Titan Q3 profit rises 15% to Rs 190.73 cr

Tata group firm Titan Company Ltd today reported 15.19% increase in standalone net profit at Rs 190.73 crore for the third quarter ended December 31, 2014.

The company had reported a standalone net profit of Rs 165.57 crore in the corresponding quarter a year ago.

Its net sales were at Rs 2,898.28 crore during October -December quarter of 2014-15, up 9.35% compared to Rs 2,650.46 crore in the year-ago period, Titan said in BSE filing.

"Titan company, with a large portfolio of brands, operating in multiple industries, grew by over over 9% in the third quarter. This period, which is a festive quarter, faced heightened activity from e-commerce players, participating in this gifting season," Titan Industries Managing Director Bhaskar Bhat said.

"The company is gearing up for the last quarter with launch of new products and advertising campaigns that are lined up, including activation by some of the brands," he said.

Revenue from jewellery business grew 11.21% to Rs 2,347.39 crore during the quarter under review as against Rs 2,110.70 crore of the same period last fiscal.

However, earnings from watch segment declined marginally to Rs 442.63 crore during the quarter as against Rs 451.29 crore last fiscal.

Revenue from other businesses comprising eye wear, accessories and precision engineering businesses increased 14.81% to Rs 133.67 crore. It was Rs 116.42 crore in the same period last fiscal.

Shares of Titan Company closed at Rs 400.30 on BSE, up 0.48% from their previous close on BSE.