February 3, 2022 – Titan reported a 135 % YoY rise in net profit to Rs 987 crore for Q3, 2021. Titan has also beaten the estimate of Rs. 847 crore that was predicted for the third quarter.
Titan Company Limited reported around 30 % growth in revenue from operations, over the year. The company raised the growth to Rs. 9, 515 crores. This calculation was also above the estimated expectation of Rs. 9,337, by analysts.
According to Managing Director(MD), CK Venkataraman – “The festive purchases in the quarter have driven Titan’s strong growth in all businesses of the company and the quarter has turned out to be one of the best quarters in terms of growth and profitability,” in a press statement, reported as per sources.
With festivals, Titan has also been benefitted from the record wedding season in India. As in the previous quarter was the reopening of economy post the covid’s second wave. This quarter witnessed many weddings that got delayed from the past year.
Titan’s jewelry business jumped to 37 % to Rs. 8,563 crores in Q3, 2021. Its watches and wearables reported a 29 % growth to Rs. 708 crore. While eyewear business grew to 26 %, this year, as per source.
“While the onset of Covid-19 third wave has slowed down the strong momentum, the company is hopeful of ending the year on a positive note,” MD Titan, Venkataraman.
Altogether, Titan witnessed its operating margin expanding 290 basis points year-on-year to 14.7 %. The jewelry business led strong operating growth to a 67 % rise to Rs. 1,260 crore in Q3, 2021.
