Titan Q3: Net profit dips 10% to Rs 904 cr, misses estimates

Titan Company on February 2 reported a 9.96 percent drop in consolidated net profit for December 2022 quarter at  Rs 904 crore, as against Rs 1004 crore recorded in the same quarter of last year.

The total revenue came in at Rs 11,698 crore, rising 15.89 percent from Rs 10,094 crore in the year ago quarter, the company said in a stock exchange filing.

The Tata group company was estimated to report a post-tax profit of Rs 985 crore on revenue of Rs 10,656 crore, according to an average of estimates by five brokerages polled by Moneycontrol.

The company said  its India business grew by 9 percent in the same period, backed by healthy consumer demand during the festive season. The customer walk-ins were robust and consumer preference for differentiated designs were prominent across categories, it added.

Business continued to invest in brands and digital capabilities and pursue
market share gains through competitive offers and pricing. EBIT stood at Rs 1,236 crores clocking 13 percent EBIT margin.

Tanishq opened its first boutique store in New Jersey, USA in December 2022 taking the total international count to 6 stores. A total of 22 stores (excluding Caratlane) were added during the quarter, taking the total Jewellery store count to 510 spread across 247 cities.

Watches & Wearables

This business segment recorded a total income of Rs 811 crore, up by 15 percent compared to Q3FY22. The company said 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. Business reported an EBIT of Rs 89 crore clocking an EBIT margin of
11 percent.

EyeCare

The eyecare business segment recorded a total income of Rs 174 crore, up by 12 percent compared to Q3FY22. Business reported an EBIT of Rs 32 crore clocking an EBIT margin of 18.4 percent.

Titan Eye Plus opened its first international store in Dubai in the month of December 2022. The network expansion continued with 36 new stores added during the quarter taking the total store count to 863 spread across 354 cities.