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Titan Q3 Results: Profit Rises 15.3%, Misses Estimates

Titan's Q3 revenue rose 22% to Rs 14,164 crore, as against a estimate of Rs 13,856 crore.

<div class="paragraphs"><p> (Source: Company website)</p></div>
(Source: Company website)

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.