Timex Group India Ltd., a part of global watch manufacturer Timex Group witnessed a 65 percent decline in net profit to Rs 4 crore ($0.5 million), as against Rs 12 crore in the year-ago period.
The company’s revenue for the quarter, however, rose by 13 percent to Rs 106 crore, as against Rs 94 crore in the corresponding quarter of the previous fiscal year.
The company attributed the rise in revenue to innovation, strengthening brand value, and expansion of its retail presence.
Timex’s e-commerce sales almost doubled against the same quarter last year, and the luxury segment also saw significant growth of 86 percent during the same period.
Commenting on the results, Deepak Chhabra, managing director of Timex Group India in a statement said, “We are pleased with the encouraging results achieved in this quarter. Timex’s growth trajectory showcases our unwavering commitment to delivering quality products. Our investments in brand building, strategic partnerships, and expanding retail presence have been pivotal in our success. We remain dedicated to pushing boundaries and setting new industry standards.”
Timex Group oversees the production of well-known watch brands including Timex, Nautica, Guess, GC, Salvatore Ferragamo, Versace, Philipp Plein, Ted Baker, Missoni, and Furla.
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