Titan Q3 net profit soars 46 percent to Rs 411 crore

By

Maverick Martins

Published
Feb 4, 2019

Tata group firm Titan Company witnessed a 46 percent surge in its net profit to Rs 411 crore ($57.6 million) for the third quarter ended December 2018 on the back on strong sales across all verticals during the festive season.
 

The jewellery business grew 37 percent in the third quarter as compared to last year and added Rs 4,890 crore to the company’s revenue as against Rs 3,576 crore last year.
 
The company’s overall revenue grew 35 percent to Rs 5,934 crore as against a total income of Rs 4,384 crore in the year-ago period.

Commenting on the results, Bhaskar Bhat managing director of the company in a statement said, “The festive quarter of 2018-19 turned out to be one of the best quarters for jewellery as well as for other businesses watches and eyewear. The topline growth of 35% for the Company in the third quarter was driven by new introductions, some successful activations as well as measured network expansion.
 
“Our retail network across businesses has now crossed the 2 million square feet mark. This momentum is expected to continue and help us achieve our annual targets."
 
Titan has added a total of 140 stores across India during the current fiscal and ended the quarter with 1,574 stores for all its brands.