Titan Industries '
second quarter net profit rose 22 percent year-on-year to Rs 180 crore, in-line
with street expectations.
Its total income in the July-Sep quarter were up
lower-than-expected 9 percent to Rs 2,276 crore.
Analysts on average were expecting Titan to report a net
profit of Rs 173 crore on revenue of Rs 2,425 crore, according to a CNBC-TV18
poll.
Titan's EBITDA margin rose to 11 percent from 9.6 percent,
higher than analysts expectation of 10 percent.
The company's income from watches was up 13 percent to 472
crore, while jewellery business grew 6 percent to Rs 1,724 crore, Titan said on
Wednesday.
Its other businesses including precision engineering,
eyewear and accessories grew 49 percent to Rs 97 crore in the second
quarter.
Titan's jewellery business profit was up 35 percent at Rs
215 crore.
But, despite the 13 percent sales growth, watch segment
profit was down 18 percent last quarter to Rs 55 crore, and other businesses
loss widened to Rs 4 crore from Rs 1 crore in the year ago quarter.
Bhaskar Bhat, Titan's MD said that demand has had to be
stimulated through investment in advertising. Therefore expectation for festive
season is positive even though sale may come at a cost, he said.
As of Sep 30, Titan had 879 outlets, with retail area over
11.3 lakh square feet across its brands.
Titan Industries shares closed up 0.7 percent at Rs 259.30
on NSE. The results were announced after markets closed.
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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