Titan Company reported a growth of 14.7% in income in Q3 over same period last year despite some headwinds on account of demonetization. A good festival and wedding season contributed to growth in retail sales. Income for the nine-month period ending December 2016 grew by 7%. The overall income from operations in the third quarter, October to December 2016, was Rs.3905.22 crores, as compared to last year's income of Rs.3404.52 crores during the same period. The income for April to December 2016, the nine-month period, stands at Rs.9371.36 crores.
The profit before tax for 03, October to December 2016, was Rs.350.34 crores, registering a handsome growth of 21.3%. The net profit for the same period was Rs.255.75 crores and Rs.563.20 crores for the nine-months ended December 2016. The profit before tax for the ninemonth period ending December 2016 grew by 14%, to Rs.771.51 crores.
The income from watches was Rs.508.26 crores in 03, a growth of 5.1% over last year. On the other hand, jewellery business recorded a growth of 15.4% in 03 over last year. The jewellery business had an income of Rs.3255 crores this year in 03 as compared to Rs.2820.27 crores last year. For the nine-month ended December 2016, the jewellery business recorded a growth of 7.5%. The eyewear business reported a growth of 12.4% in income, in 03, at Rs.90.65 crores. Other businesses of the company, comprising a B2B business, Precision Engineering and the accessories business registered a growth of 44.5% in 03, at Rs.75.97 crores. The nine-month income for these businesses grew by 33.2% to Rs.215.71 crores.
The Titan Company (TCL) retail chain is 1333 stores strong, as on 31*' December 2016 with the retail area crossing 1.75 million sq.ft. nationally for all its brands. A total of 118 stores were added by TCL brands in the nine month period till December 2016.
Mr. Bhaskar Bhat, Managing Director of the company stated that "The third quarter was an extremely encouraging quarter for the Company. Despite initial headwinds on account of demonetization, the Company clocked a growth of over 14% and a PBT growth of 21%. The festival season was very good for both our jewellery and Watches business. Our effort continues therefore to be one of generating demand, through new product introductions and network expansion while retaining our focus on cost control."