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Titan Industries declared its results for the first quarter of financial year 2018 (1QFY18). While topline growth was 42.2% YoY, net profit grew by 101.2% YoY during the quarter. Here is our analysis of the results.
| (Rs m) | 1QFY17 | 1QFY18 | Change |
|---|---|---|---|
| Net sales | 28,272 | 40,213 | 42.2% |
| Expenditure | 25,402 | 36,564 | 43.9% |
| Operating profit (EBDITA) | 2,869 | 3,649 | 27.2% |
| EBDITA margin (%) | 10.1% | 9.1% | |
| Other income | 134 | 283 | 110.7% |
| Interest | 88 | 108 | 22.4% |
| Depreciation & amortisation | 263 | 295 | 12.2% |
| Exceptional items | -969 | -103 | |
| Profit before tax | 1,683 | 3,426 | 103.5% |
| Tax | 468 | 1,038 | 121.6% |
| Profit after tax | 1,215 | 2,388 | 96.6% |
| Share of associates | -6 | -8 | |
| Minority interest | 0 | -53 | |
| Profit after share of associates and minority | 1,209 | 2,432 | 101.2% |
| Net profit margin (%) | 4.3% | 5.9% | |
| No. of shares (m) | 887.8 | ||
| Reported earnings per share (Rs)* | 9.4 | ||
| P/E (x)* | 64.5 |
| 1QFY17 | 1QFY18 | Change | |
|---|---|---|---|
| Watches | |||
| Revenue (Rs m) | 4,997 | 5,118 | 2.4% |
| % of total revenues | 17.6% | 12.7% | |
| EBIT margin | 0.8% | 7.8% | |
| Jewellery | |||
| Revenue (Rs m) | 21,506 | 33,522 | 55.9% |
| % of total revenues | 75.9% | 83.3% | |
| EBIT margin | 9.5% | 9.6% | |
| Eyewear | |||
| Revenue (Rs m) | 1,105 | 1,107 | 0.2% |
| % of total revenues | 3.9% | 2.7% | |
| EBIT margin | 2.7% | 2.9% | |
| Others | |||
| Revenue (Rs m) | 714 | 510 | -28.6% |
| % of total revenues | 2.5% | 1.3% | |
| EBIT margin | -11.7% | -19.0% | |
| Total* | 28,322 | 40,257 |
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| DISCLOSURES UNDER SEBI (RESEARCH ANALYSTS) REGULATIONS, 2014
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