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Titan net up 7.5% in Q4; 9.2% in FY 2017

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Titan Company

Bengaluru, May 12 : Titan Company Ltd on Friday reported a Rs 201 crore net profit for the fourth quarter (Q4) of fiscal 2016-17, registering 7.5 per cent year-on-year (YoY) growth from Rs.187 crore in the same period of the previous fiscal.

In a regulatory filing on the BSE, the city-based watches and jewellery maker said net profit for the fiscal under review (FY 2017) grew 9.2 per cent YoY to Rs.762 crore from Rs 698 crore in FY 2016.

“Total income for the quarter under review (Q4) grew 44 per cent YoY to Rs 3,487 crore from Rs 2,423 crore in the like period year ago,” said the filing.

Total income for FY 2017 grew 14 per cent YoY to Rs 12,782 crore from Rs 11,179 crore in FY 2016.

Sequentially, net profit for Q4 (Rs 201 crore), however, declined 26 per cent quarter-on-quarter (QoQ) from Rs 253 crore in the third quarter (Q3).

Income too declined 10 per cent QoQ for Q4 (Rs 3,487 crore) from Rs 3,880 in Q3.

Consolidated net profit for FY 2017 increased 24 per cent YoY to Rs 1,077 crore from Rs 868 crore in FY 2016, while consolidated income grew 16 per cent YoY to Rs 13,171 crore for FY 2017 from Rs 11,384 crore in FY 2016.

“The fourth quarter (January-March) was a good quarter for us, with 44 per cent YoY income growth and 14 per cent for the fiscal (FY 2017), which came in the backdrop of a changing environment and demonetisation,” said the company in a statement here.

The jewellery business, which crossed the Rs 10,000-crore mark in the fiscal under review, grew 17.4 per cent to Rs 10,237 crore on the launch of many collections and effective wedding campaign.

The watches business, however, grew 2.7 per cent to Rs 2,028 crore in the fiscal. Income from Eyewear business was Rs 406 crore, recording 8.4 per cent YoY growth owing to network expansion strategy.

Income from other businesses comprising accessories, fragrances and sarees grew 18.4 per cent YoY to Rs 65 crore.

“Fiscal 2016-17 was a satisfying year in terms of performance, given the market conditions. The strength of our brands and the reach of our retail and distribution network were tested in a difficult environment,” noted Titan Managing Director Bhaskar Bhat in the statement.

The company’s board declared a dividend of 260 per cent or Rs 2.60 per share of Rs 10 face value for its shareholders for the fiscal 2016-17.

The 33-year-old company is a joint venture of the Tata Group and the Tamil Nadu Industrial Development Corporation, with its main plant at Hosur across the Karnataka border in the neighbouring southern state.

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Over 50% luxury homes launched in last 3 years stays unsold

In the Rs 3-5 crore price bracket, 56 per cent of the 8,503 units launched during this period are awaiting buyers.

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New Delhi, April 7 : Demand for luxury homes stays muted as more than half of the high-end units launched in the past three years in over nine prime Indian residential markets have remain unsold, according to a report by PropTiger.com.

The data, available with Elara Technologies-owned real estate portal, shows of the 1,131 housing units, priced over Rs 7 crore and launched between December 2016 and December 2019, 577 units or 51 per cent were unsold as of January 2020.

Similarly, of the 3,656 units, priced between Rs 5 crore and Rs 7 crore and launched in the past three years, nearly 55 per cent are unsold.

In the Rs 3-5 crore price bracket, 56 per cent of the 8,503 units launched during this period are awaiting buyers.

According to PropTiger.com report, Mumbai, the financial capital of India, has the highest number of unsold luxury units at 30,015, followed by Hyderabad (8,554) and Bengaluru (5,794).

Compared with 2017, new launches in the luxury segment declined in the most price brackets across the nine markets.

“In the Rs 1-3 crore price bracket, for example, 29,775 units were launched in 2019 against 29,996 homes in 2018. In the Rs 5-7 crore price bracket, only 859 units were launched last year against 1,536 homes in 2018,” it said.

Similarly, in the Rs 7 crore plus range, only 34 units were launched in 2019 against 542 homes in 2018. However, in the Rs 3-5 crore bracket, new launches increased from 2,675 in 2018 to 3,092 last year.

The study covered cities like Ahmedabad, including Gandhinagar, Bengaluru, Chennai, Gurugram (including Bhiwadi, Dharuhera and Sohna), Hyderabad, Kolkata, Mumbai (including Navi Mumbai and Thane), Pune and Noida (including Greater Noida, Noida Extension and Yamuna Expressway).

“The demand for luxury homes fell post-demonetisation, and the trend has not changed much. The coronavirus pandemic is likely to further impact demand across the residential realty sector in the first half of FY21, including luxury housing,” said Dhruv Agarwala, Group CEO, PropTiger.com.

He, however, expects renewed interest from NRIs in the luxury housing segment if the value of the Indian rupee continues to fall.

