Titan’s net profit dropped by 10% in December quarter of FY23

Titan Company Ltd reported double digit revenue growth during the December quarter, driven by healthy consumer demand during the festive season. The company reported a consolidated net profit of ₹913 crore for third quarter, which is a decline of 10% over previous year period of ₹1,012 crore.

Sale of products grew 10% to ₹11,609 crore as against ₹10,037 crore crore in the December quarter of the year-ago period. The jewellery division witnessed a total income of ₹9,518 crore, an increase of 11% compared to the corresponding quarter of last year. The India business grew by 9% in the same period, backed by healthy consumer demand during the festive season.

The Jewellery division achieved Earnings Before Interest and Tax (EBIT) of ₹1,236 crore, with a margin of 13%. The customer walk-ins were robust and consumer preference for differentiated designs were prominent across categories. Business continued to invest in brands and digital capabilities and pursue market share gains through competitive offers and pricing, the company said in a regulatory filing.

The Watches & Wearables section recorded a total income of ₹811 crore, up 15% compared to Q3FY22. It recorded an EBIT of ₹89 crore, clocking 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.