Titan Q3 net zooms 91% to Rs 1,004 cr, revenue up 37% on robust demand

Driven by festive purchases in October and November, the jewellery business registered an income of Rs 8,563 crore with 37% growth in Q3FY22

Titan saw its December quarter (Q3) net profit zoom 91 per cent to Rs 1,004 crore compared to the year-ago period, even as revenue from operations rose 37 per cent to Rs 9,903 crore riding on strong consumer demand in the same period.

With the jewellery division doing well, and other divisions also witnessing growth over pre-pandemic levels, the total income for the quarter was Rs 9,570 crore, including bullion sale of Rs 54 crore, a growth of 31 per cent compared to total income of Rs 7,324 crore in Q3 of FY21 that included bullion sale of Rs 340 crore. The total income for nine months FY22 was Rs 20,104 crore, registering a growth of 48 per cent compared to Rs 13,614 crore in the same period of FY21.

Driven by festive purchases in October and November, the jewellery business registered an income of Rs 8,563 crore with 37 per cent growth in Q3 of FY22 compared to Rs 6,249 crore in Q3 FY21 (excluding bullion sale in both the periods). The watches and wearables business recorded an income of Rs 708 crore with 29 per cent growth in Q3 of FY22 compared to Rs 550 crore in Q3 FY21.

The eyewear business recorded an income of Rs 156 crore with 26 per cent growth in Q3 of FY22 compared to Rs 124 crore in Q3 of FY21. The other segments of the Company comprising Indian dress wear and fragrances & accessories recorded an income of Rs 52 crore in Q3 FY22 compared to Rs 36 crore in Q3 FY21, a growth of 44 per cent.

The strong recovery and the product mix improvement helped the company achieve profit before taxes and exceptional items of Rs. 1,317 crore for the quarter compared to Rs 765 crore in the same quarter previous year.

The jewellery division achieved Earnings Before Interest and Tax (EBIT) of Rs 1,260 crore for the quarter compared to Rs 752 crore in the same quarter of previous year. The watches and wearables division reported an EBIT of Rs 82 crore for the quarter compared to Rs 57 crore in the same quarter of previous year.

The eyewear division reported an EBIT of Rs 34 crore in the third quarter compared to Rs 22 crore in the same quarter of previous year. The other segments of the company recorded a loss of Rs 3 crore compared to a loss of Rs 8 crore in the same quarter of the previous year.

The company's retail chain (including CaratLane), spreads across 2,064 stores in 323 towns having an area exceeding 2.7 million sq. ft. In the 9-month period from April 21 to December 21, the company has added a net of 149 stores.