Titan Q1 Results FY2023, Net Profit at Rs. 790 Crores

On 5th August 2022, Titan announced its quarterly results for the first quarter of FY2023.

Key Highlights for Q1FY23:

- The company's revenue from operations grew by 199% YoY to Rs. 8975 crores

- The EBITDA stood at Rs. 1240 crores with a growth of 579% YoY

- The Net Profit was reported at Rs. 790 crores

Business Highlights:

Jewellery:

- The sales during the Akshaya Tritiya (AT) quarter rebounded strongly after a 3-year gap. Gold and Studded jewellery both grew by 260% YoY 

- Sales growth was driven by both buyer and ticket sizes, with new buyer contribution continuing to be quite robust at 46% 

- Whilst the wedding segment recorded a healthy growth of 178% YoY, its contribution to the overall sales was marginally lower

- EBIT margin was 13.5% (₹ 1,027 cr) on the back of operating leverage gains, improved product mix, and better studded margins

Watches and Wearables:

- Division clocked its best ever quarterly revenues on the back of healthy growth across channels and brands 

- Wearables growth nearly quintupled YoY 

- Despite higher investments in brands and people, the EBIT margin improved to 13.1% (₹ 103 cr), the best over several quarters post-Covid

EyeCare:

- Division achieved its highest quarterly revenues of ₹183 crore in Q1FY23 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 its reach with the 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 on April 21st 2022

Other Businesses:

- Fragrances and Fashion Accessories (F&FA) exhibited a 275% YoY growth driven by healthy growth in Trade, LFS, and Ecommerce 

- In Fragrances, Brand SKINN tapped into the premium segment with the launch of ‘SKINN Nox’ in both Homme & Femme variants 

- In Fashion Accessories, Fastrack launched the ‘Spring Summer’ collection and ran the ‘Wear it your way’ campaign for commuter bags and small totes  

- ‘Taneira’s sales grew by 608% YoY on a low base. The brand continued to expand its national presence adding 6 stores in Q1FY23 and is now present in 11 cities including all 4 Metros. 

Caratlane:

- CaratLane’s (CL) Revenues grew 204% YoY on the back of strong demand around Akshaya Tritiya (AT). CL achieved its highest ever sales on the day of AT (20% higher than Dhanteras of 2021) 

-CL added 5 new stores for the quarter; The network now covers 143 stores spread across 53 cities pan-India 

Titan Engineering & Automation Limited:

- Total Income grew by 29% YoY with both the divisions of Aerospace and Defence (AD) and Automation Solutions (AS) performing equally well 

- Orders in AD business grew 140% YoY indicating a strong recovery; AS business, however, had a low double digit decline in order inflows during the quarter as compared to last year 

- Single aisle orders in AD business continued to exhibit good growth prospects; Successful exports in the AS business included an E-bike program, Motor Drive Unit (MDU) and Gear Shifter Shaft (GSS) assembly lines