Titan Company Q3 Results FY2024, Net profit at Rs.1053 crores

On 31st January, Titan Company announced its quarterly results.

Key Highlights:

- Total was reported at Rs. 14,122 crores, up by 24.1% YoY.
- Profit before tax was reported at Rs. 1378 crores.
- The company reported its net profit at Rs. 1053 crores.

Business Highlights:

- Jewellery business registered an income of Rs. 11,709 crores in Q3FY24, a growth of 24%.
- Watches & Wearables business reported an income of Rs. 982 crores with 21% growth in Q3FY24.  In Wearables, Fastrack grew 66% and Titan Smart grew 57% respectively compared to Q3FY23. EBIT came in at ,55 crores with an EBIT margin of 5.6% for the quarter.
- EyeCare business reported a quarterly income of Rs. 167 crores with 4% growth in Q3FY24. Titan Eye+ opened two new stores internationally during the quarter, one each in Dubai and Sharjah taking the international footprint to 3 stores in the GCC region. The domestic network now covers 905 stores of Titan Eye+ and 8 stores of Fastrack. 
- In comparison to the same period previous year, the Emerging Businesses' Total Income of Rs.112 crores for Q3FY24, which included Indian Dress Wear ('Taneira'), Fragrances, and Fashion Accessories (F&FA), increased by 26%.
- Caratlane Trading Private Limited reported a revenue of Rs. 893 crores 
- Titan Engineering & Automation Limited (TEAL) reported a revenue of Rs. 202 crores 

Commenting on the results, Mr.CK Venkataraman, Managing Director of the Company stated: "The festive quarter saw encouraging consumer demand delivering a healthy double-digit growth of 24% over a strong base of Q3FY23. Our international store openings in Houston, Dallas, and Singapore market were enthusiastically received by the Indian diaspora and other nationals at those locations. Our domestic store expansions in all target markets too are progressing well. We will continue to pursue market share growth and are actively investing in capabilities across all our business segments."