Titan Ltd’s Q3 net profit rises 9 percent to Rs 1,040 crore

Titan Ltd reported a 9 percent rise in net profit at Rs 1,040 crore ($125.3 million) for the third quarter ended December 2023, as against Rs 951 crore in the same period last year.

The company’s revenue for the quarter rose by 20 percent to Rs 13,052 crore, as against Rs 10,875 crore posted in the corresponding quarter of the previous fiscal year.

Titan’s jewellery business grew by 23 percent over Q3FY23 to Rs11, 709 crore while its watches business recorded a revenue of Rs 982 crore.

Commenting on the results, CK Venkataraman, managing director of Titan Ltd in a statement said, “The festive quarter saw encouraging consumer demand delivering a healthy double-digit growth of 24 percent 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,” he added.

During the quarter, Tanishq opened 18 stores, Mia added 16 new stores while Caratlane opened 16 stores.

Titan’s domestic network now covers 453 stores in Tanishq, 161 stores in Mia, 8 stores of Zoya, and 262 Caratlane stores spread across India.