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Titan: Just YoY effect

Dec 19, 2003

Titan Industries, which announced its September quarter results, continues on its path to recovery. The country's largest watchmaker reported a 13% growth in topline and 234% increase in bottomline in 2QFY04. However, the large rise in bottomline in 2QFY04 has to be viewed in the context of poor performance in 2QFY03. For 1HFY04, the company reported a 20% growth in net sales. However, in view of the losses made during June quarter, Titan has registered net losses of Rs 13 m during the first half of FY04.

Results at a glance...
(Rs m) 2QFY03 2QFY04 Change 1HFY03 1HFY04 Change
Net Sales 1,811 2,048 13.1% 2,805 3,363 19.9%
Other Income 5 5 4.2% 7 11 45.2%
Expenditure 1,587 1,791 12.8% 2,548 3,069 20.5%
Operating Profit (EBDIT) 224 258 15.2% 258 294 14.2%
Operating Profit Margin (%) 12.4% 12.6%   9.2% 8.7%  
Interest 110 109 -1.5% 216 211 -2.3%
Depreciation 91 65 -27.7% 160 130 -18.7%
Profit before Tax 28 89 221.4% -111 -36 -67.5%
Tax 9 27 194.4% -29 -23 -20.6%
Profit after Tax/(Loss) 19 62 234.4% -82 -13 -84.2%
Net profit margin (%) 1.0% 3.0%   -2.9% -0.4%  
No. of Shares 42 42   42 42  
Diluted Earnings per share (Rs)* 1.8 5.9   -3.9 -0.6  
P/E Ratio (x)   22.2        
(* annualised)            

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