January 28 2016, 19.58 PM IST || Pocket News Alert
Titan Company reported a growth of 17.3% in income in Q3 over same period last year due to pick up in retail sales in the festive season. Income for the nine-month period ending December 2015 however showed a decline of 6.2%. The overall income from operations in the third quarter. October to December 2015, was Rs.3398.38 crores, as compared to last year's income of Rs.2898.28 crores during the same period. The income for April to December 2015, the nine-month period, stands at Rs.8739.75 crores, registering a decline of 6.2% over last year.
The profit before tax for 031 October to December 2015, was Rs.287.51 crores, registering a growth of 18.3%. The net profit for the same period was Rs.225.29 crores and Rs.521.74 crores for the nine-months ended December 2015. However, the profit before tax for the nine-month period ending December 2015 showed a decline of 16.3%, at Rs.672.61 crores.
The income from watches was Rs.478.57 crores in Q3, a growth of 8.2% over last year. On the other hand, jewellery business recorded a growth of 20.1% in Q3 over last year. Tanishq had an income of Rs.2819.27 crores this year in Q3 as compared to Rs.2347,39 crores last year. For the nine-month ended December 2015, the jewellery business recorded a decline of 9.6%. The eyewear business reported a growth of 2.4% in income, in Q3, at Rs.80.03 crores. The nine-month growth for Eyewear was better at 12_8%. Other businesses of the company, comprising a B2B business, Precision Engineering and the accessories business registered a decline of 8.3% in Q3, at Rs.51.13 crores_ The nine-month income for these businesses was almost flat, at Rs.156.60 crores.
The Titan Company (TCL) retail chain is 1266 stores strong, as on 31st December 2015 with the retail area crossing 1.6 million sq.ft. nationally for all its brands. A total of 122 stores were added by TCL brands in the nine month period till December 2015.
Mr. Bhaskar Bhat, Managing Director of the Company stated that "The Company has clocked income growth of 17.5% in the Quarter over the previous year primarily on account of growth in jewellery over a low base. Festive season demand remained lukewarm and needed shoring up with consumer schemes. Our effort continues therefore to be one of generating demand, through new product introductions and network expansion while retaining our focus on cost control."
