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titan company ltd
Titan Co slides after Q3 PAT drops 3% YoY to Rs 951 cr
Feb 02,2023
Total income for the quarter was Rs 10,651 crore, registering a growth of 12% compared with Rs 9,516 crore of Q2 FY22 (excluding bullion sale).

Profit before tax decreased 4% to Rs 1,267 crore in Q3 FY23 compared with Rs 1,317 crore in Q3 FY22.

EBIT fell 3% to Rs 1,328 crore during the quarter as against Rs 1,369 crore in corresponding quarter last year. EBIT margin stood at 12.5% in Q3 FY23 as against 14.4% in Q3 FY22.

During the quarter, the company's income from jewellery business jumped 11% year on year to Rs 9,518 crore. The India business grew by 9% in the same period, backed by healthy consumer demand during the festive season. EBIT stood at Rs 1,236 crore, clocking 13.0% EBIT margin.

Watches & wearables business reported an income of Rs 811 crore in Q3 FY23 with 15% growth compared to Rs 706 crore in Q3 FY22. A total of 48 stores were added during the quarter, taking the total watches & wearables store count to 953 spread across 293 cities.

Eyecare business reported an income of Rs 174 crore in Q3FY23 with 12% growth compared to Q3 FY23 as against Rs 156 crore in the corresponding quarter previous year. Business reported an EBIT of Rs 32 crore, clocking an EBIT margin of 18.4%.

Other businesses comprising Indian dress wear and Fragrances & Fashion Accessories reported an income of Rs 89 crore in Q3 FY23 compared with Rs 52 crore in Q3 FY23, recording a YoY growth of 71%.

Among subsidiaries, Caratlane Trading reported a revenue of Rs 677 crore, up 51% YoY. Profit Before Taxes was Rs 51 crore with a margin of 7.5%.

Revenue from Titan Engineering & Automation (TEAL) jumped 53% to Rs 125 crore in Q3 FY23. The loss for the quarter was Rs 0.4 crore. The business saw one of its highest ever order inflows of Rs 344 crore during the quarter.

C K Venkataraman, managing director of the company said, 'The quarter witnessed a strong festive consumer demand and we delivered a healthy double-digit growth of 12% 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.'

Titan Company, a joint venture between the Tata Group and the Tamilnadu Industrial Development Corporation (TIDCO), commenced its operations in 1987 under the name Titan Watches. In 1994, Titan diversified into Jewellery (Tanishq) and subsequently into EyeCare.

Over the last three decades, Titan has expanded into underpenetrated markets and created lifestyle brands across different product categories including fragrances (SKINN), accessories and Indian dress wear (Taneira).