Net profit of Tata Group-owned Titan Company Ltd surged 50% year-on-year to ₹734 crore for the quarter ended March as against ₹491 crore in the corresponding quarter last year.
Revenue from operations rose 33% during the fourth quarter to ₹9,704 crore compared with ₹7,276 crore in the year-ago period.
Titan's board recommended a dividend of ₹10 per equity share.
Earnings before interest and taxes jumped 37% to ₹1,053 crore while EBIT margin stood at 12%.
The total income of Titan's jewellery segment grew 24% year-on-year to ₹7,576 crore in Q4. "The wedding segment witnessed a comeback with growth rates marginally higher than the overall retail sales growth," the company said.
Titan's watches & wearables business recorded a 40% growth in total income to ₹871 crore in the fourth quarter, backed by strong growth in the analog watches segment and a multi-fold increase in wearables.
In the eyecare segment, the total Income of ₹165 crore in Q4 FY23 was up by 23% compared to Q4 FY22. The business achieved a new milestone of ₹1,000 crore annual consumer retail sales in FY23.
The total income of ₹77 crore from the emerging businesses comprising fragrances, fashion accessories and Indian dress wear (Taneira) grew by 84% compared to Q3 FY22. The Emerging Businesses segment continued to invest in scaling up their respective verticals and recorded a loss of ₹33 crore.
"The year gone has witnessed several firsts in the history of Titan. The Jewellery, Watches & Wearables and EyeCare achieved landmark milestones of ₹30,000 crores, ₹5,000 crores and ₹1,000 crores of annual consumer retail sales respectively for the first time in their retail journeys," said CK Venkataraman, managing director, Titan.
The company significantly added to its retail network presence in India and overseas during the fiscal year. Jewellery (Tanishq, Mia by Tanishq & Zoya) added a total of 97 stores in FY23 taking the total count to 541 stores spread across 253 cities (including 7 international stores in Dubai, Abu Dhabi & USA).
Watches & Wearables (Titan World, Helios & Fastrack), while adding 162 stores for the year, crossed a key milestone of over 1,000 stores. The total store count now stands at 1,005 stores spread across 306 cities.
EyeCare significantly accelerated its network reach adding a record 168 stores (Titan Eye+, Fastrack) for the year and taking the total count to 901 stores spread across 352 cities.
Taneira expanded its presence to cover newer cities and added 21 stores ending the year at 41 stores spread across 22 cities.
