Titan Co.'s net profit rose for the third quarter of fiscal 2024, but missed analysts' estimates.
Profit increased by 15.3% to Rs 1,053 crore in the October-December quarter, it said in its exchange filing on Thursday. Revenue increased by 22% year-on-year.
Titan Q3 FY24 (Consolidated, YoY)
Revenue up 22% at Rs 14,164 crore (Bloomberg estimate: Rs 13,856 crore).
Ebitda up 16.18% at Rs 1,565 crore (Bloomberg estimate: Rs 1,609 crore).
Margin at 11.04% vs 11.6% (Bloomberg estimate: 11.6%).
Net profit up 15.33% at Rs 1,053 crore vs Rs 913 crore (Bloomberg estimate: Rs 1,118 crore).
Segmental Performance
Jewellery sales at Rs 12,742 crore vs Rs 10,446 crore.
Eyecare sales at Rs 168 crore vs Rs 174 crore.
Watches and wearable sales at Rs 986 crore vs Rs 811 crore.
Jewellery segment's total income for the quarter grew 23% over Q3 FY23 to Rs 11,709 crore. The India business rose 21% in the same period. The festive season saw a healthy double-digit buyer growth.
Watches and wearables business recorded a total income of Rs 982 crore, up 21% as compared with the same period last year. The domestic business grew 23% in the same period.
Eyecare segment total income declined 4% to Rs 167 crore in this quarter. EBIT for the business came in at Rs 14 crore, clocking a margin of 8.4% for the quarter.
Emerging businesses segment had a total income of Rs 112 crore in this quarter. Fashion accessories grew 26% as compared with the same period last year.
Shares of Titan fell 1.8% in trade today, as against a 0.13% fall in the benchmark Nifty 50.
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