Titan posted its earnings for the quarter ended March after the market closed on Friday.
What Happened: The Tata Group company recorded a net profit for the quarter at ₹771 crore, up around 4.7% from the ₹731 crore posted in the same quarter last year. Net profit came in slightly lower in comparison to the expected ₹800 crore.
Revenue from operations came in at ₹11,229 crore, up around 27% from the ₹9,215 crore posted in the corresponding quarter last year. The revenue was in line with consensus estimates of around ₹11,100 crore.
The company also announced a dividend of ₹11 per share. Earnings before interest and tax (EBIT) for the quarter came in at ₹1,192 crore, up around 10% from the year-ago period’s figure of ₹1,084 crore. EBIT margin was at 10.4%.
See Also: Tata Tech’s Net Profit Slumps 27%, Announced ₹10.05 In Dividends
Total income for the Jeweller segment in the March quarter grew 19% to ₹8,998 crores. The EBIT was ₹4,726 crore at a margin of 12.3% for FY24. the watches and wearables business recorded a total income of ₹940 crores, up 8% year-on-year.
Caratlane‘s total income grew 29% year-on-year to ₹748 crore. EBIT came in at ₹52 crore for the March quarter clocking a margin of 6.9%.
Price Action: Titan’s share price was down 1.50% to close at ₹3,514.75 on Friday.
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