Titan Company reported a growth of 14.7 per cent in income in Q3 over same period last year despite some headwinds on account of demonetization, a company statement said.
Income for the nine-month period ending December 2016 grew by 7 per cent. A good festival and wedding season contributed to growth in retail sales.
The overall income from operations in the third quarter, October to December 2016, was Rs 3,905.22 crore, as compared to last year’s income of Rs 3,404.52 crore during the same period. The income for April to December 2016, the nine-month period, stands at Rs 9,371.36 crore.
The profit before tax for Q3, October to December 2016, was Rs 350.34 crore, registering a handsome growth of 21.3 per cent. The net profit for the same period was Rs 255.75 crore and Rs 563.20 crore for the nine-months ended December 2016.
The profit before tax for the nine-month period ending December 2016 grew by 14 per cent, to Rs 771.51 crore.
Category-wise income statistics of Titan Company Ltd. for Q3
- Watches: Grew by 5.1 per cent over last year at Rs 508.26 crore
- Jewellery: Grew by 7.5 per cent, from Rs 2,820.27 crore to Rs 3,255 crore
- Eyewear business: Grew by 12.4 per cent at Rs 90.65 crore.
Other businesses of the company, comprising a B2B business, Precision Engineering and the accessories business registered a growth of 44.5 per cent in Q3, at Rs 75.97 crore. Nine-month income for these businesses grew by 33.2 per cent to Rs 215.71 crore.
Commenting on the success, Managing Director of TCL, Bhaskar Bhat said, “The third quarter was an extremely encouraging quarter for the Company. Despite initial headwinds on account of demonetization, the Company clocked a growth of over 14 per cent and a PBT growth of 21 per cent. The festival season was very good for both our jewellery and Watches business. Our effort continues therefore to be one of generating demand, through new product introductions and network expansion while retaining our focus on cost control.”
The Titan Company (TCL) retail chain is 1,333 stores strong, as on December 31, 2016 with the retail area crossing 1.75 million sq.ft. nationally for all its brands. A total of 118 stores were added by TCL brands in the nine month period till December 2016.