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Titan Company rises after good Q4 results

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Titan Company rose 0.89% to Rs 1098 at 9:31 IST on BSE after consolidated net profit rose 14.42% to Rs 348.30 crore on 18.82% increase in net sales to Rs 4,823.49 crore in Q4 March 2019 over Q4 March 2018.

The result was announced after market hours yesterday, 8 May 2019.

Meanwhile, the S&P BSE Sensex was down 205.41 points, or 0.54% to 37,583.72.

On the BSE, 39,000 shares were traded in the counter so far compared with average daily volumes of 79,000 shares in the past two weeks. The stock had hit a high of Rs 1109.90 and a low of Rs 1089.65 so far during the day. The stock hit a 52-week high of Rs 1,164 on 25 April 2019. The stock hit a 52-week low of Rs 731.70 on 9 October 2018.

On a standalone basis, Titan Company's net profit rose 4.4% to Rs 294.58 crore on 19.7% increase in net sales to Rs 4,630.93 crore in Q4 March 2019 over Q4 March 2018.

Bhaskar Bhat, managing director of the company stated that "The growth momentum of the past few years continued in 2018-19 backed by the strong revenue as well as profit growth across all key divisions. The jewellery business grew through successful launch of design differentiated collections as well as tailwinds provided through regulatory developments over the last couple of years like GST. The Watches business had a great year too with the recrafting strategy resulting in the highest topline growth in recent years, a jump in margins and the highest ever profit. The Eyewear business recorded a strong growth of 23% with the new pricing strategy showing results. Skinn, our perfume brand as well as Taneira, Indian dress wear brand are scaling up in the coming year. Many steps are being taken to prepare the company for the future and set a foundation for healthy growth in the years to come."

The year witnessed aggressive expansion of its retail network with a net addition of 115 stores by watches, jewellery, eyewear and Indian dress wear businesses. As on 31 March 2019, the company had 1595 stores, with over 2.05 million square feet of retail space.

Titan Company's main business lines are watches, jewellery and eyewear.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 09 2019. 09:33 IST