Titan Industries Limited
FIRST QUARTER RESULTS
Q1 FY 2013
TITAN INDUSTRIES has reported reasonable Progress in its results for the
first quarter ending Dec, 2012.
HIGH LIGHTS
Net Sales stands at Rs.2205.65 Cr for q1 FY 13;
down by -3.32% from Q4 FY 12 (Rs.2281.42 Cr); and up by 9.16% from Q1 FY 12
(Rs.2020.51 Cr).
Total Expenditure stands at Rs.2006.01 Cr for q1 FY 13;
down by -3.87% from Q4 FY 12 (Rs.2086.85
Cr); and up by 8.67% from Q1 FY 12 (Rs.1845.97 Cr).
Profit before
Interest, Dep. & Taxes stands
at Rs.199.64 Cr for q1 FY 13; up by 2.61%
from Q4 FY 12 (Rs.194.57 Cr); and up by 14.38%
from Q1 FY 12 (Rs.174.54 Cr).
Net Profit stands at Rs.156.09 Cr for q1 FY 13; up
by 8.19% from Q4 FY 12 (Rs.144.28 Cr);
and up by 8.88% from Q1 FY 12 (Rs.143.36 Cr).
Diluted EPS ,
On a Face Value of Rs.1, stands
at Rs.1.76 for q1 FY 13; Rs.1.63 for Q4 FY 12; and Rs.1.61 for Q1 FY 12.
52 week high/low price : 265.00/154.20; CURRENT MARKET PRICE : Rs.229.
DETAILS
|
TITAN
IND
|
30-Jun-12
|
QoQ %
Dif
|
31-Mar-12
|
YoY %
Dif
|
30-Jun-11
|
|
Net Sales
|
220565
|
-3.32
|
228142
|
9.16
|
202051
|
|
Total Expenditure
|
200601
|
-3.87
|
208685
|
8.67
|
184597
|
|
Profit
before Interest, Dep. & Taxes
|
19964
|
2.61
|
19457
|
14.38
|
17454
|
|
Net Profit (+)/Loss (-) after Tax
|
15609
|
8.19
|
14428
|
8.88
|
14336
|
|
Diluted EPS
|
1.76
|
7.98
|
1.63
|
9.32
|
1.61
|
|
Net Sales
|
220565
|
-3.32
|
228142
|
9.16
|
202051
|
|
Cost of materials
|
147319
|
-11.58
|
166613
|
-1.93
|
150225
|
|
Purchases of SIT
|
38315
|
155.83
|
14977
|
11.85
|
34257
|
|
Employee benefits expense
|
10392
|
-4.5
|
10882
|
1.73
|
10215
|
|
Depreciation
|
1232
|
-1.36
|
1249
|
24.19
|
992
|
|
Other expenses
|
26475
|
-1.64
|
26916
|
17.55
|
22522
|
|
Total expenses
|
200601
|
-3.87
|
208685
|
8.67
|
184597
|
|
Profit
before tax
|
21222
|
2.53
|
20699
|
7.97
|
19655
|
|
Tax Expenses
|
5613
|
-10.49
|
6271
|
5.53
|
5319
|
|
Net Profit
|
15609
|
8.19
|
14428
|
8.88
|
14336
|
|
Face Value of Share (in )
|
1
|
0
|
1
|
0
|
|
|
Paid-up Equity
|
8878
|
0
|
8878
|
0
|
8878
|
|
Diluted EPS
|
1.76
|
7.98
|
1.63
|
9.32
|
1.61
|
|
Public Shareholding (%)
|
46.9
|
0
|
46.9
|
0.43
|
46.7
|
OTHER DETAILS
Titan Industries
Ltd. announced an income growth of 9.2% in an extremely challenging first
quarter of 2012-13. While the sales income
grew from Rs.2020.51 crores last year to Rs.2205.65 crores in Q1, the profit
after tax for the same period grew by 8.8% to Rs.156.09 crores from Rs.143.51
crores last year. The Company’s PBT
stands at Rs.212.22 crores in Q1 as against Rs.196.76 crores during the same
period last year, registering a growth of 7.9%.
All businesses
of the Company have recorded growth in first quarter. Jewellery income in Q1 was Rs.1775.53 crores,
a growth of 7.8% over last year’s income of Rs.1647.11 crores. Gold in rupee terms touched its peak at
Rs.3067 per gram of 24Kr. during this quarter thus affecting the growth of
jewellery. The watches business recorded
an income of Rs.360.69 crores as against Rs.315.39 crores last year in Q1, a
growth of 14.4%. The reduction in
wedding dates during the quarter has also affected both watches and
jewellery. The Company’s other
businesses, Eyewear, Precision Engineering and Accessories grew by 15.7% to
Rs.89.62 crores. The Precision Engineering Division continued its momentum of
last year and the business outlook looks positive with enhanced interest from
overseas clients.
The company’s
youth brand, Fastrack launched a successful collection in sunglasses called
“Eye Sport” and also introduced girls’ summer bags and ‘His and Her’
collections. In international markets,
the Company launched a successful “Search for the Face of Titan” campaign in
Vietnam and sponsored a high profile marathon in Kuala Lumpur.
The Company
maintained the momentum of retail expansion across all its businesses and
opened 20 stores in the first quarter, ending the period with a retail area of
1.08m sq.ft nationally. The Titan
Industries retail chain is 847 stores strong, as on 30th June 2012 and is
expanding with growth plans in place for all its retail businesses – watches
and accessories, jewellery and eyewear.
Mr. Bhaskar
Bhat, Managing Director of the Company stated that “The first quarter has been
disappointing by way of sales growth due to several factors leading to a weak
consumer sentiment. Consumer response was good only to discount offers thereby
impacting margins, specially in watches and eyewear. Looking ahead, factors
like high inflation, a weak rupee and poor monsoon are likely to have an
adverse impact on our targeted growth but Titan Industries will leverage the
strength of its brands and maintain its investments in brand building, retail
network expansion and new product introductions to infuse confidence in
consumers.”
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