 "Titan reports 15% rise in net at Rs 191 cr in Q3")
The operating profit for the quarter went up 10 per cent to Rs 253 crore from Rs 230 crore a year ago.
The income from watches was Rs 442.63 crore in the quarter, marginally lower than last year. On the other hand, jewellery business recorded a growth of 11.2 per cent in the quarter over the last year. Tanishq ran two successful campaigns during the quarter, the "affordable Tanishq" and a new "wedding" campaign. Both these campaigns were well appreciated and helped in addition of new customers, the company said in a statement.
Tanishq had income of Rs 2,347.39 crore this quarter as compared to Rs 2,110.70 crore last year. Other business segments of the company such as precision engineering, a B2B business, the eyewear business and accessories grew by 14.8 per cent in Q3. The combined income of these businesses in Q3 was Rs 133.67 crore as compared to Rs 116.42 crore last year.
The Titan Company's retail chain is 1,172 stores strong, as on December 31, 2014 with the retail area crossing 1.5 million sq ft nationally for all its brands.
Bhaskar Bhat, Managing Director of the Company said: "Titan Company, with a large portfolio of strong brands, operating in multiple industries, grew by over 9 per cent in the third quarter. This period, which is a festival quarter, faced heightened activity from e-commerce players, participating in this gifting season. Going forward, the market sentiment is looking good, with the fiscal budget from the new Government coming up, drop in inflation and positive global factors like the slump in oil prices."
The company is gearing up for the last quarter with launch of new products and advertising campaigns that are lined up, including activation by some of the brands, he said.
The company's stock closed 0.48 per cent higher at Rs 400.30 per share on BSE today.