Titan Company Limited on Thursday recorded its third quarter profit for the financial year 2023-24 at Rs 1053 crore, up 16.5 per cent in comparison to Rs 904 crore during the third quarter of FY23. It posted revenue from operations at Rs 14,164 crore, up 22 per cent in comparison to Rs 11,609 crore during the corresponding quarter of previous year.
CK Venkataraman, Managing Director of the Company, said, “The festive quarter saw encouraging consumer demand delivering a healthy double-digit growth of 24 per cent over a strong base of Q3FY23. Our international store openings in the Houston, Dallas and Singapore market were enthusiastically received by the Indian diaspora and other nationals at those locations. Our domestic store expansions in all target markets too are progressing well. We will continue to pursue market share growth and are actively investing in capabilities across all our business segments.”
Titan Company’s Q3 performance across segments
The Jewellery segment reported total Income for the quarter at Rs 11,709 crore, up 23 per cent in Q3FY23. The India business grew 21 per cent in the same period. The festive season saw a healthy double-digit buyer growth. Tanishq expanded its international presence adding two more stores in the USA in Houston and Dallas and one store in Singapore. Mia opened its first store in Dubai taking the Titan’s Jewellery international footprint to 14 stores. During the quarter, in India, Tanishq opened 18 stores whereas Mia added 16 new stores. The domestic network now covers 453 stores in Tanishq, 161 stores in Mia and 8 stores of Zoya.
Watches & Wearables Business recorded a total Income of Rs 982 crore, up 21 per cent compared to Q3FY23. The domestic business grew 23 per cent in the same period. Analog watches posted revenue of Rs 810 crores and the Wearables portfolio revenue grew 65 per cent to Rs 136 crore respectively over Q3FY23. The premiumization journey saw good progress as both Titan and Helios (International Brands) saw growth largely driven by increase in Average Selling Prices (ASP). In Wearables, Fastrack grew 66 per cent and Titan Smart grew 57 per cent respectively compared to Q3FY23.
EyeCare segment recorded total Income of Rs167 crore in Q3FY24, down 4 per cent compared to Q3FY23. Titan Eye+ opened two new stores internationally during the quarter, one each in Dubai and Sharjah taking the international footprint to 3 stores in the GCC region. The domestic network now covers 905 stores of Titan Eye+ and 8 stores of Fastrack.
Emerging Businesses reported total Income of Rs 112 crore for Q3FY24 comprising of Indian Dress Wear (Taneira) and Fragrances, Fashion Accessories (F&FA) grew 26 per cent compared to the same period last year. Taneira’s sales grew 61 per cent compared to Q3FY23. 11 new Taniera stores were opened during the quarter, taking the total count to 62 stores covering 29 cities.