Titan Company on Tuesday climbed 9 per cent to Rs 1,288 on the BSE after the company posted a 12.9 per cent year-on-year (YoY) rise in its standalone net profit at Rs 470 crore for the quarter ended December 31, 2019 (Q3FY20). Tata Group Company had registered a profit of Rs 416.crore in the year-ago quarter. Sequentially, the numbers grew 46 per cent.
The company's standalone revenue grew 9 per cent YoY at Rs 6,206 crore during the reporting quarter, against Rs 5,672 crore in the corresponding quarter of previous fiscal. On quarter-on-quarter basis, revenue saw a healthy 40 per cent increase from Rs 4,435 crore in September quarter.
Segment-wise, the Jewellery business recorded a growth of 10.6 per cent in Q3 over last year and had an income of Rs 5,409 crore this year in Q3 as compared to Rs 4,890 crore last year. However, income from watches was Rs 625 crore in Q3, registering a slight decline over last year on account of a poor December month for sales, the company said in its press release. The eyewear business grew by 2.9 per cent in Q3 while Other businesses of the company registered a growth of 32.6 per cent in Q3, at Rs 49 crores.
The management said, the growth we saw during the festival period of October and November was very encouraging. The month of December 2019 witnessed a drop in footfall across all the company's retail formats compared to the previous two months and hence the sales were muted."The retail growth for jewellery business was healthy in Q3 on account of a good wedding season. Many new products are lined up for launch in the last quarter and we will continue to invest in our brands and delight our customers with fascinating products coupled with memorable advertising," said CK Venkataraman, Managing Director of the company.
At 03:00 pm, Titan Company, the top gainer among S&P BSE Sensex, was up 8 per cent at Rs 1,278 on the BSE. In comparison, the S&P BSE Sensex was up 2.3 per cent at 40,804 points. The trading volumes on the counter jumped nearly four-fold with a combined 7.05 million shares changing hands on the NSE and BSE so far.