Titan Ltd Q3 net profit rises 135 percent to Rs 987 crore
Titan Company Ltd reported a 135 percent rise in its net profit at Rs 987 crore ($132.3 million) for the third quarter ended December 2021, as against Rs 419 crore it reported in the year-ago period.
The company’s revenue for the quarter rose by 35 percent to Rs 9,381 crore, as against Rs 6,912 crore in the corresponding quarter last year.
The jewellery business was the highest contributor to the company's overall revenue, with an income of Rs 8,563 crore, while the watches and wearables business recorded an income of Rs 708 crore, and eyewear business recorded an income of Rs 156 crore.
Commenting on the results, CK Venkataraman, managing director of Titan Ltd in a statement said, “The festive purchases in the quarter has driven Titan's strong growth in all businesses of the company and the quarter has turned out to be one of the best quarters in terms of growth and profitability. While the onset of Covid-19 wave 3 has slowed down the strong momentum, the company is hopeful of ending the year on a positive note.”
During the first three quarter of the current fiscal year, Titan added 149 stores and ended the year with 2,064 stores in 323 towns.
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