Titan Company Q3 PAT up 136% YoY to Rs 987 crore

Titan Company reported a standalone net profit of Rs 987 crore in Q3 FY22 as against a net profit of Rs 419 crore Q3 FY21, recording a growth of 136% on YoY basis.

The company's revenue excluding bullion sales grew by 36% in Q3 FY22 compared to Q3 FY21. The total income for the quarter was Rs 9,570 crore, registering a growth of 31% as compared to Rs 7,324 crore in Q3 FY21.

The Jewellery business registered an income of Rs 8,563 crore with 37% YoY growth in Q3 FY22. The Watches and Wearables business recorded an income of Rs 708 crore with 29% YoY growth in Q3 FY22.

The Eyewear business recorded an income of Rs 156 crore with 26% YoY growth in Q3 FY22. 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%.

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, registering a growth of 72%.

In the 9-month period from April 2021 to December 2021, the company has added (net) 149 stores. The company's retail chain (including CaratLane), spreads across 2,064 stores in 323 towns.

Among the subsidiaries of Titan, Titan Engineering & Automation (TEAL) recorded revenue of Rs 79 crore (down 9% YoY) and a profit before tax of Rs 5 crore (down 17% YoY) in Q3 FY22.

CaratLane Trading clocked a revenue of Rs 446 crore (up 63% YoY) and a profit before tax of Rs 28 crore (up 75% YoY) in Q3 FY22.

CK Venkataraman, managing director of the company, stated that: "The festive purchases in the quarter has driven Titan's strong growth in all businesses of the company and the quarter has turned out to be one of the best quarters in terms of growth and profitability.

While the onset of COVID wave-3 has slowed down the strong momentum, the company is hopeful of ending the year on a positive note."

Titan Company is engaged in making and selling watches, jewellery, eyewear and others.

The scrip added 0.78% to currently trade at Rs 2483.20 on the BSE.

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