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Titan: The pendulum is swinging

Jun 14, 2004

Titan, the country's largest watch manufacturer and the market leader in organised jewellery, announced its results recently. While the topline has increased by 22% in FY04, there has been a sharp rise in profit at the PBT level, which is higher than our estimate. The increase is primarily on account of rebound in margins of the company's watch division in 4QFY04.

(Rs m) 4QFY03 4QFY04 Change FY03 FY04 Change
Net sales 2,441 2,700 10.6% 7,359 8,949 21.6%
Other income 91 7 -92.7% 104 21 -79.9%
Expenditure 2,144 2,214 3.3% 6,561 7,949 21.2%
Operating profit (EBDITA) 297 487 64.0% 799 1,000 25.2%
Operating profit margin (%) 12.2% 18.0%   10.9% 11.2%  
Interest 86 73 -14.8% 414 376 -9.0%
Depreciation 45 59 30.5% 291 254 -12.7%
Profit before tax 256 361 40.9% 198 390 97.3%
Extraordinary items (100) (250) 150.0% (100) (250) 150.0%
Tax 41 13 -68.4% 19 25 34.0%
Profit after tax/(loss) 115 98 -14.6% 79 115 45.7%
Net profit margin (%) 4.7% 3.6%   1.1% 1.3%  
No. of shares (m) 42.3 42.3   42.3 42.3  
Diluted earnings per share (Rs)* 10.9 9.3   7.5 10.9  
P/E ratio (x)         8.1  
(* annualised)            

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