The company posted a consolidated net profit of Rs 1,047 crore in the third quarter of the current fiscal (Q3FY25)
Highlighting that jewellery saw its strongest quarter for the fiscal year, growing well in excess of 25 per cent at a retail level, Titan, a jeweller and watchmaking major has posted a mostly unchanged third-quarter profits. The company posted a consolidated net profit of Rs 1,047 crore in Q3FY25, compared to Rs 1,053 crore in Q3FY24.
The consolidated unaudited financial results of the company revealed a considerable increase in total income which rose to Rs 17,868 crore in the recently concluded quarter, compared to Rs 14,300 crore in the corresponding period of the previous fiscal. Total expenses of the company marked a 24.47 per cent year-on-year (YoY) uptick as it rose to Rs 16,472 crore in Q3FY25.
“Consumer preference for gold, as adornment jewellery and as store of value continued to remain fairly strong. Our analog watches clocked a healthy retail growth of 20 per cent, reinforcing Titan’s customer value proposition in the eyes of the consumer. EyeCare’s retail growth returning to double-digits was encouraging,” stated C K Venkataraman, Managing Director of the company.
The company’s jewellery business marked a healthy increase during the quarter as it grew to Rs 16,134 crore. The India business grew 25 per cent in the same period. “The festive quarter brought consumer cheer with secondary sales recording an impressive 28 per cent growth buoyed by higher gold prices, wedding related purchases growing by 29 per cent and healthy same store sales growth of 22 per cent respectively compared to Q3FY24,” as per the company’s statement.
The company stated that gold jewellery and coins continued to be a preferred choice amongst consumers, together, clocking a strong 27 per cent growth over Q3FY24. In the watches and wearables segment, revenue climbed to Rs 1,137 crore. The domestic business grew 14 per cent in the same period.
During the quarter Tanishq opened 11 new stores while Mia added 13 stores in the domestic market. In the watches segment, 23 stores were added in Q3FY25 comprising of 12 stores in Titan World, 10 in Helios and one in Fastrack, respectively.
