Titan Company Ltd posted a 9.4% rise in Q3 standalone net profit to Rs 1,040 crore against Rs 951 crore in the December 2022 quarter. Standalone total income climbed 24.1 percent to Rs 14,122 crore in the last quarter against Rs 11,383 crore profit in the December 2022 quarter. Meanwhile, shares of Titan ended 1.93% lower at Rs 3,626 on BSE. Market cap of the firm fell to Rs 3.21 lakh crore. Standalone earnings before interest & tax (EBIT) grew 11.3% to Rs 1,478 crore in Q3 against Rs 1,328 crore in the December 2022 quarter. Profit before tax climbed 6.2% to Rs 1,345 crore in Q3 against Rs 1,267 crore in the corresponding period of previous fiscal.
On the other hand, the company posted a 15.45% rise in consolidated net profit to Rs 1,053 crore against Rs 913 crore in the December 2022 quarter. Consolidated total income climbed 24.1 percent to Rs 14,122 crore in the last quarter against Rs 11,383 crore profit in the December 2022 quarter.
Jewellery business in India grew 21% in the last quarter, thanks to a healthy double-digit buyer growth in the festive season. Titan said the jewellery business continued to run its attractive programs that helped maintain growth momentum amid high gold prices.
Watches & Wearables
The watches & wearables business logged a 21% rise in total income to Rs 982 crore in Q3FY23. The domestic business grew 23% in the same period.
Revenues from Analog watches rose 18% to Rs 810 crore. On the other hand, revenues from the wearables portfolio grew 65% to Rs 136 crore in Q3 on a year-on-year basis. In wearables, revenues from Fastrack grew 66% and Titan Smart grew 57%, respectively compared to Q3FY23. Earnings before interest and taxes (EBIT) came at Rs 55 crore with an EBIT margin of 5.6% for the quarter.
EyeCare
Total Income fell 4% to Rs 167 crore in the EyeCare segment compared to Q3FY23. EBIT for the EyeCare business grew 8.4% to Rs 14 crore in the last quarter.
Titan Eye+ opened two new stores internationally during the quarter, one each in Dubai and Sharjah taking the international footprint to 3 stores in the GCC region. The domestic network now covers 905 stores of Titan Eye+ and 8 stores of Fastrack.
Emerging Businesses
Total income for emerging businesses came at Rs 112 crore in the December 2023 quarter for the Emerging Businesses.
Indian Dress Wear ('Taneira') arid fragrances, fashion accessories saw 26% growth compared to the same period last year. Taneira's sales rose 61% compared to Q3FY23. 11 new Taniera stores were opened during the quarter, taking the total count to 62 stores covering 29 cities.
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