Titan Company on May 3, 2023, announced a dividend of Rs 10 per share with a face value of Re 1. For the March quarter, the Tata Group company reported a standalone net profit of Rs 734 crore, up 49 per cent from the year-ago period. Revenue from operations stood at Rs 8,553 crore, up 26.7 per cent against Rs 6,749 crore reported in the corresponding quarter of the previous fiscal. Total income came in at Rs 9,808 crore, up 33.4 per cent against Rs 7,352 crore logged in Q4FY22.

Titan's segments' highlights

Jewellery: Its total income of nearly Rs 7,576 crore, increased by 24 per cent compared to Q4FY22. The Indian business grew by 21 per cent in the same period. The Buyer growth clocked an encouraging 15 per cent and average ticket sizes moved up by 8 per cent compared to Q4FY22. The Wedding segment witnessed a comeback with growth rates marginally higher than the overall retail sales growth. The competitive intensity in gold rates continued to remain high. EBIT was nearly 997 crore with a 13.2 per cent EBIT margin for Q4FY23, the company said in its earnings release.

Watches & Wearables: The business recorded a total income of nearly Rs 871 crore, up by 40 per cent compared to Q4FY22 backed by strong growth in the analogue watches segment and a multi-fold increase in wearables. Business hit significant milestones of nearly 5,000+ crores of annual Uniform Consumer Price (UCP) retail sales and total sales of 1 million+ smartwatch. During the quarter, Titan moved into the Top 5 Smartwatch companies by market share in India {!DC Tracker Feb'23}. EBIT was nearly Rs 98 crore clocking an EBIT margin of 11.3 per cent for Q4FY23.

EyeCare: Total Income of nearly Rs 165 crore was up by 23 per cent compared to Q4FY22. The Business achieved a landmark milestone of Rs 1,000 crore in annual UCP retail sales value for the first time. EBIT came in at nearly Rs 2 crore after making a one-time payment of nearly Rs 8 crore to its franchisee partners, the company said. 

Commenting on the results, CK Venkataraman, Managing Director of the Company stated, "The year gone has witnessed several firsts in the history of Titan. The Jewellery, Watches & Wearables and EyeCare achieved landmark milestones of Rs 30,000 crore, Rs 5,000 crore and Rs 1,000 crore of annual consumer retail sales, respectively for the first time in their retail journeys. During the year, Titan opened the first Tanishq store in USA and Titan Eye+ store in Dubai. The House of Titan proudly launched its latest brand 'IRTH', an exciting collection of Women's Bags."