TITAN Announces Quarterly Results (2QFY21); Net Profit Down 44.6%

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TITAN Announces Quarterly Results (2QFY21); Net Profit Down 44.6%
Fri, 30 Oct

TITAN has announced its results for the quarter ended September 2020. Here is a detailed performance review of the same:

TITAN Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-19*
3
Jun-20*
3
Sep-20*
QoQ ChangeYoY Change
Net SalesRs m46,61619,79045,530130.1%-2.3%
Other incomeRs m31841048017.1%51.2%
TurnoverRs m46,93320,20046,010127.8%-2.0%
ExpensesRs m41,39322,32042,40090.0%2.4%
Gross profitRs m5,223-2,5303,130-40.1%
DepreciationRs m8229309401.1%14.4%
InterestRs m449520490-5.8%9.2%
Profit before taxRs m4,270-3,5702,180-48.9%
TaxRs m1,127-640440-61.0%
Profit after taxRs m3,143-2,9301,740-44.6%
Gross profit margin%11.2-12.86.9
Effective tax rate%26.417.920.2
Net profit margin%6.7-14.53.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The company's operating income during the quarter fell 2.3% on a year-on-year (YoY) basis. The expenses were up by 2.4% YoY during the same period.
  • The company's operating profit declined by 40.1% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 6.9% in 2QFY21 as against 11.2% in 2QFY20.
  • Depreciation charges increased by 14.4% and finance costs increased by 9.2% YoY, respectively.
  • Other income increased by 51.2% YoY during the quarter.
  • Net profit for the quarter declined by 44.6% YoY. Net profit margins during the quarter declined from 6.7% in 2QFY20 to 3.8% in 2QFY21.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 130.1% on a quarter-on-quarter (QoQ) basis. The expenses were up by 90.0% QoQ during the same period.
  • The company's operating profit declined by 223.7% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 6.9% in 2QFY21 as against 12.8% in 1QFY20.
  • Net profit for the quarter increased by 159.4% QoQ, while net profit margins increased from -14.5% in 1QFY20 to 3.8% in 2QFY21.

To see how TITAN has performed over the last eight quarters,please visit here.

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TITAN Share Price Performance

Over the last one year, TITAN share price has moved down from Rs 1,315.5 to Rs 1,165.2, registering a Loss of Rs 150.3 or around 11.4%.

Overall, the S&P BSE SENSEX is down 0.8% over the year.

Current Valuations

At the current price of Rs 1,165.2, the price to earnings (P/E) ratio of TITAN stands at 148.0 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 15.5 times.

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