Titan Industries rose 0.5% to Rs 271.95 at 9:55 IST on BSE after net profit rose 28.2% to Rs 184.97 crore on 14.54% growth in total income from operations to Rs 2613.24 crore in Q4 March 2013 over Q4 March 2012.
The company announced the Q4 results after market hours on Friday, 3 May 2013.
Meanwhile, the BSE Sensex was up 8.62 points, or 0.04%, to 19,584.25.
On BSE, 84,713 shares were traded in the counter as against an average daily volume of 9.74 lakh shares in the past one quarter.
The stock hit a high of Rs 276.65 and a low of Rs 270 so far during the day. The stock had hit a record high of Rs 313.60 on 30 November 2012. The stock had hit a 52-week low of Rs 203.90 on 5 June 2012.
The stock had outperformed the market over the past one month till 3 May 2013, rising 6.75% compared with the Sensex's 4.12% rise. The scrip had, however, underperformed the market in past one quarter, sliding 5.32% as against Sensex's 1.04% fall.
The large-cap company has an equity capital of Rs 88.78 crore. Face value per share is Rs 1.
The company's net profit rose 20.8% to Rs 725.18 crore on 14.41% growth in total income from operations (net) to Rs 10112.67 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).
On consolidated basis, Titan Industries' net profit rose 20.6% to Rs 725.38 crore on 14.4% growth in total income from operations (net) to Rs 10123.29 crore in FY 2013 over FY 2012.
The firm's board of directors at a meeting held on Friday, 3 May 2013, recommended a dividend of Rs 2.10 per share for FY 2013.
Titan Industries said its good financial performance in FY 2013, which was the silver jubilee year for the company, was despite a challenging economic environment. Titan Industries said it had pursued growth during 2012-13 in all its business. The company invested in many strategic initiatives taking into account long term and sustainable growth. All these backed by the talent and commitment of employees and business associates have helped Titan Industries register this encouraging growth in a difficult year, Titan Industries said in a statement.
The strength of company's brands contributed to sales growth across all retail formats of watches, jewellery and eyewear, Titan Industries said in a statement.
The Watches business of the company recorded an income of Rs 1675.87 crore in FY 2013, a year-on-year growth of 9.6%. This was achieved through excellent planning and execution of key initiatives, Titan said. The income from Jewellery segment rose 14.8% at Rs 8107.99 crore in FY 2013 over FY 2012. The income from other segments comprising of Precision Engineering, a B2B Business, the Eyewear business and accessories surged 25.9% to Rs.414.03 crore in FY 2013, Titan Industries said in a statement.
Titan Industries said that FY 2013 witnessed aggressive expansion of its retail network with a net addition of 126 stores by Watches, Jewellery and Eyewear businesses. As on 31 March 2013, the company had 953 stores, with over 1.27 million square feet (sq.ft) of retail space delivering a retail turnover in excess of Rs 9980 crore, Titan Industries said in a statement.
Commenting on the company's performance, Mr. Bhaskar Bhat, Managing Director, Titan Industries said, "The year 2012-13 was a challenging year given the economic environment that was subdued and other adverse factors like the high price of gold that impacted our jewellery business. It has however been a fruitful year for Titan Industries with healthy growth and the fourth quarter in particular, was very encouraging with 28% growth in profit. Given the high expectations of all our stakeholders and aspirations of our employees, we move confidently into the new financial year with aggressive plans.
Titan Industries retails branded gold jewellery under the brand name Tanishq. It sells watches under a premium brand Titan and economy brand Sonata.
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