Titan Q3 Results: Net profit falls 4% YoY to Rs 951 cr, misses estimates

Sales during the quarter rose 11% to Rs 10,444 crore, compared with Rs 9,381 crore in the same quarter last year.

“The quarter witnessed strong festive consumer demand and we delivered healthy double-digit growth of 12% over a strong base of last-year quarter,” said CK Venkataraman, Managing Director, Titan.

Following the announcement of the results, the stock was trading 2.24% lower at Rs 2,293.30 apiece on NSE.

In the jewellery business, total income saw 11% growth at Rs 9,518 crore. The India business, meanwhile, rose 9% in the same period, backed by healthy consumer demand during the festive season. EBIT for the segment came in at Rs 1,236 crore, with 13% EBIT margin.

A total of 22 stores (excluding Caratlane) were added during the quarter, taking the total jewellery store count to 510 spread across 247 cities.

“We continue to pursue market share growth and are actively investing in capabilities across all of our business segments. Our international endeavour is shaping well and we are quite satisfied with the consumer response we are getting in the chosen international markets,” said Venkataraman.Continuing its growth trajectory, watches and wearables business recorded a total income of Rs 811 crore, up by 15% compared with last year quarter. The business reported an EBIT of Rs 89 crore, with 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,” Titan said in a filing.

A total of 48 stores were added during the quarter, and the total watches and wearables store count stands at 953 as of December.

The Eye Care segment reported 12% growth in total income at Rs 174 crore and an EBIT of Rs 32 crore. The emerging businesses, comprising fragrances and fashion accessories (F&FA) and Indian dress wear, reported growth of 71%, compared with last year period.