- By Aditya Pratap Singh
- Tue, 07 May 2024 03:15 PM (IST)
- Source:JND
Late investor Rakesh Jhunjhunwala's wife, Rekha Jhunjhunwala, suffered a loss of over Rs 800 crore on Monday due to a significant drop in Titan Company shares. Titan shares fell 5.18 percent to an intraday low of Rs 3,352.25 on BSE. The jewelry maker reported a 7 percent increase in standalone net profit in Q4 to Rs 786 crore from Rs 734 crore in the same quarter last year. Revenue for the quarter increased 17 percent to Rs 10,047 crore.
Titan's Q4 performance was hit by a lower-than-expected EBITDA margin of 9.5 percent, resulting in lower EBITDA growth of 9 percent. Media reports suggested that margins in the jewelry business declined due to higher consumer offerings due to intense competition in a weak demand environment.
The shares touched a low of Rs 3,352.25 during the day and closed at ₹3,281.65 on the Bombay Stock Exchange on Monday. As a result, the company's net worth fell below Rs 3 lakh crore to ₹ 2,91,340.35 crore, resulting in a loss of over ₹ 22,000 crore from its market cap.
In its latest earnings report, the company reported a 5% increase in its consolidated profit after tax (PAT) for the March quarter to Rs 771 crore compared to PAT of Rs 736 crore in the year-ago period.
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Rekha Jhunjhunwala's stake in Titan
As of March 31, 2024, Jhunjhunwala held a 5.35 percent stake in the company. Her holdings were valued at Rs 16,792 crore as of Friday's closing price, which took a significant hit due to the fall in the stock. Tata Group company Titan has been Jhunjhunwala's biggest bet. According to Hindustan Times, the fall reduced the value of Ms Jhunjhunwala's Titan stake by about Rs 15,986 crore.
Titan Q4 Results
Titan's total income increased to Rs 11,472 crore in Q4 from Rs 9,419 crore in the same period last fiscal. The firm posted a consolidated PAT of ₹3,496 crore for the last fiscal year, compared to ₹3,274 crore in FY23. The company's total income for FY24 stood at Rs 47,501 crore, up from Rs 38,675 crore in FY 2022-23.