Titan Co. reports profit of ₹1,053 crore in Q3, up by 15 per cent y-o-y

The Titan Company reported a net profit of ₹1,053 crore for the quarter ended December 2023, a y-o-y increase of 15.33 per cent compared to ₹913 crore for the same quarter last year. Its revenue from operations grew by 25 per cent to ₹13,963 crore from ₹11,167 crore in the same quarter of last year.

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On a sequential basis, revenue from operations increased by 30 per cent from ₹10,708 crore reported in Q2 while the net profit increased by 14.95 percent from ₹916 crore in Q2.

CK Venkataraman, Managing Director of the company said, “The festive quarter saw encouraging consumer demand delivering a healthy double-digit growth of 24 per cent over a strong base of Q3FY23. Our international store openings in Houston, Dallas and Singapore market were enthusiastically received by the Indian diaspora and other nationals at those locations. Our domestic store expansions in all target markets too are progressing well. We will continue to pursue market share growth and are actively investing in capabilities across all our business segments.”

Income

EyeCare generated a total income of ₹167 crore in Q3FY24, registering a decline of 4 per cent compared to Q3FY23.

From the jewellery segment, the total income for the quarter grew 23 per cent over Q3FY23 to ₹11,709 crore. The India business grew 21 per cent in the same period.

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Watches and wearables business recorded a total income of ₹982 crore, up 21 per cent compared to Q3FY23. Domestic business grew 23 per cent in the same period.

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