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21 April, 2021 18:54 IST
Titan Company Q3 revenue rises 17.64% to Rs 73,240 mn
Source: IRIS | 11 Feb, 2021, 06.03PM
Rating: NAN / 5 stars.
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 Titan Industries, a manufacturer of watches, jewellery and sunglasses, on February 10, reported a 10.85% decline in its standalone net profit to Rs 4,190 million for the quarter-ended December.The company had posted a net profit of Rs 4,700 million for the corresponding period of the previous fiscal.

Total income of the company grew 17.64% to Rs  73,240 million for the quarter compared to Rs  62,260 million for the same period a year ago.

Total expenses increased 17.36% to Rs  65,590 million for the quarter compared to Rs 55,890 million for the same period a year ago.

Titan Industries EPS has decreased to Rs 4.72 in December 2020 from Rs 5.29 in December 2019.

Titan Company reported a return to year on year growth in Sales in Q3 of FY 2020-21 led by an impressive festive season recovery in the Jewellery division. The total income for the quarter was Rs. 73,240 million, including sale of gold bullion to the extent of Rs. 3,400 million, compared to the income of Rs. 62,260 million for the same quarter in the previous year. The growth in total income excluding bullion sale was 12%.While the Jewellery business grew by 16% (excluding gold bullion sales) over the corresponding quarter of the previous year, the Watches and Wearables and Eyewear divisions also did well with the recovery rate for the quarter being 88% and 93% respectively.

The jewellery division recorded an income of Rs. 62,490 million for the quarter (excluding gold bullion sales) as compared to Rs. 54,090 million last year, a growth of 16%.

The Watches and wearables business recovered well in the quarter to record an income of Rs. 5,500 million against Rs. 6,250 million in the previous year, a decline of 12%. The Eyewear business also improved with revenues declining by 7% in the quarter, recording an income of Rs. 1,240 million as against Rs. 1,330 million last year.

C K Venkataraman, Managing Director of the Company stated that "We are very pleased to see the return to growth in top line for the company and the recording of the highest ever profits in any quarter in the midst of the pandemic that has hit the world so hard. The recovery witnessed has been significantly better than what we had hoped just a few months back. It is the innovativeness and the untiring efforts of the employees and all business associates along with the positive consumer sentiment that has made this possible. We believe the focus on productivity and cash generation will help improve the company's margins in the future."The Company's retail chain (including CaratLane) stands at 1,854 stores, as on Dec.31, 2020 with a retail area crossing 2.4 million sq.ft. for all its brands covering 292 towns.  

 Shares of the company declined Rs 39.15, or 2.5%, to settle  at  Rs 1,524.15.  The total volume of shares traded  was  297,355 at  the BSE (Thursday).

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