Titan Q3 results: Net profit rises 135% to Rs 987 cr, sales up 36%
Revenue from sale of products and services grew 36 per cent to Rs 9,381 crore, while total income rose 31 per cent to Rs 9,570 crore.
- Feb 3, 2022,
- Updated Feb 3, 2022 3:00 PM IST
Titan Company Ltd on Thursday reported a 135 per cent year-on-year rise in its net profit for October-December quarter at Rs 987 crore. Revenue from sale of products and services grew 36 per cent to Rs 9,381 crore, while total income rose 31 per cent to Rs 9,570 crore. The company's earnings before interest, tax, depreciation and amortisation (EBITDA) rose 62 per cent to Rs 1,454 crore. "Driven by festive purchases in October and November, the jewellery business registered an income of Rs 8,563 crore with 37 per cent growth in Q3 FY22 compared to Rs 6,249 crore in Q3 FY21 (excluding bullion sale in both the periods)," Titan said in a release. Meanwhile, watches and wearables business recorded an income of Rs 708 crore with 29 per cent growth as compared to Rs 550 crore in the corresponding quarter of last year, while eyewear business witnessed 26 per cent growth with an income of Rs 156 crore. Also Read: Attrition-hit Cognizant hires 41,000 employees in 2021
The other segments of the company comprising Indian dress wear, and fragrances and accessories recorded an income of Rs 52 crore during the quarter under review as compared with Rs 36 crore a year ago. As on December 31, the company has 2,064 stores in 323 towns. It added 149 net stores during April-December 2021 period. Commenting on the results, Titan MD CK Venkataraman said, "The festive purchases in the quarter 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...While the onset of Covid-19 wave 3 has slowed down the strong momentum, the company is hopeful of ending the year on a positive note." On a consolidated basis, the company's net profit grew 91 per cent to Rs 1,012 crore. After the announcement of the results, shares of the company were trading 0.95 per cent higher at Rs 2,487.50 on the BSE during the afternoon trade on Thursday.
Also Read: DeFi start-up Pillow raises $3 mn led by Elevation Capital and marquee angels
Titan Company Ltd on Thursday reported a 135 per cent year-on-year rise in its net profit for October-December quarter at Rs 987 crore. Revenue from sale of products and services grew 36 per cent to Rs 9,381 crore, while total income rose 31 per cent to Rs 9,570 crore. The company's earnings before interest, tax, depreciation and amortisation (EBITDA) rose 62 per cent to Rs 1,454 crore. "Driven by festive purchases in October and November, the jewellery business registered an income of Rs 8,563 crore with 37 per cent growth in Q3 FY22 compared to Rs 6,249 crore in Q3 FY21 (excluding bullion sale in both the periods)," Titan said in a release. Meanwhile, watches and wearables business recorded an income of Rs 708 crore with 29 per cent growth as compared to Rs 550 crore in the corresponding quarter of last year, while eyewear business witnessed 26 per cent growth with an income of Rs 156 crore. Also Read: Attrition-hit Cognizant hires 41,000 employees in 2021
The other segments of the company comprising Indian dress wear, and fragrances and accessories recorded an income of Rs 52 crore during the quarter under review as compared with Rs 36 crore a year ago. As on December 31, the company has 2,064 stores in 323 towns. It added 149 net stores during April-December 2021 period. Commenting on the results, Titan MD CK Venkataraman said, "The festive purchases in the quarter 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...While the onset of Covid-19 wave 3 has slowed down the strong momentum, the company is hopeful of ending the year on a positive note." On a consolidated basis, the company's net profit grew 91 per cent to Rs 1,012 crore. After the announcement of the results, shares of the company were trading 0.95 per cent higher at Rs 2,487.50 on the BSE during the afternoon trade on Thursday.
Also Read: DeFi start-up Pillow raises $3 mn led by Elevation Capital and marquee angels