Changes for page Titan Co Ltd
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... ... @@ -176,25 +176,24 @@ 176 176 177 177 = Financial Highlights = 178 178 179 - **Financial highlights for the year ended 31st March 2021**179 +Financial highlights for the year ended 31st March 2021 180 180 181 - **Standalone Numbers**181 +Standalone Numbers 182 182 183 183 During the year under review, the Company’s total revenue grew by 3% to Rs 20,602 crore compared to Rs 20,010 crore in the previous year. 184 184 185 185 Profit before tax declined by 41% to Rs 1,233 crore and the net profit decreased by 42% to Rs 877 crore. 186 186 187 +Consolidated Numbers 187 187 188 -**Consolidated Numbers** 189 - 190 190 At the consolidated level, the revenue stood at Rs 21,644 crore as against Rs 21,052 crore in the previous year. The details of the performance of the Company’s subsidiaries are covered below in point 17 of this Report. 191 191 191 +Q1 FY 2021-22 192 192 193 - ==Q1 FY 2021-22==193 +4 August 2021: Titan Company's revenue grew by 122% (excluding bullion sale) in Ql FY22 compared to Q 1 FY2 l, primarily driven by base effect of zero sales in Apr'20 last year. Most of the sales of May month were lost in both the years. Sales in Jun'21 were marginally ahead of sales in Jun'20 despite lower store operational days. Total income for the quarter was Rs. 3,314 crores, including bullion sale of Rs. 424 crores, a growth of 74% compared to Ql FY2 l's total income of Rs. 1,901 crores that included bullion sale of Rs. 601 crores. 194 194 195 - 4 August2021: Titan Company'srevenue grewby 122% (excluding bullion sale) inQl FY22compared to Q 1 FY2 l, primarily drivenbybase effect of zero salesinApr'20 lastyear. Most of thesales ofMay month werelostn both the years. SalesJun'21were marginally ahead of sales in Jun'20despite lower store operational days. Total income for the quarter was Rs. 3,314 crores,including bullion sale of Rs. 424 crores, a growth of 74%compared to Ql FY2l's total income of Rs. 1,901 croresthat included bullionsale of Rs.601 crores.{{footnote}}https://www.titancompany.in/sites/default/files/Titan%20Q1%20FY%2722%20Financial%20Results.pdf{{/footnote}}195 +[[https:~~/~~/www.titancompany.in/sites/default/files/Titan%20Q1%20FY%2722%20Financial%20Results.pdf>>url:https://www.titancompany.in/sites/default/files/Titan%20Q1%20FY%2722%20Financial%20Results.pdf]] 196 196 197 - 198 198 The Jewellery division is gaining good traction in new customers and its mix in total buyers has reached the pre-pandemic levels. It recorded an income of Rs. 2,467 crores for the quarter as compared to Rs. 1,182 crores same period last year (excluding bullion sale in both the years). The Watches and Wearables business recorded an income of Rs. 292 crores in the quarter against Rs. 75 crores in the same period previous year. The Eyewear business recorded an income of Rs. 67 crores in the quarter as against Rs. 30 crores same period last year. The other segments of the Company comprising Indian dress wear and accessories recorded an income of Rs. 14 crores this quarter compared to Rs. 4 crores in the quarter of the previous year. 199 199 200 200 Despite a lockdown induced by the second wave of the pandemic in various parts of the country, Company's better preparedness compared to same period last year helped achieve profit before tax of Rs. 82 crores this quarter compared to a loss ofRs.335 crores last year. The Jewellery division achieved Earnings Before Interest and Tax (EBIT) of Rs. 207 crores for the quarter compared to the loss of Rs. 54 crores in the previous year same quarter. The Watch and Wearables division reported a loss of Rs. 56 crores for Ql FY22 compared to a loss of Rs. 164 crores in Ql FY21. The Eyewear division reported a loss of Rs. 13 crores this quarter compared to a loss of Rs. 31 crores same period in the previous year. ... ... @@ -203,21 +203,48 @@ 203 203 204 204 Of the principal subsidiaries of the Company, Titan Engineering & Automation Ltd (TEAL) got impacted due to supply chain disruptions caused by the second wave of the pandemic. It recorded revenues of Rs. 66 crores for the quarter (decline of 14%) and loss of Rs. 1 crore compared to quarterly profit before tax of Rs. 7 crores previous year. CaratLane continues to do well in both online and offline channels and has emerged as a strong omni player. It ended the quarter with revenues of Rs. 157 crores registering a growth of274% and loss of Rs. 9 crores compared to the quarterly loss of Rs. 19 crores previous year. 205 205 205 +Mr.CK Venkataraman, Managing Director of the Company stated that: 206 206 207 -**Mr.CK Venkataraman, Managing Director of the Company** stated that: 208 - 209 209 "While the company started the quarter with strong business momentum, the second wave of the pandemic severely disrupted it and the company quickly shifted its priorities to health and safety of its employees, business associates and customers. The learnings and experience of the past year helped it navigate this quarter's turbulence much more efficiently. As the lockdowns started getting relaxed in different parts of the country in the month of June, and with the rising vaccination level, the company saw demand coming back steadily. Given the challenging economic backdrop during the quarter, I believe Titan delivered a satisfactory financial performance. With the strengthened digital presence and high percentage of vaccinated employees and associates making its retail store a safe place, Titan is optimistic about the overall performance of the Company." 