TITAN · Consumer Durables
Titan Company Ltd. reported revenue of ₹13,266 cr for April to June 2024, +11.5% on the year and +6.2% on the quarter.
Operating profit (EBITDA) was ₹1,247 cr, a margin of 9.4%, −6 bps on the year and −13 bps on the quarter. Operating costs grew +11.6%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹715 cr, −5.4% on the year and −7.3% on the quarter, with earnings per share of ₹8.05. Profit before other income, one-offs and tax fell 3.9%, so the profit growth came from the business itself. The tax rate of 27% is in line with its recent average.
Retail growth comes from new stores and from sales at existing stores; the statements show the total, the filing shows how much each contributed. The quarterly statements do not carry same-store sales, stores added and revenue per square foot; those come with the filing read.
On earnings per share of ₹38.90 over the last four quarters, the stock at ₹4,462.50 trades at 114.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Finance cost ₹230 cr, +111.0% on the year; 18% of EBITDA.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹14,164 cr | ₹12,494 cr | ₹13,266 cr | ₹14,534 cr | ₹17,740 cr | ₹14,916 cr | ₹16,523 cr | ₹18,725 cr | ₹25,416 cr | ₹26,920 cr | ₹21,356 cr | ₹20,614 cr |
| YoY | — | — | +12% | +16% | +25% | +19% | +25% | +29% | +43% | +80% | +29% | +10% |
| EBITDA margin | 11.0% | 9.5% | 9.4% | 8.5% | 9.4% | 10.3% | 11.1% | 10.0% | 10.7% | 7.2% | 13.5% | 14.5% |
| Other income, % of PBT | 10% | 16% | 12% | 13% | 9% | 10% | 7% | 7% | −0% | 15% | 6% | 27% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | 22% | 27% | 26% | 25% | 28% | 26% | 26% | 24% | 25% | 27% | 20% |
| Net profit | ₹1,053 cr | ₹771 cr | ₹715 cr | ₹704 cr | ₹1,047 cr | ₹871 cr | ₹1,091 cr | ₹1,120 cr | ₹1,684 cr | ₹1,179 cr | ₹1,777 cr | ₹2,393 cr |
| YoY | — | — | −5% | −23% | −1% | +13% | +53% | +59% | +61% | +35% | +63% | +114% |
| Core profit YoY | — | — | −4% | −27% | +2% | +32% | +61% | +71% | +75% | +22% | +66% | +55% |
| EPS | ₹11.86 | ₹8.68 | ₹8.05 | ₹7.93 | ₹11.79 | ₹9.81 | ₹12.29 | ₹12.63 | ₹18.97 | ₹13.28 | ₹20.03 | ₹26.96 |
| Flags | · | · | 1 | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | 1 | ✓ | 5 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Titan Company Ltd. reported revenue of ₹13,266 cr (+11.5% on the year) and net profit of ₹715 cr (−5.4% on the year) for April to June 2024.
Profit before other income, exceptional items and tax moved −3.9% on the year, against −5.4% for reported profit.
1 check raised a question: Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
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