Titan reports robust Q3 results on strong demand, net profit more than doubles
Premium- Titan Q3 results: The company reported a standalone net profit of ₹987 crore for third quarter, which is up 135% over previous year period.
Tata group's flagship company Titan Company Ltd reported a strong revenue growth during the December quarter, riding on robust demand across its consumer businesses. The company reported a standalone net profit of ₹987 crore for third quarter, which is up 135% over previous year period.
Sale of products grew 36% to ₹9,381 crore as against ₹6,912 crore in the December quarter of last year.
On Thursday, Titan shares were trading 0.87% higher in noon deals at ₹2,485 apiece on NSE.
With Jewellery division doing exceedingly well, and other divisions also witnessing growth over pre-pandemic levels, the total income for the quarter was ₹9,570 crore, including bullion sale of ₹54 crore, a growth of 31 % year-on-year.
Driven by festive purchases in October and November, the Jewellery business registered an income of ₹8,563 crore with 37% growth in Q3FY22 compared to ₹6,249 crore in Q3FY21.
The watches and wearables business recorded an income of ₹708 crore with 29% growth year-on-year, while the eyewear segment saw its income rise 26% to ₹156 crore.
The Jewellery division achieved Earnings Before Interest and Tax (EBIT) of ₹1,260 crore for the quarter compared to ₹752 crore in the same quarter of previous year. The Watches and Wearables division reported an EBIT of ₹82 crore for the quarter compared to ₹57 crore in the same quarter of previous year.
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"The festive purchases in the qua1ter has driven Titan's strong growth in all businesses of the company and the quarter has turned out" to be one of the best quarters in terms of growth and profitability. We continue to leverage technology and innovations in launching our new products and campaigns which have been received very well by the consumers. While the onset of Covid wave 3 has slowed down the strong momentum, the company is hopeful of ending the year on a positive note," said Titan MD CK Venkataraman.
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