The company's Board has also recommended a dividend of Rs 10 per equity share of Re 1 each. The company's Board has also recommended a dividend of Rs 10 per equity share of Re 1 each. The company's Board has also recommended a dividend of Rs 10 per equity share of Re 1 each. Titan Company Ltd on Wednesday reported a standalone net profit of Rs 734 crore for the quarter ended March 2023 (Q4 FY23), up 50 per cent from Rs 491 crore reported in the same period last year. The company's total income rose 25 per cent to Rs 8,753 crore in Q4 FY23 over Rs 6,977 crore recorded a year ago.
The company's Board has also declared a dividend of Rs 10 per equity share of Re 1 each. "The dividend shall be paid/dispatched on or after the seventh day from the conclusion of the 39th Annual General Meeting subject to approval of the shareholders of the company. Pursuant to the Finance Act, 2020, with effect from April 1, 2020, the Dividend Distribution Tax is abolished and dividend income is taxable in the hands of the shareholders. In view of the same, the dividend payments will be subject to a deduction of tax at source, as may be applicable," Titan stated.
During the fourth quarter, Titan posted a 24 per cent year-on-year (YoY) revenue growth in its jewellery business. The total income of watches and wearables business surged 40 per cent, while EyeCare revenue was up 23 per cent (YoY).
Titan's subsidiaries, Caratlane Trading and Titan Engineering & Automation's incomes were up 58 per cent and 7 per cent, respectively.
The company said it has added a total of 97 stores in FY23, taking the total count to 541 stores spread across 253 cities.
CK Venkataraman, Managing Director, Titan, "The year gone has witnessed several firsts in the history of Titan. The jewellery, watches & wearables and EyeCare achieved landmark milestones of Rs 30,000 crore, Rs 5,000 crore and Rs 1,000 crore of annual consumer retail sales respectively for the first time in their retail journeys. During the year, Titan opened the first Tanishq store in USA and Titan Eye+ store in Dubai."
In addition, the company has granted 6.44 lakh performance stock units to 109 eligible employees. "Each stock unit shall entitle the holder one fully paid-up equity share of Re 1 against each stock unit vested and exercised and accordingly, based on the performance parameters, up to a maximum of 6,44,000 equity shares of Re 1 (representing 0.07 per cent of the paid-up equity share capital of the company as on date), shall be transferred by the Titan Employee Stock Option Trust (hereinafter referred to as the 'Trust') as per the terms of the Scheme 2023 to the eligible employees," Titan stated in a separate filing.
Titan a joint venture between the Tata Group and the Tamilnadu Industrial Development Corporation (TIDCO).
Shares of the company settled 0.26 per cent lower today at Rs 2,654.35, in line with the weakness in domestic equity benchmarks.