Titan Company Q3 net profit slips 9.78% to Rs 913 cr

New Delhi: Tata group firm Titan Company Ltd on Thursday reported a 9.78 per cent decline in consolidated net profit to Rs 913 crore for the third quarter ended December 2022, impacted by higher expenses.

The company had posted a consolidated net profit of Rs 1,012 crore in the same quarter last fiscal, Titan Company Ltd said in a regulatory filing.

Its consolidated total income during the quarter under review stood at Rs 11,698 crore compared to Rs 10,094 crore in the year-ago period, it added.

The total expenses rose to Rs 10,454 crore from Rs 8,750 crore in the third quarter last fiscal, the company said.

During the third quarter, the jewellery segment grew 11 per cent to Rs 9,518 crore compared to Q3 FY22, with India business growing 9 per cent, backed by healthy consumer demand during the festive season, it said.

Watches and wearables continued a robust growth trajectory, recording a total income of Rs 811 crore, up by 15 per cent from the year-ago period. The EyeCare category clocked income of Rs 174 crore, up by 12 per cent.

The quarter witnessed a strong festive consumer demand, Titan Company Managing Director CK Venkataraman said.

"We continue to pursue market share growth and are actively investing in capabilities across all of our business segments. Our international endeavour is shaping well and we are quite satisfied with the consumer response we are getting in the chosen international markets," he added.