Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now

You can switch off notifications anytime using browser settings.
Stock Analysis, IPO, Mutual Funds, Bonds & More

New launches boost Titan's Q3 profit; key takeaways

Total income jumped 35 per cent to Rs 5,733 crore in Q3 FY19 over Rs 4,243.21 crore in Q3 FY18.|
Feb 01, 2019, 08.35 PM IST
Total income jumped 35 per cent to Rs 5,733 crore in Q3 FY19 over Rs 4,243.21 crore in Q3 FY18.
Tata Group's Titan Company on Friday posted 35 per cent year-on-year rise in net profit at Rs 416 crore for the quarter ended December 2018.

It had posted a net profit of Rs 308 crore in the year-ago quarter.

Total income too jumped 35 per cent to Rs 5,733 crore in Q3 FY19 over Rs 4,243.21 crore in Q3 FY18.

Here are the top highlights from Titan's third quarter earnings show.

Watch it: Income from watches stood at Rs 641 crore in Q3, a growth of 18.8 per cent over last year.

Additional provision: During the quarter, there was an additional provision of Rs 70 crore made for investments as part of Treasury operations in inter-corporate deposits in the IL&FS group.

Jewellery glitters more: The jewellery business grew 36.8 per cent in Q3 over last year and had an income of Rs 4,890 crore compared to Rs 3,576 crore earlier.

Management-take: Managing Director Bhaskar Bhat 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. All our new product launches like Utsava and Preen in jewellery and the 'Grandmaster, Reflex Wav, Raga I Am' in watches have received a very good response. The top line growth of 35 per cent for the company in the third quarter was driven by these 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."

Succession plan: In a separate filing, the company said Bhaskar Bhat will retire from the services on September 30, 2019, on attaining the age of superannuation as per the Tata Group's retirement policy. The board announced that C K Venkataraman, currently the CEO of the company's jewellery division, will succeed Bhat as MD with effect from October 1 this year.
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links

Follow us on

Download et app

Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service