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Titan: High Gold Prices Spoil the Show - Views on News from Equitymaster
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Titan: High Gold Prices Spoil the Show
Aug 9, 2016

Titan Industries declared its results for the first quarter of financial year 2017 (1QFY17). The company reported 3.3% YoY increase in sales, while net profit fell by 16.3% YoY during the quarter. Here is our analysis of the results.

Performance summary
  • Net sales grew by 3.3% YoY during the quarter.
  • Operating profit grew by 31.9% YoY due to operating expenses growing at a pace lower than the growth in revenues. As a result, EBITDA margin grew to 10.4% YoY during the quarter.
  • Interest expenses for the company fell by 25.7% YoY.
  • Profit after tax fell by 16.3% YoY during the quarter.

    Financial performance snapshot
    (Rs m) 1QFY16 1QFY17 Change
    Net sales 27,086 27,988 3.3%
    Expenditure 24,871 25,067 0.8%
    Operating profit (EBDITA) 2,215 2,922 31.9%
    EBDITA margin (%) 8.2% 10.4%
    Other income 176 134 -24.0%
    Interest 118 88 -25.7%
    Depreciation & amortisation 229 261 14.0%
    Exceptional items 0 -969
    Profit before tax 2,044 1,738 -15.0%
    Tax 530 471 -11.1%
    Profit after tax 1,515 1,267 -16.3%
    Other comprehensive income 0 0
    Total comprehensive income 1,515 1,267 -16.3%
    Net profit margin (%) 5.6% 4.5%
    No. of shares (m) 887.8
    Reported earnings per share (Rs)* 7.7
    P/E (x)* 53.9

    (*trailing twelve months)

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