“The Indian currency recently fell beyond Rs 77 against the US dollar. This puts NRI homebuyers in an advantageous position as they would find buying luxury homes a relatively more attractive investment option than before,” he said.

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US stocks end lower as market momentum evaporates

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Wall Stree USA

New York, April 8 : US equities surrendered their earlier gains to finish lower as market momentum eased in late session.

On Tuesday, the Dow Jones Industrial Average fell 26.13 points, or 0.12 per cent, to close at 22,653.86. The S&P 500 was down 4.27 points, or 0.16 per cent, to 2,659.41. The Nasdaq Composite Index decreased 25.98 points, or 0.33 per cent, to 7,887.26, reported Xinhua news agency reported

The major averages rallied earlier in the session with the 30-stock index surging more than 900 points at the highs.

On the data front, small-business owners’ confidence in the U.S. economy dropped by the most ever in March as the coronavirus outbreak devastates the economy, according to the National Federation of Independent Business (NFIB).

The NFIB Small Business Optimism Index fell 8.1 points in March to 96.4, the largest monthly decline in the survey’s history, the group said Tuesday in a report.

Investors digested latest news concerning the COVID-19 pandemic.

As of Tuesday afternoon, more than 386,000 confirmed cases have been reported in the United States, with 12,285 deaths, according to data from the Center for Systems Science and Engineering at Johns Hopkins University.

Wall Street’s three major indexes closed up more than 7 percent on Monday, amid hopes for development in the fight against the COVID-19 outbreak.

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Cash is King – Conserve Cash

When this better time would come is yet another dilemma. I believe that in about 4 to 6 weeks’ time the world would have come out of COVID-19 and we would be in a better frame of mind. Till then follow the old adage — CASH IS KING.

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rupee dollar

The markets were under pressure in the week gone by and lost on three of the four trading days. BSESENSEX was down 2,224.84 points or 7.46 per cent at 27,590.75 points whilst NIFTY was down 576.45 points or 6.66 per cent at 8,083.80 points.

The top gaining sector was BSEHEALTHCARE which was up 6.59 per cent while the top losing sector was BSEBANKEX down 13.98 per cent. In individual stocks, the top gainer was Lupin, up 19.74 per cent at Rs 655. The top loser was IndusInd Bank, down 23.78 per cent at Rs 313.25.

The Indian Rupee was under terrific pressure and lost Rs 1.33 or 1.78 per cent to close at Rs 76.22 to the US Dollar. Dow Jones continued its wild swings and lost 584.25 points or 2.70 per cent to close at 21,052.53 points.

Singapore has decided to lockdown from 7th April till the end of the month. SGX or Singapore Stock Exchange would continue to function as it is part of essential services.

SEBI has barred promoters from buying their own shares as the new quarter has started. The insider trading rules debar promoters from buying shares until 48 hours after the results have been declared. This time around they have extended the reporting time of the quarter for declaring results of March 2020 quarter. There was some confusion in media about this being a new rule and there were voices of dissent. There is no such thing and the only reason it has been announced is that with an extended period for declaring results, any management/promoter wanting to buy shares of its company needs to declare results first as was the case always.

COVID-19 continues to be the sore trouble spot for India and the world. The death toll and the number of COVID-19 affected persons is rapidly rising. The number of affected persons globally has risen to over 12.03 lakh patients, while the death toll is at 64,754. In India the number has risen sharply for affected persons to 3,588 and the death toll to 99. In India there has been a very sharp spike in the last couple of days after people who had attended a religious congregation in Delhi are being tracked down and found to be COVID-19 affected. This could be a setback to India’s efforts to contain the virus and may result in the planned lockdown being extended or lifted in a more gradual and phased manner.

Money market timings have been reduced with effect from 7th April and it may be a good idea if the same timings are also extended to the capital market. Volumes in the market have reduced significantly and reduced timings would help the market in reducing volatility as well. Whether the regulator would take heed of the suggestion or not is anybody’s guess but I am sure the market community would be most happy and welcome the suggestion.

Coming to the markets, it has become quite a norm for markets to take one step forward and two steps backward. There is no direction or logic in what’s happening. They lose ground and then there is some recovery. Sector after sector is losing ground and the fall in prices is having a cascading effect on margin calls and revocation of pledged shares as well. The fall in prices of Future Retail saw a broker on the exchanges close shop after firing all its employees. Incidentally the brokerage firm India Nivesh had a former CFO/CEO of Future group as its Managing Director for its Wealth Management arm. Quite surprising that a Former insider of the Biyani group could get so badly trapped in Future group share slide. It could also be that this is the tip of the iceberg on this chapter and more events would unfold shortly.

The current levels at which the markets are attractive enough to invest in selectively. However, the global environment is not conducive and the news flow certainly not heartening. Therefore even though one is tempted looking at the prices, it makes sense to just stay away and wait for better times. When this better time would come is yet another dilemma. I believe that in about 4 to 6 weeks’ time the world would have come out of COVID-19 and we would be in a better frame of mind. Till then follow the old adage — CASH IS KING.

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