Titan posts sound Q4 results though high gold prices impact sales

Bengaluru: Jewellery to watches maker, Titan on Friday reported a 7 per cent rise in its net profit at Rs 786 crore for the fourth quarter ended March 2024. Net sales in January-March period rose 17 per cent year-on-year to Rs 10,047 crore, compared to Rs 8,553 crore in the same period last year.

“FY24 was yet another satisfying year for Titan. Our Jewellery business continued to grow in prominence achieving a proud milestone of Rs 40,000+ crore in consumer sales. As we look forward to FY25, all businesses of Titan Co are single-mindedly continuing to focus on satisfying the ever-evolving needs of our lifestyle consumers,” said CK Venkataraman, MD of Titan in the release.

Meanwhile, the Board of Titan has approved the reappointment of CK Venkataraman as the MD of the company for a further period with effect from October 2024 up to December 2025. In the last quarter, Titan’s total income from jewellery segment increased by 19 per cent compared to the same period last year, reaching around Rs 8,998 crore. The Indian business specifically grew by 20 per cent during this time. In the watches and wearable segment, the business achieved a total income of around Rs 940 crore in the quarter, marking an 8 per cent increase from Q4FY23, with domestic growth at 9 per cent.

In Q4FY24, the total income from eye care business reached Rs 1,166 crore, which remained at the same level as compared to previous year. In the emerging businesses, which included Taneira, Fragrances, and Fashion Accessories (F&&FA), achieved a total income of Rs 197 crore, marking a 26 per cent growth over Q4FY23. Currently, higher gold prices are resulting into lower sales of gold jewellery. However, as the prices stabilize, jewellery sales are likely to pick up in the current quarter.