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Titan: Good finish to the year

May 6, 2013

Titan Industries declared the results for the fourth quarter of financial year 2013 (4QFY13). The company reported 14.5% YoY growth in sales, while net profit has risen by 28.2% YoY for the quarter. Here is our analysis of the result.

Performance summary
  • Net sales increased by 14.5% YoY during the quarter and by 14.4% YoY during the financial year 2013.
  • Segmentwise, jewellery revenue grew by 16.3% YoY, others including precision engineering, eyewear and accessories by 40% YoY and watches by just 1.5% YoY during the quarter ended March 2013. For the full year, revenues grew by 14.8% YoY, 25.9% YoY and 9.6% YoY respectively for all three segments.
  • Operating expenditure rose by 13.1% YoY during the quarter resulting in operating profits increasing by 28.7% YoY. Operating profit margins expanded by 1.1% during the quarter and by 0.6% during the full year.
  • Other income grew by 15.5% YoY during the quarter.
  • Interest costs rose by 8% YoY during the quarter which is lower than 15.9% YoY growth recorded for the whole year.
  • Net profits increased by 28.2% YoY during the quarter and by 20.8% YoY during the financial year 2013.
  • Titan has declared a dividend of Rs 2.1 per share (dividend yield of 0.8%).

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