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Titan Q3 profit jumps 35% YoY to Rs 416 crore, beats Street estimates

Sales rose to Rs 5,632 crore compared with Rs 4,174 crore last year.

ETMarkets.com|
Feb 01, 2019, 04.38 PM IST
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NEW DELHI: Titan Company on Friday said consolidated profit for December quarter jumped 35 per cent to Rs 416 crore, beating Rs 391 crore net estimated by analysts in an ET Now poll.

The company had reported Rs 308.21 crore in the year ago period.

Sales for the quarter rose to Rs 5,632 crore compared with Rs 4,174 crore in the same quarter last year. Jewellery business recorded 36.8 per cent growth in income at Rs 4,890 crore for the third quarter, compared with Rs 3,576 crore in the year-ago quarter. The eyewear business sales grew 39.7 per cent at Rs 129 crore.

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

Bhaskar Bhat, Managing Director of the company 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. Our new product launches have received a very good response. The topline growth was driven by these new introductions, some successful activations as well as measured network expansion."

Bhat said Titan’s retail network across businesses has crossed the 2 million square feet mark This momentum is expected to continue and help us achieve our annual targets

Titan Company’s retail chain was 1,574 stores strong as of December 31, with retail area touching 2.02 million sq.ft.
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