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Below the Views on Titan Company Ltd Q4 FY24 Result by Parth Shah, Research Analyst, StoxBox 

Titan Company Ltd. Q4FY24 Result First Cut - Jewellery segment continues to drive business performance

• Revenue stood at Rs. 12,494 crores in Q4FY24 (up 20.6% YoY / down 11.8% QoQ), higher than street estimates of Rs. 10,567 crores, on the back of broad-based growth in its domestic jewellery business along with robust growth in its Watches & Wearables division and other business.
• The company’s largest segment - Jewellery - recorded a revenue of Rs. 8,998 crores (up 19.0% YoY) in Q4FY24, aided by robust growth in its domestic operations. The Average selling prices (ASP) saw witnessed single-digit increase in the same period. New buyer contribution was ~54% of jewellery customers for the quarter. The business continued running attractive programs that helped maintain growth momentum amidst high gold prices. The EBIT stood at Rs. 1,089 crores, clocking a 12.1% margin in Q4FY24.
• Watch and Wearables segment revenue rose 7.9% YoY to Rs. 940 crores, driven by premiumization and higher average price realizations. The premiumization journey continues to see good progress in Titan and Helios. The international brands analog sales saw growth of ~22% YoY in revenue, assisted by ~13% YoY growth in volumes. The EBIT stood at Rs. 80 crores, clocking a 9.5% margin in Q4FY24.
• Eyecare segment recorded a flat annual revenue growth at Rs. 166 crores in Q4FY24. Within categories, Lenses grew ~4% YoY; Revenues from Frames and Sunglasses declined ~2% YoY and ~12% YoY. The EBIT stood at Rs. 8 crores, clocking a 4.8% margin in Q4FY24. Titan Eye+ opened one new store internationally in Dubai during the quarter.
• The overall EBITDA registered a growth of 9.4% YoY / down 23.9% QoQ to Rs. 1,191 crores, surpassing market expectations of Rs. 1,094 crores. The EBITDA margin stood at 9.5% in the quarter compared to 10.5% in the corresponding quarter of last year.
• Profit after Tax stood at Rs. 771 crores (up 4.8% YoY / down 26.8% QoQ) in Q4FY24, while PAT margin came in at 6.2% (down 93 bps YoY / down 126 bps QoQ).

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