Titan Q3 profit surges 135 per cent to Rs 987 crore

Titan Company on Thursday said its net profit rose by 135.6 per cent to Rs 987 crore in the third quarter of the current financial year from Rs 419 crore recorded in the corresponding quarter of last fiscal.

Riding on the strong demand across its consumer businesses Titan's revenue excluding bullion sales grew by 36 per cent in Q3 FY22 compared to Q3 FY21.

With Jewellery division doing exceedingly well, and other divisions also witnessing growth over pre-pandemic levels, the total income for the quarter was Rs 9,570 crore, including bullion sale of Rs 54 crore, a growth of 3 1 per cent compared to total income of Rs 7,324 crore in Q3 FY21 that included bullion sale of Rs 340 crore, Titan said in a statement.

The company's total income for the first nine months of the current financial year stood at Rs 20, 104 crore, registering a growth of 48 per cent compared to Rs 13,614 crore in the same period of 2020-21.

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).

Watches and wearables business recorded an income of Rs 708 crore with 29 per cent growth in Q3 FY22 compared to Rs 550 crore in Q3 FY21.

Eyewear business recorded an income of Rs 156 crore with 26 per cent growth in Q3 FY22 compared to Rs 124 crore in Q3 FY21. The other segments of the company comprising Indian Dress Wear and, fragrances and accessories recorded an income of Rs 52 crore in Q3 FY22 compared to Rs 36 crore in Q3 FY21, a growth of 44 per cent.

( With inputs from ANI )

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