Titan Company jumped 7.85% to Rs 1279 after the jewellery maker reported decent Q3 numbers during market hours today, 4 February 2020.
On a consolidated basis, Titan Company's net profit rose 15.35% to Rs 474.2 crore in Q3 December 2019 as against Rs 411.09 crore reported in Q3 December 2018. Revenue from Operations stood at Rs 6454.58 crore in Q3 2019, rising 10.53% YoY from Rs 5839.82 crore reported in Q3 2018.Profit before tax (PBT) for Q3 December 2019 stood at Rs 648.24 crore, up by 8.11% from Rs 599.62 crore reported in Q3 December 2018. Current tax expense fell 11.03% to Rs 164.93 crore in Q3 2019 as against Rs 185.38 crore reported in Q3 2018.
On a standalone basis, net profit rose 13% to Rs 469.95 crore in Q3 December 2019 over Q3 December 2018. Sales income during the same period grew by 9.4% to Rs 6,206 year-on-year (YoY). EBITDA stood at Rs 755 crore in Q3 December 2019, rising 17% YoY from Rs 645 crore in Q3 December 2018.
The jewellery business recorded a growth of 10.6% in Q3 over last year and had an income of Rs 5409 crore this year in Q3 as compared to Rs 4890 crore last year. The income from watches was Rs 625 crore in Q3, registering a marginal decline over last year on account of a poor December month for sales. The eyewear business grew by 2.9% in Q3, to Rs 133 crore. Other businesses of the company registered a growth of 32.6% in Q3, at Rs 49 crore.
Commenting on company's Q3 performace, C. K. Venkataraman, Managing Director said, "The growth we saw during the festival period of October and November was very encouraging. The month of December 2019 witnessed a drop in footfall across all our retail formats compared to the previous two months and hence the sales were muted. The retail growth for our jewellery business was healthy in Q3 on account of a good wedding season. Many new products are lined up for launch in the last quarter and we will continue to invest in our brands and delight our customers with fascinating products coupled with memorable advertising."
Titan Company is engaged in offering watches, jewelry and others. The company's segments include watches, jewellery, eyewear and others.
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