Titan Q3 net profit up 46 pc to Rs 411.09 crore

Tata group firm Titan Company Friday reported a 45.97 per cent jump in consolidated net profit to Rs 411.09 crore for the third quarter ended December 2018.

The company had posted a net profit of Rs 281.61 crore in the corresponding period last fiscal.

Total income during the quarter stood at Rs 5,934.11 crore, up 35.34 per cent as against a total income of Rs 4,384.4 crore in the year-ago period, the company said in a BSE filing.

In a separate filing, the company said its board has also approved the succession plan for the managing director of the company, Bhaskar Bhat, who will retire on September 30, 2019, on attaining the age of superannuation.

Titan's jewellery division Chief Executive Officer C K Venkataraman will take over from Bhat on October 1, 2019.

"The formal process to induct Venkat on the board of the company and his appointment as Managing Director of Titan will be completed in due course and the same is subject to shareholders' approval," the company added.

During the quarter, Titan's income from watches was Rs 641 crore, a growth of 18.8 per cent over last year.

"The income figures are not comparable as the income last year was post a higher GST rate for part period, hence, the growth appears inflated. The real growth at net consumer prices is 12 per cent," the company said.

Titan's jewellery business recorded a growth of 36.8 per cent in the third quarter over last year and had an income of Rs 4,890 crore compared to Rs 3,576 crore last year.

Shares of Titan ended at Rs 991.30 apiece, down 0.41 per cent, from the previous close on the BSE.