Titan Company Q1 FY23 Results: PAT rises 53.9% to ₹785 Cr, Income up 20.51% to ₹9,487 Cr QOQ

Q1 results 2022 of Titan company shows a consolidated Net Profit of ₹785 crore in the financial year ended on June 30, 2022 as against ₹20 crore for the same quarter ended on last year June 30, 2021. The PAT surges up by 3,825%.

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Titan Company Ltd is the world’s fifth largest wrist watch manufacturer and India’s leading producer of watches. Titan Company (Titan), a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO), commenced its operations in 1984 under the name Titan Watches Ltd.

The company has posted its Q1 FY23 financial results today, the details are as below :

(I) Unaudited Consolidated Financial Results for Quarter Ended (QOQ comparison):

The Titan Q1 results 2022 reported, a consolidated Total Income of ₹9,487 crore in the quarter ended on June 30, 2022 as against ₹7,872 crore in the last quarter ended on Mar 31, 2022, increased by 20.51%.

The company has posted a consolidated Net Profit of ₹785 crore in the quarter ended on March 31, 2022 as against ₹510 crore in the previous quarter ended on June 30, 2022. The PAT surges up by 53.92%.

The status of the EPS of the company stood at ₹8.84 as on March 31, 2022 compared to the previous quarter ended on June, 2022 which was ₹5.74, up by 54.00%.

₹*June 30, 2022 (Q1 FY23)Mar 31, 2022 (Q4 FY22)
Total Income9,4877,872
Total Expenses84157165
PBT /(Loss)1072707
Total Tax /(credit)282126
PAT /(Loss) [to the owners]785510
*figures are in Crores

(II) Unaudited Consolidated Financial Results for Quarter Ended (YoY comparison):

The company has reported, a consolidated Total Income of ₹9,487 crore in the financial year ended on June 30, 2022 as against ₹3,519 crore for the same quarter ended on last year June 30, 2021 that increased by 69.63%.

Q1 results 2022 of Titan company shows a consolidated Net Profit of ₹785 crore in the financial year ended on June 30, 2022 as against ₹20 crore for the same quarter ended on last year June 30, 2021. The PAT surges up, insanely by 3,825%.

The status of the EPS of the company stood at ₹8.84 as on June 30, 2022 compared to the quarter ended on last year June 30, 2021 which was ₹0.22, up by 3,918.18%.

₹*June 30, 2022 (Q1 FY23)June 30, 2021 (Q1 FY22)
Total Income9,4873,519
Total Expenses84153480
PBT /(Loss)107239
Total Tax /(credit)28221
PAT /(Loss) [to the owners]78520
*figures are in Crores
Titan Watch

(III) Key Highlights about the Performance :

Q1 FY23 Jewellery Highlights

• Sales during the Akshaya Tritiya (AT) quarter rebounded strongly after a 3-year gap. Gold and Studded jewellery both grew by ~260+% YoY
• Compared to a normal Q1FY20, the 3-year CAGR came in at 23.4%
• Sales growth was driven by both buyer and ticket sizes, with new buyer contribution continuing to be quite robust at 46%
• Whilst wedding segment recorded a healthy growth of 178% YoY, its contribution to the overall sales was marginally lower
• The studded sales ratio at 26% is moderately better than pre-pandemic levels for the first quarter, indicating a full recovery
• Golden Harvest enrolments improved vis-à-vis buyer growths, a positive lead indicator for good buyer intent
• EBIT margin was 13.5% (₹1,027 crore) on the back of operating leverage gains, improved product mix and better studded margins

Titan Q1 FY23 Income – Titan q1 fy23 results ₹* are in crores

Q1 FY23 Watches & Wearables Highlights

• Division clocked its best ever quarterly revenues on the back of healthy growth across channels and brands
• Growth in all the channels came off a low base of Q1’22 (except E-Commerce). The wedding season worked really well for all brands and channels especially in April and May
• Wearables growth nearly quintupled YoY
• Division ramped up its advertising spends across brands and categories to ~₹ 67 cr
• Despite higher investments in brands and people, the EBIT margin improved to 13.1% (₹ 103 cr), the best over several quarters post-Covid

Q1 FY23 EyeCare Highlights

• Division achieved its highest quarterly revenues of ₹183 crore in Q1 FY23 led by growth in all its major categories
• 56 new stores were added in the quarter taking the total count to 789 stores
• Prescription eyewear retail by Fastrack, a new initiative by Titan EyeCare, expanded the reach with addition of 2 new brand stores in Bengaluru
• EyeCare entered the Guinness Book of World Records for conducting 1.3 lakh eye tests on a single day of April 21st 2022

Titan Q1 FY23 results

The stocks of Titan Company last hit in BSE,

  • Intraday High of ₹ 2471.70
  • Intraday low of ₹ 2417.60