Titan, a Tata Group company, announced its net profit for Q4 FY24 standing at Rs 786 crore, an increase of 7% year-on-year, compared to Rs 734 crore it reported in the previous year of the same quarter. 

The company’s revenue from operations grew to Rs 11,407 in Q4 FY24, up 16.3% on year, against Rs 9,808 crore it posted in Q4 of FY23. 

Dividend Announcement

Titan’s board of directors has declared a dividend of Rs 11 per equity share. “The Board has recommended a Dividend of Rs 11.00 per equity share of rupee 1 each of the company which shall be paid/dispatched on or after the seventh day from the conclusion of the 40th annual general meeting, subject to the approval of the shareholders of the company,” said Titan. 

For the whole year

The company has reported a total income of Rs 47,501 crore in the financial year 2023-24, growth seen at 23% on year from FY23. Its profit before tax for the current financial year came in at Rs 4,623 crore, up 4% on year, in comparison to Rs 4,447 crore reported in the same quarter a year ago.

For FY24, the company’s jewellery segment recorded a total income of Rs 38,353 crore, up 20% on year from FY23.

For the full year, the watches & wearable division recorded a total income growth of 18% standing at Rs 3,904 crores.

Business Performance

The company’s jewellery business’ total income rose 19% on year to Rs 8,998 crore in Q4 FY24.

Tanishq, one of the brands, added a new store in Dubai and Chicago, USA making the company’s total international stores footprint to 16 stores. During the quarter, Tanishq opened 11 new stores in India; Mia added 16 new stores.

Titan’s watches & wearables business segment recorded a total income of Rs 940 crores in the January – March quarter of FY24, up 8% year-over-year from Q4FY23. The domestic business grew 9% in the same period.

Managing Director’s comment

“FY24 was yet another satisfying year for Titan. Our Jewellery business continued to grow in prominence achieving a proud milestone of “!;40,000+ crores in consumer sales. Together our brands of Tanishq, Mia, Zaya and Caratlane are meaningfully innovating and offering the best variety of choices for the discerning woman of tomorrow. Our Wearables business is making good strides contributing to the ambitious growth targets that the business has embarked upon. The EyeCare business has re-calibrated itself in this year of consolidation and has launched exciting new product launches for the fashion-conscious youth . Taniera’s expansions are gathering pace, and their stores are accessible across the length and breadth of the country. Through their ‘Weavershalas’ initiative, the brand is assiduously striving to protect traditional heirloom methodologies whilst embracing modernity practices. As we look forward to FY25, all businesses ofTitan Company Limited are single-mindedly continuing to focus on satisfying the ever-evolving needs of our lifestyle consumers,” said CK Venkataraman, Managing Director of Titan.