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Titan Company Q3 profit grows 12.9% to Rs 470 crore

Company's jewellery business recorded a growth of 10.6 per cent in Q3 over last year and had an income of Rs 5,409 crore in quarter compared to Rs 4,890 crore last year

twitter-logoBusinessToday.In | February 4, 2020 | Updated 15:58 IST
Titan Company Q3 profit grows 12.9% to Rs 470 crore
Titan Company's sales for Q3 grew 8.40 per cent to Rs 6,105.96 crore from Rs 5,632.45 crore in the same quarter last year

Titan Company reported a standalone net profit of Rs 470 crore for December quarter, which is up 12.9 per cent from Rs 416.23 crore in the same period last year. Titan Company's sales for Q3 grew 8.40 per cent to Rs 6,105.96 crore from Rs 5,632.45 crore in the same quarter last year.

The overall standalone income from operations in the third quarter was Rs 6,206 crore compared to last year's income of Rs 5,672 crore during the same period. The income from operations for April to December 2019 stands at Rs 15,581 crore.

The consolidated income for the same nine-month period was Rs 16,340 crore and Rs 6,527 crore for the third quarter, the company said.

CK Venkataraman, Managing Director of the company, said: "The month of December 2019 witnessed a drop in footfall across all our retail formats compared to the previous two months and hence the sales were muted. The retail growth for our jewellery business was healthy in Q3 on account of a good wedding season."

The company's jewellery business recorded a growth of 10.6 per cent in Q3 over last year and had an income of Rs 5,409 crore in the quarter compared to Rs 4,890 crore last year.

The income from watches was Rs 625 crore in Q3, registering a marginal decline over last year on account of weak sales. However, the income growth of watches business for the nine months stands at 7.8 per cent.

The company' eyewear business grew 2.9 per cent in Q3 to Rs 133 crore. Other businesses of the company registered a growth of 32.6 per cent at Rs 49 crore in Q3, the company said. As of December 2019, the company owned a total number of 1,709 retail chain stores.

Meanwhile, the share of Titan Company was up 7.4 per cent at Rs 1,273.9 from its previous close of Rs 1,185.95.

Also read: PNB posts Rs 492 crore loss in December quarter on higher NPA provisions

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