Titan Quarterly Results: Net Profit Rises 7% YoY, Declares Dividend of ₹11 Per Share

Jewelry and watch maker Titan released its financial results for the quarter ending March 31, 2024. The company reported a 7% year-on-year increase in net profit to ₹786 crore for the March quarter from ₹734 crore in the same period last year. Additionally, Titan declared a dividend of ₹11 per share of ₹1 each. This marks another successful year for Titan as their various brands, including Tanishq, Mia, Zaya, and Caratlane, continue to innovate and cater to the modern woman’s discerning tastes.

Taniera, Titan’s Indian Dress Wear segment, is expanding rapidly with new stores and their ‘Weavershalas’ initiative, focusing on preserving traditional methodologies while embracing modern practices. Titan’s EyeCare business, after a year of consolidation, has launched new products for the fashion-conscious youth, and their fragrances and fashion accessories businesses are also showing steady growth.

In Q4FY24, Titan’s total income reached ₹8,998 crore, with domestic business growing by 20% in the same period. The company’s EBIT came in at ₹1,089 crore, recording a margin of 12.1% for the quarter. For the full year, Titan’s division recorded a total income growth of 20% to ₹38,353 crores.

The emerging businesses at Titan, which include Indian Dress Wear, Fragrances, and Fashion Accessories, have also shown impressive growth, with a total income of ₹97 crores for Q4FY24, marking a 26% increase over Q4FY23. However, these businesses posted a loss of ₹22 crores for the quarter. For the full year, total income grew by 28% to ₹378 crores.

Titan further reported a 23% year-on-year growth in total income for the full year FY24, reaching ₹47,501 crores. The corresponding profit before tax grew 4% to ₹4,623 crores. The Board also approved the reappointment of Managing Director CK Venkataraman, ensuring continuity in leadership for the upcoming years.