Please Share:: 
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
¾ Titan Q4FY12 performance in line with expectations.
Revenues at Rs 22.8 bn, growth of 28% yoy and PAT at Rs
1.4bn, growth of 72% yoy
¾ As expected, jewellery volumes declined 7% yoy, but high
gold prices maintained revenue growth momentum at 30% to
Rs 18bn and SSG at 25% yoy in Tanishq
¾ Watches division beats expectation with 25% yoy revenue
growth to Rs 4.1 bn, led by 14% yoy volume growth. EBIT
margins remain under pressure at 12.9%
¾ Not loosing sight on the aggressive store expansion, multipoint
activation in jewellery and emergence of Fast Track
brand; Upgrade to BUY with price target of Rs 273/Share
Q4FY12 results in line with expectation…
Q4FY12 results were in line with our expectations. Revenues grew by 28% yoy to Rs
23.3bn driven by 30% yoy growth in jewellery division and 25% yoy growth watches
division. High gold prices led to continued slide in jewellery volumes to decline of 7%
yoy, but watches division volumes saw healthy growth of 14% yoy. EBIDTA grew 84%
yoy to Rs 2.1bn, with EBIDTA margins improving 270bps yoy to 9.1% largely due to
one-off impact of employee cost provision in comparable quarter. The results were
realigned for lease costs; being reported below Ebidta. Consequently, APAT growth was
72% yoy to Rs 1.4bn. For FY12, revenues grew by 36% yoy to Rs 88.4bn and APAT
grew 39% yoy to Rs6.0bn, while EBIDTA margins were maintained at 9.4%.
High gold prices hit jewellery volumes, but customer footfalls grew
¡ Jewellery division revenues grew 30% yoy, largely driven by high gold prices,
which increased 36% yoy.
¡ Volumes declined by 7% yoy mainly attributed by high and volatile gold prices;
stayed in line with estimates
¡ however, customer footfalls grew 4% yoy, remaining on firm ground
¡ At the store level, Tanishq posted 38% yoy growth, SSG at 25% yoy. Goldplus
grew 36% yoy and SSG at 23% yoy.
¡ Share of studded jewellery rose to 32% during the quarter.
¡ PBIT margin was 10.1% for Q4FY12. For FY12, PBIT margins improved 30 bps
yoy to 9.9%.
Watches post healthy growth, aggressive store expansion in place
¡ Revenues grew 25% yoy to Rs 4.1bn led by 14% volume growth. Growth was
aided by all store formats, with World of Titan growing 18% yoy and SSG of 14%
yoy, Fastrack growing 95% yoy and SSG at 16%, while LFS grew 34% and
posted SSG of 19% yoy.
¡ Despite 40bps qoq expansion in EBIT margins to 12.9%, it continues to remain
under pressure due to rupee depreciation and expansion of new stores.
¡ 27 stores/kiosks opened in Q4FY12, which includes 6 World of Titan stores, 17
Fast Track stores and 4 Helios stores.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
¾ Titan Q4FY12 performance in line with expectations.
Revenues at Rs 22.8 bn, growth of 28% yoy and PAT at Rs
1.4bn, growth of 72% yoy
¾ As expected, jewellery volumes declined 7% yoy, but high
gold prices maintained revenue growth momentum at 30% to
Rs 18bn and SSG at 25% yoy in Tanishq
¾ Watches division beats expectation with 25% yoy revenue
growth to Rs 4.1 bn, led by 14% yoy volume growth. EBIT
margins remain under pressure at 12.9%
¾ Not loosing sight on the aggressive store expansion, multipoint
activation in jewellery and emergence of Fast Track
brand; Upgrade to BUY with price target of Rs 273/Share
Q4FY12 results in line with expectation…
Q4FY12 results were in line with our expectations. Revenues grew by 28% yoy to Rs
23.3bn driven by 30% yoy growth in jewellery division and 25% yoy growth watches
division. High gold prices led to continued slide in jewellery volumes to decline of 7%
yoy, but watches division volumes saw healthy growth of 14% yoy. EBIDTA grew 84%
yoy to Rs 2.1bn, with EBIDTA margins improving 270bps yoy to 9.1% largely due to
one-off impact of employee cost provision in comparable quarter. The results were
realigned for lease costs; being reported below Ebidta. Consequently, APAT growth was
72% yoy to Rs 1.4bn. For FY12, revenues grew by 36% yoy to Rs 88.4bn and APAT
grew 39% yoy to Rs6.0bn, while EBIDTA margins were maintained at 9.4%.
High gold prices hit jewellery volumes, but customer footfalls grew
¡ Jewellery division revenues grew 30% yoy, largely driven by high gold prices,
which increased 36% yoy.
¡ Volumes declined by 7% yoy mainly attributed by high and volatile gold prices;
stayed in line with estimates
¡ however, customer footfalls grew 4% yoy, remaining on firm ground
¡ At the store level, Tanishq posted 38% yoy growth, SSG at 25% yoy. Goldplus
grew 36% yoy and SSG at 23% yoy.
¡ Share of studded jewellery rose to 32% during the quarter.
¡ PBIT margin was 10.1% for Q4FY12. For FY12, PBIT margins improved 30 bps
yoy to 9.9%.
Watches post healthy growth, aggressive store expansion in place
¡ Revenues grew 25% yoy to Rs 4.1bn led by 14% volume growth. Growth was
aided by all store formats, with World of Titan growing 18% yoy and SSG of 14%
yoy, Fastrack growing 95% yoy and SSG at 16%, while LFS grew 34% and
posted SSG of 19% yoy.
¡ Despite 40bps qoq expansion in EBIT margins to 12.9%, it continues to remain
under pressure due to rupee depreciation and expansion of new stores.
¡ 27 stores/kiosks opened in Q4FY12, which includes 6 World of Titan stores, 17
Fast Track stores and 4 Helios stores.
No comments:
Post a Comment