Saturday, August 4, 2012

Titan Industries Limited - FIRST QUARTER RESULTS - Q1 FY 2013 -NET SALES UP 9.16%YoY; NET PROFIT UP 8.88% YoY


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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