Titan Q3 net profit falls 3.7%; stock slips nearly 2%
1 min read . Updated: 02 Feb 2023, 03:03 PM IST
Premium- Titan Q3 Results: Sale of products grew 11% to ₹10,444 crore as against ₹9,381 crore crore in the December quarter of the year-ago period
Tata group's flagship company Titan Company Ltd reported double digit revenue growth during the December quarter, driven by healthy consumer demand during the festive season. The company reported a standalone net profit of ₹951 crore for third quarter, which is a decline of 3.7% over previous year period of ₹987 crore.
Sale of products grew 11% to ₹10,444 crore as against ₹9,381 crore crore in the December quarter of the year-ago period.
Analysts, on average, were expecting Titan's profit to rise to ₹1,035 crore, according to Refinitiv IBES data.
The jewellery division witnessed a total income of ₹9,518 crore, an increase of 11% compared to the corresponding quarter of last year. The India business grew by 9% in the same period, backed by healthy consumer demand during the festive season.
The Jewellery division achieved Earnings Before Interest and Tax (EBIT) of ₹1,236 crore, with a margin of 13%.
The customer walk-ins were robust and consumer preference for differentiated designs were prominent across categories. Business continued to invest in brands and digital capabilities and pursue market share gains through competitive offers and pricing, the company said in a regulatory filing.
The Watches & Wearables section recorded a total income of ₹811 crore, up 15% compared to Q3FY22. It recorded an EBIT of ₹89 crore, clocking an EBIT margin of 11%.
A slew of exciting product launches in the fiscal year coupled with the festive season contributed to the Wearables space exhibiting a multi-fold growth over the same period last year.
On Thursday, shares of Titan were trading 1.79% lower in noon deals at ₹2,304.00 apiece on NSE.
