Revenue from operations grew by 34% YoY to Rs 11,660 crore, and was also above the estimated Rs 10,375 crore.
The operating profit, calculated as earnings before interest and taxes or EBIT, rose 13% YoY to Rs 1,367 crore. EBIT margin, however, contracted by 87 basis points to 13.6%.
The other income for the quarter rose to Rs 122 crore from Rs 60 crore a year ago. Total expenses for the quarter was higher at Rs 10,521 crore, compared with Rs 7,635 crore a year ago.
The net tax outgo for the quarter was Rs 940 crore, compared with Rs 857 crore a year ago.
Jewellery Segment
The mainstay jewellery segment recorded 19% growth in total revenue to Rs 8,575 crore. The India business grew by 21%, with a healthy double-digit growth in both buyers and average bill value per buyer during the period.
EBIT came in at Rs 1,206 crore with a margin of 14.1%, helped by better studded share in the portfolio, the company said.
Tanishq expanded its presence in Gulf Co-operation Countries (GCC) to enter Qatar with 2 new stores in Doha. Tanishq's international presence now stands at 10 stores, including the one store in New Jersey.
Watches & Wearables Business
This segment recorded sharp 32% growth in revenue to Rs 1,092 crore, thereby crossing Rs 1,000+ crore of quarterly revenues for the first time ever.
Analog watches revenue grew by 22% to Rs 870 crore, whereas the wearables portfolio achieved 131% growth in revenues to Rs 175 crore.
The premiumization theme continued to work well for Titan and international brands (Helios) exhibited strong double-digit growth in the analog segment.
In wearables, Fastrack brand nearly quadrupled in volumes contributing a significant share to the growth in business. EBIT came in at Rs 160 crore with an EBIT margin of 14.7% for the quarter.
The eyecare business reported 13% growth in revenue to Rs 188 crore. EBIT for the business came in at Rs 28 crore, clocking a margin of 14.9% for the quarter.
Following the better-than-expected earnings, shares of Titan extended the day’s gains and rose more than 2% to Rs 3,273.
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