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Titan: Jewellery Business Lights up the Quarter - Views on News from Equitymaster

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Titan: Jewellery Business Lights up the Quarter
Aug 10, 2017

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.

Performance summary
  • Net sales growth was 42.2% YoY during the quarter.
  • Operating profit grew by 27.2% YoY due to operating expenses growing at a pace higher than the growth in revenues. As a result, EBITDA margin fell to 9.1% from 10.1% in the earlier period.
  • Profit after tax grew by 101.2% YoY during the quarter on account of a low base due to significantly higher exceptional expenses in the previous year's quarter.

    Financial performance snapshot
    (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  

    (*trailing twelve months)


    Segment wise break up
    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  

    * Excluding unallocated items

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