Tata group firm Titan Co Ltd today reported a 13 per cent increase in standalone net profit at Rs 255.75 crore for the third quarter ended December 31, 2016.
The company had posted a standalone net profit of Rs 226.15 crore in the same period last fiscal, it said in a BSE filing.
Total income from operations during the quarter under review stood at Rs 3,925.95 crore as against Rs 3,432.3 crore in the year-ago period, up 14.38 per cent, the company added.
The income from watches was at Rs 508.26 crore, up 5.1 per cent from the year-ago quarter. Jewellery business had recorded a growth of 15.4 per cent with an income of Rs 3,255 crore, it said.
The eyewear business posted a growth of 12.4 per cent at Rs 90.65 crore while the precision engineering and accessories business registered a growth of 44.5 per cent at Rs 75.97 crore, Titan said.
Commenting on the results, Titan Managing Director Bhaskar Bhat said: "The third quarter was an extremely encouraging quarter for the company. Despite initial headwinds on account of demonetisation, the company clocked a growth of over 14 per cent...The festival season was very good for both our jewellery and watches business."
He further said: "Our effort continues therefore to be one of generating demand, through new product introductions and network expansion while retaining our focus on cost control."
Shares of Titan ended at Rs 393.40 apiece, up 0.52 per cent from the previous close on the BSE.
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