Titan Company on Thursday reported a 4 per cent year-on-year (YoY) drop in standalone net profit at Rs 951 crore for the December quarter compared with Rs 987 crore in the same quarter last year. Total income for the quarter jumped 12 per cent to Rs 10,651 crore from Rs 9,516 crore YoY.
Ebit for the quarter, Titan said, fell 3 per cent YoY to Rs 1,328 crore from Rs 1,369 crore. Ebit margin for the quarter declined 192 basis points to 12.5 per cent from 14.4 per cent YoY. Titan said it added 36 new stores for the quarter, taking the total store count to 863, spread across 354 cities.
The Tata group firm reported Rs 9,518 crore in the jewellery segment revenue, up 11 per cent YoY. India jewellery business grew 9 per cent, backed by healthy consumer demand during the festive season.
The customer walk-ins were robust and consumer preference for differentiated designs were prominent across categories, Titan company told stock exchanges.
The business continued to invest in brands and digital capabilities and pursue market share gains through competitive offers and pricing. EBIT stood at Rs 1,236 crores clocking 13 per cent Ebit margin, Titan said.
Managing Director CK Venkataraman said: “The quarter witnessed a strong festive consumer demand and we delivered a healthy double-digit growth of 12 per cent over a strong base of Q3FY22. We continue to pursue market share growth and are actively investing in capabilities across all of our Business segments. Our international endeavour is shaping well and we are quite satisfied with the consumer response we are getting in the chosen international markets.”
Continuing its growth trajectory, the watches & wearables business recorded a total income of Rs 811 crore, up 15 per cent, Titan said.
“A slew of exciting product launches in the fiscal year coupled with the festive season contributed to the Wearables space exhibiting a multi-fold growth over the same period last year. The business reported an Ebit of Rs 89 crore, clocking an Ebit margin of 11 per cent,” Titan said.
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