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Titan: Watches out of sync... - Views on News from Equitymaster

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Titan: Watches out of sync...

Nov 1, 2013

Titan Company Ltd. declared its results for the second quarter of financial year 2014 (2QFY14). The company reported 2.3% YoY growth in sales, while net profit grew by 3.6% YoY for the quarter. Here is our analysis of the results.

Performance summary
  • Net sales for the company increased by just 2.3% YoY during the quarter. Segment wise, jewellery revenue grew by just 4.3% YoY, Watches segment de-grew by 6.2% YoY. 'Others' segment which includes precision engineering, eyewear and accessories grew by 17.2% YoY.
  • Total raw material cost this quarter decreased by 2% YoY. As a proportion of sales, raw material cost has declined from 71.8% in 2QFY13 to 68.7% in 2QFY14. Operating expenditure grew by 2% YoY, at par with the sales. EBITDA margin for the quarter increased a bit by 0.2% YoY to 11.2%
  • Other income for the company rose by 27.4% YoY. However, interest expenses too rose by 64.3% YoY as the company had short term debt of Rs 6.1bn at the end of the quarter.
  • Profit after tax for the company grew moderately by 3.6% YoY during the quarter.
  • For H1FY14, sales and net profit for the company grew by 21.3% YoY and 9.8% YoY respectively largely on account of good performance during the first quarter.

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