The Tata Group company reported 9.36% rise in standalone net profit to Rs 1,040 crore in Q3 FY24 as against Rs 951 crore reported in Q3 FY23.
Revenue from operations jumped 23.63% year on year (YoY) to Rs 12,912 crore in the quarter ended 31 December 2023.
Total income (excluding bullion sale) for the quarter was at Rs 13,071 crore, registering a growth of 22.7% as compared to Rs 10,651 crore posted in Q3 FY23.
Profit before tax stood at Rs 1,345 crore in Q3 FY24, up 6.15% from Rs 1,267 crore recorded in Q3 FY23.
EBITDA grew 12.3% to Rs 1,596 crore in Q3 FY24 as against Rs 1,421 crore posted in Q3 FY23. EBITDA margin slipped to 12.2% in the December quarter from 13.3% reported in the same quarter last year.
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EBIT was at Rs 1,478 crore in Q3 FY24, up 11.3% YoY. EBIT margin reduced to 11.3% in the third quarter as compared to 12.5% registered in Q3 FY23.
During the quarter, the company's income from jewellery business grew 23% YoY to Rs 11,709 crore. The India business grew 21% in the same period. The festive season saw a healthy double-digit buyer growth. The business continued to run its attractive programs that helped maintain growth momentum amidst an environment of high gold prices.
Watches & wearables business recorded total income of Rs 982 crore, up by 21% compared to Q3 FY23. Analog watches revenues of Rs 810 crore grew by 18% and the wearables portfolio revenues grew 65% to Rs 136 crore respectively over Q3FY23. The premiumization journey saw good progress as both Titan and Helios (international Brands) saw growths largely driven by increase in average selling prices (ASP). In wearables, Fastrack grew by 66% and Titan Smart grew by 57% respectively compared to Q3 FY23.
Eyecare business recorded a total income of Rs 167 crore, registering de-growth of 4% YoY. 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.
Emerging businesses comprising of fragrances & fashion accessories (F&FA), and Indian dress wear (Taneira) clocked a growth of 26% in total income YoY to Rs 112 crore. Taneiras Q3 FY24 sales grew by 61% YoY while F&FA business declined 7% YoY. 11 new Taniera stores were opened during the quarter, taking the total store count to 62 stores covering 29 cities.
Among subsidiaries, Caratlane Tradings total income grew by 32% YoY to Rs 893 crore. EBIT stood at Rs 82 crore with a margin of 9.2%. CaratLane added 16 new stores (net) in the quarter taking the total store count to 262 stores spread across 105 cities pan-India.
Titan engineering & automation (TEAL) recorded a total income of Rs 202 crore, a growth of 61.3% YoY. The order flow in AS business was healthy resulting in a closing order book of more than Rs 600 crore at the end of Q3 FY24.
C K Venkataraman, managing director of Titan Company, said, 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.
Titan Company, a joint venture between the Tata Group and the Tamilnadu Industrial Development Corporation (TIDCO), commenced its operations in 1987 under the name Titan Watches. In 1994, Titan diversified into Jewellery (Tanishq) and subsequently into EyeCare.
Shares of Titan Company slipped 1.93% to end at Rs 3,626 on the BSE.
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