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Titan Q4FY23 PAT up 43% yoy at Rs730 crore on 31% surge in jewellery EBITDA

May 3, 2023

By: BlinkX Research Team

Tata Chemicals reported 32.89% growth in total sales revenues for the March 2023 quarter on consolidated basis at Rs10,360cr. On a sequential basis, the revenues were down -10.8%. In terms of verticals, the bulk of the growth came from the jewellery segment followed by the watches segment. While jewellery revenues grew 33% to Rs9,120 crore, the watches and wearables revenue grew by 13.3% at Rs883 crore.

In terms of operating profits growth, bulk of the 31% growth in operating profits at Rs1,004 crore came from the jewellery segment. The watches and wearables segment saw turnaround from operating loss to operating profit of Rs106 crore in the fourth quarter on a yoy basis. The eyecare business also made marginal operating profits in the quarter.

Financial highlights for Mar-23 compared yoy and sequentially

The net profit growth was largely driven by the improved operating performance of the jewellery segment followed by the watches and wearable products vertical. EBIT margins improved by 126 bps on a yoy basis. Titan added 97 jewellery stores in the year FY23 taking its total store count to 541 across 253 cities of India. It also added 162 outlets for watches and wearables taking its store presence to beyond 1,000 outlets.