Titan Company rose 1.09% to Rs 274 at 9:43 IST on BSE after net profit rose 11.61% to Rs 206.44 crore on 7.04% increase in total income to Rs 2828.88 crore in Q4 March 2014 over Q4 March 2013.
The company announced the result at the fag end of the trading session on Tuesday, 6 May 2014. Shares of Titan Company jumped 3.47% to Rs 271.05 on that day. The stock has risen 4.60% in two days from Rs 261.95 on 5 May 2014.
Meanwhile, the BSE Sensex was down 14.38 points, or 0.06%, to 22,494.04.
On BSE, so far 1.92 lakh shares were traded in the counter, compared with an average volume of 1.54 lakh shares in the past one quarter.
The stock hit a high of Rs 279.75 and a low of Rs 274.10 so far during the day. The stock hit a 52-week high of Rs 302 on 30 May 2013. The stock hit a 52-week low of Rs 200 on 13 June 2013
The stock had underperformed the market over the past one month till 6 May 2014, rising 0.41% compared with the Sensex's 0.67% rise. The scrip had, however, outperformed the market in past one quarter, rising 20.20% as against Sensex's 10.82% rise.
The large-cap gold jewellery and watches maker has an equity capital of Rs 88.78 crore. Face value per share is Re 1.
Titan Company's net profit rose 1.32% to Rs 734.94 crore on 8.05% increase in total income to Rs 11047.61 crore in the year ended March 2014 over the year ended March 2013.
Titan Company said this performance came in the backdrop of a challenging economic environment which was met by the talent and commitment of employees and business associates that helped Titan Company register this growth in a difficult year. The strength of company's brands contributed to sales growth across all retail formats of watches, jewellery and eyewear.
The watches business of the company recorded an income of Rs 1790.80 crore, a growth of 6.9%. This was achieved through meticulous planning and execution of key initiatives. The income from jewellery segment grew by 6.5%, crossing the Rs 8500 crore mark to Rs 8632.03 crore. The income from other segments comprising of precision engineering, a B2B business, the eyewear business and accessories grew by 20.7% to Rs 499.79 crore.
The year witnessed aggressive expansion of its retail network with a net addition of 125 stores by watches, jewellery and eyewear businesses. As on 31 March 2014, the company had 1078 stores, with over 1.5 million square feet of retail space delivering a retail turnover in excess of Rs 10900 crore.
Mr. Bhaskar Bhat, Managing Director of the company stated that "The year 2013-14 was a challenging year given the economic environment that was subdued. The year also witnessed other adverse factors like the regulatory changes that impacted our jewellery business. The Company will however continue to invest in strategic initiatives taking into account our long term and sustainable growth plans. Given the expectations of our stakeholders and aspirations of our employees, we move confidently into the new financial year with aggressive plans."
Titan Company (earlier known as Titan Industries) is India's leading producer and retailer of watches, jewellery and eyewear.
Powered by Capital Market - Live News
