Titan Company Q3 Results FY2023, PAT at Rs. 913 crores
On 2nd February, Titan Company announced its results for the third quarter of FY2023.
- Titan’s consolidated total income for the Quarter ended 31st December 2022 grew by 13% to Rs. 11,383 Crores
- Net Profit dropped by 10% to Rs. 913 Crores
- Total Income of Jewellery business stood at Rs. 9,518 crores registering an increase of 11% compared to Q3FY22. The India business grew by 9% in the same period, backed by healthy consumer demand during the festive season
- Continuing its robust growth trajectory, the Watch and Wearables business recorded a Total Income of Rs.811 crores, up by 15% compared to Q3FY22. 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.
- Total Income of Rs.174 crores was up by 12% compared to Q3FY22. The eyecare business reported an EBIT of Rs.32 crores clocking an EBIT margin of 18.4%. Titan Eye Plus opened its first international store in Dubai in the month of December 2022. The network expansion continued with 36 new stores added during the quarter taking the total store count to 863 spread across 354 cities
- Total Income of Rs. 89 crores for the Emerging Businesses comprising of Fragrances and Fashion Accessories (F&FA) and Indian Dress Wear (Taneira) grew by 71% compared to Q3FY22. Within this, F&FA clocked 37% growth whereas Taneira grew by 150% over the same period last year.
- CaratLane’s business total Income grew by 51% as compared to Q3FY22 to Rs. 677 crores driven by gifting campaigns around the festive season to capture consumer buying intent for the period. Profit Before Taxes was Rs. 51 crores with a margin of 7.5%.
- Titan Engineering & Automation business recorded a Total Income of Rs.125 crores, a growth of 53% compared to Q3FY22. The loss for the quarter was Rs. 0.4 crores.
Commenting on the results, Mr. CK Venkataraman, Managing Director of the Company stated that: "The quarter witnessed a strong festive consumer demand and we delivered a healthy double-digit growth of 12% 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 endeavor is shaping well and we are quite satisfied with the consumer response we are getting in the chosen international markets."
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