Titan Ltd Q3 net profit down 10 percent to Rs 904 crore

By

Maverick Martins

Published
Feb 2, 2023

Titan Company Ltd reported a 10 percent slump in consolidated net profit for December 2022 quarter to Rs 904 crore ($110 million), as against Rs 1,004 crore posted in the same quarter of last year.

The company’s revenue for the quarter rose by 16 percent to Rs 11,698 crore, as against Rs 10,094 crore in the year ago quarter.

The jewellery segment was the highest contributor to the revenue with Rs 9,518 crore while watches & wearables recorded a total income of Rs 811 crore.

Commenting on the Q3 results, CK Venkataraman, managing director at Titan Ltd in a statement said, “The quarter witnessed a strong festive consumer demand and we delivered a healthy double-digit growth of 12 percent over a strong base of Q3FY22. 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," he added.

During the October-December quarter, Titan added 36 new stores, taking the total store count to 863, spread across 354 cities.