Titan Q3 profit up 15% to Rs 1,053 cr

New Delhi: Leading jewellery and watchmaker Titan on Thursday reported 15.3 per cent increase in consolidated net profit at Rs 1,053 crore for the third quarter ended December 2023, helped by sales in the festive season.

The company posted a net profit of Rs 913 crore in October-December FY23, according to a regulatory filing from Titan.

Sales were up at Rs 13,963 crore as against Rs 11,167 crore in the year-ago period.

Total expenses in December quarter FY24 were at Rs 12,922 crore, up 23.60 per cent. Total income rose 22.24 per cent to Rs 14,300 crore.

During the quarter, Titan's jewellery business increased 22 per cent to Rs 12,742 crore.

"The Indian business grew 21 per cent in the same period. The festive season saw a healthy double-digit buyer growth. The business continued to run its attractive programmes that helped maintain growth momentum amid an environment of high gold prices," said an earning statement from Titan.

Tanishq expanded its international presence by adding two more stores in the US in Houston and Dallas and one store in Singapore.

Mia opened its first store in Dubai, taking Titan's Jewellery international footprint to 14 stores.

"During the quarter, in India, Tanishq opened 18 stores whereas Mia added 16 new stores. The domestic network now covers 453 stores in Tanishq, 161 stores in Mia and 8 stores of Zoya," it said.

Similarly, revenue from Watches & Wearables was up 21.57 per cent to Rs 986 crore.

"Analog watches revenue of Rs 810 crore grew by 18 per cent and the Wearables portfolio revenues grew 65 per cent to Rs 136 crore respectively over Q3FY23," it said.

However, the eyecare segment revenue was down 3.44 per cent at Rs 168 crore.

Revenue from other segments, which include its emerging business as Fragrance, Wallets, Indian Dress Wear (Taneria) etc was at Rs 313 crore in the quarter, up 46.26 per cent.

Titan is a joint venture between Tata Group and Tamil Nadu Industrial Development Corporation (TIDCO).

Shares of the company on Thursday ended 1.93 per cent down at Rs 3,626 apiece on the BSE.