The Street has an action-packed day on Thursday with the release of Union Budget 2024 and earnings announcements from 86 BSE listed companies for the December quarter. Notable companies to watch among the Nifty companies are Adani Enterprises, Adani Ports & Special Economic Zone, and Titan Company. Other important results include Abbott India, Aether, Bata India, Castrol India, Deepak Fertilizers and Petrochemicals Corporation, GMM PFaudler, India Cements, Jyothy Labs, Jupiter Wagons, Dr Lal Pathlabs, Minda Corp, MPhasis, RITES, Texmaco Rail & Engineering, Thyrocare.
Titan reported a 9% YoY growth in standalone net profit at Rs 1,040 crore in Q3. Revenue from operations increased by 20% YoY to Rs 13,052 crore. EBIT for the quarter grew 11% YoY to Rs 1,478 crore. EBIT margins declined 116 basis points to 11.3%. Total income from the jewellery business rose 23% to Rs 11,709 crore.
Titan Ltd is expected to report strong Q3 results with significant growth in consolidated revenues and net profit. However, higher raw material prices may lead to a decline in gross and EBITDA margins. The Jewellery segment is likely to have a strong quarter, with notable growth in gold and coins sales. The Watches & Wearables segment is expected to show growth, while the Eyecare segment may have a muted quarter. Titan also added 90 new stores during the quarter, expanding its total presence to 2,949 stores.
Titan's Q3 revenues are expected to rise 25% YoY, mainly driven by yet another strong quarter for the jewellery business. Net profit for the same period is seen growing up to 27% YoY. Q3 will likely be the fourth consecutive quarter of 20% growth in revenue.
The stock remains a darling of investors after the company's strong performance in the third quarter, with positive perceptions of its business model boosted by the “Jhunjhunwala effect”.
Titan Q3 Profit Falls 11% To Rs 419 Crore Due To Impairment Provision moneycontrol.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneycontrol.com Daily Mail and Mail on Sunday newspapers.
Titan Q3 results: Net profit declines 11% to Rs 419 cr, revenue up 18%
The company's total income rose 18 per cent to Rs 7,324 crore during December quarter, while EBITDA rose 19 per cent to Rs 896 crore.
BusinessToday.In | February 10, 2021 | Updated 20:22 IST
Titan's revenue from jewellery segment rose 16 per cent to Rs 6,249 crore during the quarter, while that from watches segment declined 12 per cent to Rs 550 crore.
Titan Company Ltd on Wednesday reported 11 per cent year-on-year decline in net profit at Rs 419 crore for October-December quarter, hit by a one-time provision.
The company's total income rose 18 per cent to Rs 7,324 crore during December quarter, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose 19 per cent to Rs 896 crore.
Pent up demand seen for wedding jewellery
Good recovery seen in Watches and Eyewear segment
Titan's recovery has been better than expected for the October to December quarter. For Q3FY21, we expect Titan's revenue to grow ~13 per cent on a Year on Year basis, on account of sharper recovery in jewellery segment.
The Jewellery segment which accounts for around 80 per cent of their revenue is back in the growth phase and expected to grow at ~15 per cent YoY. The growth in the segment is aided by the 32 per cent YoY gold price hike, pent-up buying during the festive season and strong demand for wedding jewellery. The share of studded jewellery is expected to improve.