Titan Company on Friday reported a nearly 10% year-on-year (YoY) rise in net profit for the quarter ended September 2023 to Rs 940 crore. This was way higher than an ETNow poll of Rs 860 crore. Revenue from operations grew by 34% YoY to Rs 11,660 crore and was also above the estimated Rs 10,375 crore.
Revenue from operations grew by 34% YoY to Rs 11,660 crore, and was also above the estimated Rs 10,375 crore. The operating profit, calculated as earnings before interest and taxes or EBIT, rose 13% YoY to Rs 1,367 crore. EBIT margin, however, contracted by 87 basis points to 13.6%.
Titan’s standalone earnings before interest and tax (Ebit) margin of Titan’s mainstay jewellery business was 15.3% last quarter, clocking about 180 basis points (bps) increase, sequentially.