Titan Company sparkles after strong Q3 result

Titan Company surged 4.51% to Rs 1,036.05 at 09:35 IST on BSE after consolidated net profit rose 43.49% to Rs 413.19 crore on 35.35% rise in total income to Rs 5934.11 crore in Q3 December 2018 over Q3 December 2017.

The result was announced after market hours on Friday, 1 February 2019.

Meanwhile, the S&P BSE Sensex was down 83 points or 0.23% at 36,386.43

On the BSE, 6.86 lakh shares were traded on the counter so far as against average daily volumes of 85,000 shares in the past two weeks. The stock had hit a high of Rs 1,037 and a low of Rs 1,010.10 so far during the day.

Titan Company said that there was an additional provision of Rs 70 crore in Q3 December 2018 made for investments as part of Treasury operations in inter corporate deposits in the IL&FS group.

Titan Company retail chain is 1574 stores, as on 31 December 2018 with the retail area touching 2.02 million sq.ft. nationally for all the brands.

Bhaskar Bhat, Managing Director of Titan Company said that the festive quarter of 2018-19 turned out to be one of the best quarters for jewellery as well as for other businesses - watches and eyewear.

Titan Company's main business lines are watches, jewellery and eyewear.

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