FY 2011; 150% in FY 2010; and 100% in FY 2009.
On a Face Value of Rs.10 – the Basic EPS(in Rs.) is Rs.97.57 in FY 2011; Rs.56.61 in FY 2010; and Rs.36.93 in FY 2009.
Thus, on all counts, the performance of TITAN INDUSTRIERS has been excellent..
On a Paid-up Equity of Rs.44.39 Cr – the Reserves amount to Rs.991.23 Cr.
With the Reserves crossing 1000 Cr and EPS crossing Rs.100 on a small EPS of Rs.44.4 Cr shortly – TITAN has proposed a Bonus issue in 1:1 ratio. The progress of TITAN can be expected to continue in coming years.
The latest Investor presentation of TITAN says as follows :
Where We Stand Today
•World’s 5thlargest Watch Manufacturer
•65% market share in organized watch market
•Sonata: India’s largest selling watch brand
•Tanishq: India’s leading Jewellery Player and a game changer
•Titan Eye+: India’s largest retail chain in eyewear
•Strength in Retail: More than 650 stores
•Distribution: More than 10,000 Multi-brand outlets
The Watch Market & Industry in India
India is an under-penetrated market for watches –only 27 % of Indians own a watch
Total estimated market in 2010 Volume ~ 48 mnunits Value: Rs 3800 Crores(USD 825 Mn) at retail(We have a 25% volume share and a 45% value share)
Vast proportion of the Indian market is below Rs 500 ($11)~ 65% by volume (24% by value)
Market has been split into: Low end, Mass market, Premium, and Luxury
INTERNATIONAL BUSINESS
•One of India’s first companies to market a consumer brand overseas.
•Titan watches are present in 26 countries outside India
•“Titan” is among the top 3 watch brands in several Asian countries
•Titan is exploring South Africa this year.
•Total export sales of over Rs99 crores($22 mn) in 2010-11 including watch components.
JEWELLERY
Three major brands –Tanishq, Gold Plus and Zoya
Largest jewellery retailer in India
◦120 Tanishq boutiques
◦29 Gold Plus stores
◦2 Zoya stores
CONSOLIDATED RESULTS TABLE
| FY11CS | |||
| Net Sales | 653,297.00 | 467,716.00 | 383,264.00 |
| Other Oprtg Income | 98 | 72 | 91 |
| Incre. in SIT/WIP | -49,865.00 | -11,512.00 | -15,751.00 |
| Raw Materials | 445,279.00 | 314,592.00 | 258,645.00 |
| Traded goods | 84,958.00 | 41,215.00 | 34,957.00 |
| Employees Cost | 39,736.00 | 27,785.00 | 23,645.00 |
| Depreciation | 3,511.00 | 6,069.00 | 4,235.00 |
| Other Expenditure | 74,241.00 | 56,039.00 | 51,379.00 |
| Total Expenditure | 597,860.00 | 434,188.00 | 357,110.00 |
| Profit from Opera. | 55,535.00 | 33,600.00 | 26,245.00 |
| Other Income | 5,609.00 | 1,201.00 | 440 |
| Profit before Int & EI | 61,144.00 | 34,801.00 | 26,685.00 |
| Interest | 823 | 2,540.00 | 2,879.00 |
| Profit after Int BB EI | 60,321.00 | 32,261.00 | 23,806.00 |
| Profit before tax | 60,321.00 | 32,261.00 | 23,806.00 |
| Tax Expense | 17,009.00 | 7,131.00 | 7,414.00 |
| Net Profit | 43,312.00 | 25,130.00 | 16,392.00 |
| Dividend (%) | 250 | 150 | 100 |
| Face Value (in Rs.) | 10 | 10 | 10 |
| Paid-up Equity | 4,439.00 | 4,439.00 | 4,439.00 |
| Reserves | 99,123.00 | 68,752.00 | 51,348.00 |
| Basic EPS(in Rs.) | 97.57 | 56.61 | 36.93 |
| Public holding (%) | 46.5 | 46.9 | 46.9 |
ANNOUNCEMENTS TO NSE
24-06-2011 Titan Industries Register of Members and Share Transfer Books will remain closed from July 26, 2011 to July 28, 2011 (Both days inclusive) for the purpose of determining eligibility for payment of dividend on equity shares for the year ended March 31, 2011. Further, the Annual General Meeting of the Company is scheduled to be held on July 28, 2011.
14-06-2011 Titan Industries Board of Directors have fixed June 24, 2011 as the Record Date for the issue of Bonus Shares in the ratio of 1 equity share for every equity share held and sub-division of the equity share of the face value of Rs.10 each in to 10 (ten) equity shares of Re.1 each.
01-06-2011 The Company's wholly-owned subsidiary, Titan Properties Ltd. proposes to merge with the Holding Company, Titan Industries Ltd pursuant to a Scheme of Amalgamation to be filed with the Hon'ble Madras High Court. Titan Properties Ltd was incorporated to develop a Titan Township near Hosur, for the employees of Titan Industries Ltd. It has achieved the objectives for which it was formed and has decided not to undertake any further developmental activities and hence felt it expedient to amalgamate with the holding company, Titan Industries Ltd. It may be noted that the Company's subsidiary, Titan Properties Ltd shall file the requisite petition with the Hon'ble Madras High Court.
29-04-2011 Titan Industries Limited has informed the Exchange that the Board of Directors of the Company at its meeting held on April 29, 2011, have decided subject to approval by the Shareholders of the Company and other applicable approvals, if any the following: (1) Issue of bonus shares to the shareholders of the Company in the ratio of one (1) equity share for every existing one (1) equity share; and (2) Sub-division of the equity share of the Company of the face value of Rs. 10 (ten) each in to 10 (ten) equity shares of a face value of Rs. 1 (one) each.
29-04-2011 press release dated April 29, 2011, titled "Titan Industries announces results beyond expectations of all - announces bonus issue of equity shares".
29-04-2011 Board of Directors have recommended a dividend on equity shares of 250%, free of tax, viz Rs.25/- per equity share. (Previous year: 150%, free of tax, Rs.15 per equity share).
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