Titan Company’s third-quarter earnings dropped by 3% while sales increased by 11%.
Titan Company’s net profits for the third quarter of FY23 dropped 3.05 per cent y-o-y to ₹951 crore, missing market expectations. This compares to the ₹981-crore profit it reported a year ago.
Net sales grew 11 per cent y-o-y to ₹10,444 crore (₹9,381 crore). For Q3, the company has announced an earning per share for ₹10.71 compared with ₹11.12 in Q3 FY22.
“The quarter witnessed a strong festive consumer demand and we delivered a healthy double-digit growth of 12 per cent over a strong base. We continue to pursue market share growth and are actively investing in capabilities across all of our business segments. Our international endeavour is shaping well and we are quite satisfied with the consumer response we are getting in chosen international markets,” said CK Venkataraman, Managing Director.
Its jewellery business recorded an 11 per cent y-o-y increase to ₹9,518 crore and the India business grew 9 per cent in the same period, backed by healthy consumer demand during the festival season.
A total of 22 stores (excluding Caratlane) were added during the quarter, bringing the total jewellery store count to 510 spread across 247 cities. During this quarter, Tanishq also opened its first boutique store in New Jersey, USA, in December 2022, bringing the total number of international stores to six.
The watches and wearables segment grew 15 per cent to ₹811 crore. In addition to the festival season, new product launches in the fiscal year contributed to the wearables space exhibiting a multi-fold growth. During the quarter, 48 new stores were added, bringing the total number of watches and wearables stores to 953 across 293 cities.
Eyecare, other biz
Its EyeCare division generated a total income of ₹174 crore, a 12 per cent increase y-o-y. Titan Eye Plus opened its first international store in Dubai in December. It continued with network expansion and added 36 new stores during the quarter, bringing the total store count to 863, spread across 354 cities.
Emerging businesses, which comprise fragrances and fashion accessories and Indian dress wear (Taneira) reported a total income of ₹89 crore, an increase of 71 per cent y-o-y. The F&FA business also launched the ‘IRTH’ brand of women’s bags during the quarter.