210 210 209 +Quarterly Update 211 211 212 -== Quarterly Update == 213 213 212 +The Company entered the quarter with a good sales momentum. The sales were hit only to a small 214 214 215 - TheCompany entered the quarter with a good sales momentum. The sales were hit only to a small extent until third week of April, from the rapidly rising second wave of pandemic, primarily due to thetemporary store closures in some important states. Thereafter, most stores were shut within a short span of time and could re-open gradually in June only, with several restrictions on operating hours and days of the week. Sale from stores that stayed open in May was muted. The Company’s focus was back on keeping everyone safe and few stores were proactively closed in the highly impacted towns. The initiative of customer outreach that brought in sales last year was also not undertaken this time considering that humanitarian impact on consumers was severe and widespread this time. The sales recovery is gradually improving across the businesses, along with the increase in the store operational days. This year, Watches & Wearables and Eyewear segments have also witnessed rapid recovery in walk-ins with the re-opening of stores, which was seen in only Jewellery division last year. The Company recorded revenue growth of ~~117% (excluding bullion sales) in Q1’22, with revenue contribution of approx. 50%, 10% and 40% coming from April, May and June months respectively.{{footnote}}https://www.titancompany.in/sites/default/files/Titan%20Q1%20FY22%20Update.pdf{{/footnote}}214 +extent until third week of April, from the rapidly rising second wave of pandemic, primarily due to the 216 216 216 +temporary store closures in some important states. Thereafter, most stores were shut within a short span 217 217 218 - The Companyhas beenrivingvaccinationcampaigns as thetoppriorityandmost allthestorestaff and employeesgotat least theirfirstdose, whichisanimportantstep towards bringingback the normalcy.218 +of time and could re-open gradually in June only, with several restrictions on operating hours and days 219 219 220 +of the week. Sale from stores that stayed open in May was muted. The Company’s focus was back on 220 220 222 +keeping everyone safe and few stores were proactively closed in the highly impacted towns. The 223 + 224 +initiative of customer outreach that brought in sales last year was also not undertaken this time 225 + 226 +considering that humanitarian impact on consumers was severe and widespread this time. The sales 227 + 228 +recovery is gradually improving across the businesses, along with the increase in the store operational 229 + 230 +days. This year, Watches & Wearables and Eyewear segments have also witnessed rapid recovery in 231 + 232 +walk-ins with the re-opening of stores, which was seen in only Jewellery division last year. The 233 + 234 +Company recorded revenue growth of ~~117% (excluding bullion sales) in Q1’22, with revenue 235 + 236 +contribution of approx. 50%, 10% and 40% coming from April, May and June months respectively. 237 + 238 +[[https:~~/~~/www.titancompany.in/sites/default/files/Titan%20Q1%20FY22%20Update.pdf>>url:https://www.titancompany.in/sites/default/files/Titan%20Q1%20FY22%20Update.pdf]] 239 + 240 +The Company has been driving vaccination campaigns as the top priority and almost all the store staff 241 + 242 +and employees got at least their first dose, which is an important step towards bringing back the 243 + 244 +normalcy. 245 + 246 + 221 221 TCL North America Inc. and TEAL USA Inc. were incorporated as a wholly owned subsidiary, of Titan Company and TEAL respectively, in the month of April 21 with the objective of carrying on the business of jewelry retailing and business development for Aerospace & Automation Solutions respectively. Titan Commodity Trading Limited has started the operations during the quarter for the hedging of the Gold. 222 222 223 223 For the quarter ended on 30th June, the division grew by ~~107% (excluding bullion sales), compared to last year, primarily due to zero sales in April of last year. Most of the sales of May month was lost in both the years. Despite the lower number of store operational days in the month of June ’21 (since large states of Tamil