New Delhi: Leading jewellery and watchmaker Titan on Tuesday reported a marginal decline in its consolidated net profit at Rs 1,047 crore in the December quarter. The company posted a net profit of Rs 1,053 crore in the October-December quarter a year ago, according to a regulatory filing from Titan.
However, its sales rose 25.68 per cent to Rs 17,550 crore during the quarter under review. It was Rs 13,963 crore for the corresponding quarter.
Total expenses of Titan increased 27.47 per cent to Rs 16,472 crore in the December quarter.
Its total income, which includes other income, in the December quarter was Rs 17,868 crore, up 24.9 per cent.
During the quarter, Titan’s jewellery business increased 26.62 per cent to Rs 16,134 crore. The India business of Titan’s jewellery segment reported a 25 per cent growth.
“The festive quarter brought consumer cheer with secondary sales recording an impressive 28 per cent growth buoyed by higher gold prices, wedding-related purchases growing by 29 per cent and healthy same-store sales growth of 22 per cent…compared to Q3FY24,” Titan said in its earnings statement.
Gold jewellery and coins continued to be a preferred choice amongst consumers, together, clocking a strong 27 per cent growth over the third quarter of FY24.
During the quarter, Tanishq opened 11 new stores while its Mia by Tanishq jewellery stores added 13 stores in the domestic market.
Similarly, revenue from Watches & Wearables climbed 15.31 per cent to Rs 1,137 crore.
In the watch business, “analog segment recorded a robust of 20 per cent growth over Q3FY24 primarily led by Titan brand clocking 18 per cent growth in the same period”.
Consumer preferences for premium brands were also visible with international brand sales clocking a healthy retail growth of 30 per cent over the corresponding quarter.
However, the “wearables segment declined by 20 per cent with both average selling prices and volumes declining by 8 per cent and 7 per cent, respectively, compared to Q3FY24”.
Titan added 23 stores in Q3FY25, which comprised 12 stores of Titan World, 10 of Helios and one of Fastrack respectively.
Its Eyecare segment revenue grew 16.66 per cent to Rs 196 crore. In the segment, international brand sales recorded a strong growth of 56 per cent against Q3FY24.
“Within product categories, Sunglasses sales outpaced others growing 35 per cent while Frames and Lenses grew in mid-double digits over their respective Q3FY24 numbers,” it said.
Further, Titan informed that the division closed three new stores of Titan Eye+ during the quarter.
Its revenue from other segments, which includes Titan’s Accessories, Fragrances and Indian Dress Wear business Taneria, was marginally down to Rs 312 crore against Rs 313 crore a year ago.
“Taneira recorded flattish sales for the quarter,” Titan said.
While fragrances recorded a healthy growth of 27 per cent over Q3FY24 led by 23 per cent growth in SKINN.
“Within Fashion Accessories, excluding the discontinued Belts & Wallets segment, Women’s Bags (IRTH & Fastrack) clocked an impressive growth of 25 per cent over the same period last year,” it said.
Titan is a joint venture between the Tata Group and the Tamilnadu Industrial Development Corporation (TIDCO).
Shares of the company settled 0.26 per cent up at Rs 3,589.50 per scrip on the BSE.
