Titan Q4 Review – Margins Disappoint; Outlook Remains Upbeat: ICICI Direct

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Titan Company Ltd.’s Q4 FY22 earnings was below our/consensus estimates as significant increase in employee and other expenses impacted Ebitda for the quarter.

As guided by Titan’s management in its pre-quarterly update, jewelry division (excluding gold bullion sale) reported 4% revenue de-growth.

During the quarter, it sold gold bullion worth Rs 375 crore, which led jewelry revenues to increase 3% YoY to Rs 6843 crore.

Overall revenue grew 4% YoY to Rs 7796 crore.

Higher employee and other expenses resulted in Ebitda margins declining by 70 basis points YoY to 10.2%. Ebitda de-grew 3% YoY to Rs 794 crore.

Profit after tax de-grew 7% YoY to Rs 528 crore, which was impacted by exceptional expenses like voluntary retirement scheme and ex-gratia (Rs 136 crore).

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