Titan Company reported a 12.9 per cent rise in standalone net profit at Rs 469.95 crore for the quarter ended December 2019 compared to net profit of Rs 416.23 crore in the same quarter a year ago, due to the festival season in October and November, the company said in a regulatory filing.
Sales for the quarter under consideration rose 8.4 per cent to Rs 6,105.96 crore from Rs 5,632.45 crore in the same quarter last year. The jewellery business recorded income growth of 10.6 per cent at Rs 5,409 crores in the third quarter this year compared to Rs 4,890 crore in the same period last year. The income from watches saw a marginal decline at Rs 625 crore in the third quarter on account of poor sales in December. However, the eyewear business grew by 2.9 per cent to Rs 133 crore during the period.
Mr. C. K. Venkataraman, Managing Director of Titan, said, "The growth we saw during the festival period of October and November was very encouraging. The month of December 2019 witnessed a drop in footfall across our retail formats compared to the previous two months and hence the sales were muted. The retail growth for our jewellery business was healthy in Q3 on account of a good wedding season. Many new products are lined up for launch in the last quarter and we will continue to invest in our brands and delight our customers with fascinating products coupled with memorable advertising."
Titan had 1,709 retail stores and retail area worth 2.22 million sq.ft as on 31st December 2019.
At 2:30 pm, the stock was quoting at Rs 1,224, higher by 39 points or 3.2 per cent, on the BSE, compared to the Sensex's gains of 857 points or 2.1 per cent.
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