Nadu and Karnataka markets were under lockdown for almost all of June’21), sale for June’21 is marginally ahead of the sale in June’20. Total store operational days were at 73%, 10% and 5 8% for the April, May and June month respectively and 47% for the quarter. ... ... @@ -232,9 +232,8 @@ 232 232 233 233 Network expansion plans got delayed due to the lockdowns. The division added 5 Tanishq stores on a net basis in the quarter, with the retail space addition being ~~20K sq. ft. 234 234 261 +Watches & Wearables 235 235 236 -=== Watches & Wearables === 237 - 238 238 The division grew by ~~280% over Q1'21 as sales were nil in April month of last year and moreover the recovery this year has been faster than that witnessed last year when footfalls in stores were very weak due to higher apprehension of covid. Total store operational days were at 70%, 24% and 51% for the April, May and June month respectively. Safety protocols in stores including the vaccination of staff has been appreciated by the customers on social media and store reviews. 239 239 240 240 Sales were strong in the E-commerce channel especially in the second half of April and May. Omnisales have been gaining traction along with the brand websites generating customer leads. North & West regions had recovered earlier, following the pattern of the pandemic wave in the country. Recovery in higher ticket products is much better compared to the recovery in lower priced products. Like last year, the recovery in smaller towns was better than the top 8 metros. ... ... @@ -243,9 +243,8 @@ 243 243 244 244 In Q1, the division closed 2 stores of WOT & Fastrack each and opened 3 Helios stores, on a net basis, reducing 5K sq. ft. of retail space. 245 245 271 +Eye Wear 246 246 247 -=== Eye Wear === 248 - 249 249 The division grew by ~~117% over Q1’21 as sales were nil in April month of last year and also on back of rapid recovery in walk-ins in May and June months, compared to last year. Total store operational days were at 71%, 19% and 62% for the April, May and June month respectively. 90%+ of stores are now open. 250 250 251 251 The division accelerated its path on e-commerce and launched Titan Eyeplus's App. It also launched Neo Progressive lens and computer glasses, exclusively for E-commerce channel. ... ... @@ -252,11 +252,10 @@ 252 252 253 253 During the quarter, the division added 6 stores on a net basis, with addition of about 1.5 K sq. feet of retail space. 254 254 279 +Other Businesses 255 255 256 - === Other Businesses ===281 +Taneira 257 257 258 -**Taneira** 259 - 260 260 11 out of 14 existing Taneira stores reopened post lockdown following various local guidelines w.r.t. store timings, weekend lockdown, staff capacity, etc. On an average, Taneira stores were operational for about 30% of the total store days, in the quarter gone by. Brand started the quarter with campaigns around regional festivals, which shifted towards digital marketing and marketplace activities as the quarter progressed. 261 261 262 262 Fragrances & Accessories business in Q1 had a slow recovery, however grew by 3 times over the last year. Sales are recovering with second fortnight of June being better than the first. E-commerce channels recovered almost fully and grew 2.5 times over the last year. ... ... @@ -265,19 +265,17 @@ 265 265 266 266 Brand Skinn launched Tales, a new collection celebrating “Happiness” where every fragrance is reminiscent of happy memories. This in continuation of Skinn Escapade launched earlier which created a world away in “Wild” for men seeking solo time with Nature. 267 267 291 +Subsidiaries 268 268 269 - ===Subsidiaries===293 +Titan Engineering and Automation Limited (100% owned) 270 270 271 -**Titan Engineering and Automation Limited (100% owned)** 272 - 273 273 TEAL had a revenue decline of 15% in Q1. The business is seeing a strong comeback in the Automation Solutions Business over the last few months and the enquiries are very encouraging. With respect to the Aerospace & Defence Business, the business is seeing some signs of growth in the single aisle aircraft segment but it appears that the long haul segment will take more time to recover. 274 274 297 +CaratLane (72.3% owned) 275 275 276 -**CaratLane (72.3% owned)** 277 - 278 278 CaratLane grew by ~~274% over Q1’21. Total store operational days were 41% for the quarter. Online continued to see strong growth momentum, growing at 210% for the quarter driven by strong domestic and international demand as well as demand coming from Shaya and CaratLane Live, the video assistance feature. During the quarter, CaratLane launched Kanak, its core collection for Akshaya Tritiya, inspired by the golden swaying fields of wheat. 100% of CaratLane jewellery is hallmarked. CaratLane opened 4 new stores during the quarter taking the total store count to 121. 279 279 280 280 281 - =References=302 +References 282 282 283 283 {{putFootnotes/}}