Titan profit zooms 135% to Rs 987 crore
Published On: Thursday, February 3, 2022 | By: Team KnowMyStock
Titan saw its December quarter (Q3) net profit zooms 135 percent to Rs 987 crore compared to the year-ago period to Rs. 419, sharply beating analysts' estimate of Rs 847 crore. Titan said the October-December 2021 period was one of its best quarters in terms of growth and profitability. Titan's quarterly revenue increased 30.6 percent on a year-on-year basis to Rs 9,515 crore, according to a regulatory filing. The company said it saw strong demand across its consumer businesses. Its jewelry division did “exceedingly well”, and other divisions also witnessed growth over pre-pandemic levels. The jewelry business of the company jumped 37 percent on year to Rs 8,563 crore in the reported quarter. The watches and wearables business of Titan posted a 29 percent on-year growth in sales to Rs 708 crore, while the eyewear operations grew 26 percent. It posted an EBITDA margin of 14.7 percent in the third quarter of FY22, as against 11.8 percent in the year-ago period.
“We continue to leverage technology and innovations in launching our new products and campaigns, which have been received very well by the consumers. While the onset of third Covid wave has slowed down the strong momentum, the company is hopeful of ending the year on a positive note."
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