Conference Call with Titan Management and Analysts on Q1FY25 Performance and Outlook. Listen to the full earnings transcript.
Gems & Jewellery company Titan Company announced Q1FY25 results: Jewellery: Total Income for the quarter grew 9% over Q1FY24 to Rs 9,879 crore. The India business grew 8% in the same period. EBIT at Rs 1,103 crore came at a margin of 11.2% for the quarter. Watches & Wearables: Business recorded a Total Income of Rs 1,021 crore, up 15% over Q1FY24. The domestic business grew 14% in the same period. EBIT came in at Rs 115 crore clocking a margin of 11.3% for the quarter. EyeCare: Total Income of Rs 209 crore in Q1FY25 grew 3% over Q1FY24. Business recorded an EBIT of Rs 20 crore clocking a margin of 9.6% for the quarter. Emerging Businesses: The Emerging Businesses comprising of Indian Dress Wear ('Taneira'), Fragrances, Fashion Accessories (F&FA;) recorded a Total Income of Rs 80 crore for Q1FY25 growing 5% over Q1FY24 (excluding the discontinued belts and wallets sub-segment, comparable growth was 13% over Q1FY24). The Businesses together recorded a loss of Rs 26 crore for the quarter. The International Jewellery business recorded a growth of 92% to Rs 350 crore compared to Q1FY24. In the preceding 12 months, 8 new Tanishq stores have opened in various geographies. These include 4 stores in GCC region, 3 stores in North America and 1 st ore in Singapore. CK Venkataraman, Managing Director of the Company stated that: "In the recently presented Union Budget, the custom duty on gold imports in the count ry has been reduced from 15% to 6%. This development has long term positive implications for the Jewellery industry. While this change is likely to entail a short-term impact in the form of value loss on duty paid gold inventory (expected to be expensed over the next two quarters), we remain optimistic on the longer-term benefits as it makes the market equitable for large businesses like ours. Our first quarter performance reflects mixed consumer trends in lifestyle categories. While the inclement weather conditions during the summers, general elections and lower wedding days impacted retail walk-ins, the growth metrics in Watches & Wearables and EyeCare were quite healthy. Notwithstanding some of these nearterm variations, Titan is steadfastly pursuing market share gains across all business cat egories and is well equipped to provide a differentiated retail experience to our valued customers. We remain optimistic about our performance for rest of the financial year." Result PDF