Titan Company Ltd reported a 10 percent rise in net profit of Rs 916 crore ($110 million) for the September quarter, as against Rs 835 crore in the same quarter of the previous financial year.
The company’s revenue for the quarter rose by 37 percent to Rs 12,529 crore, as against Rs 9,163 crore in the year-ago quarter.
The company’s jewellery business contributed Rs 8,575 crore to the overall revenue while the watch division reported total income of Rs1,092 crore.
Commenting on the results, CK Venkataraman, managing director of Titan Ltd in a statement said, “All our consumer businesses achieved healthy growth for the quarter. The watches and wearables business crossed quarterly revenues of 1,000+ crore, an important milestone in their journey. Jewellery business continued to shine well growing nearly 27 percent in consumer sales over last year.”
“The store expansions in key markets are progressing well. We retain our focus on improving market share by offering differentiated products to our consumers touching their everyday lives in a meaningful way. The festive season in Q3 has started well and we are optimistic for our performance in the rest of the financial year,” he added.
Titan Ltd opened 68 stores in the quarter, taking its store total count to 2,613. The highest number of outlets added was for the jewellery business at 39, followed by 20 for watches and wearables, and five for eyecare.
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