Product sales increased 11% to $10,444 billion from $9,381 billion in the same quarter last year. According to Refinitiv IBES data, analysts anticipated Titan’s profit to increase to 1,035 crore on average.
A total of 9,518 crore was earned by the jewellery division, an increase of 11% from the same quarter last year. Due to strong consumer demand throughout the holiday season, the India business expanded by 9% during the same time frame.
Earnings Before Interest and Tax (EBIT) for the Jewelry division were 1,236 crore with a margin of 13%. Strong client walk-ins and a strong desire for distinctive designs across categories among consumers. According to the company’s regulatory filing, business continued to invest in its brands and digital capabilities while pursuing increases in market share through aggressive offers and pricing.
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Watches & WearablesThis industry recorded an overall profit of Rs 811 crore, an increase of 15% from Q3FY22. According to the business, the holiday season and a bevy of interesting product introductions during the fiscal year helped the Wearables market increase significantly over the same period previous year. The company recorded an EBIT of Rs. 89 crore, or an EBIT margin of 11%.EyecareThe eyecare industry reported total revenue of Rs 174 crore, an increase of 12% over Q3FY22. The company reported an EBIT of Rs 32 crore with an 18.4% EBIT margin. In December 2022, Titan Eye Plus established its first overseas location in Dubai. With 36 additional stores established during the quarter, the network’s overall store count increased to 863, distributed among 354 cities.Shares of Titan were trading 1.79% lower at 2,304.00 a share on the NSE at noon on Thursday.
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