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Titan Q3 results: Net profit declines 11% to Rs 419 cr, revenue up 18%
The company s total income rose 18 per cent to Rs 7,324 crore during December quarter, while EBITDA rose 19 per cent to Rs 896 crore.
BusinessToday.In | February 10, 2021 | Updated 20:22 IST
Titan s revenue from jewellery segment rose 16 per cent to Rs 6,249 crore during the quarter, while that from watches segment declined 12 per cent to Rs 550 crore.
Titan Company Ltd on Wednesday reported 11 per cent year-on-year decline in net profit at Rs 419 crore for October-December quarter, hit by a one-time provision.
The company s total income rose 18 per cent to Rs 7,324 crore during December quarter, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose 19 per cent to Rs 896 crore.
Pent up demand seen for wedding jewellery
Good recovery seen in Watches and Eyewear segment
Titan s recovery has been better than expected for the October to December quarter. For Q3FY21, we expect Titan s revenue to grow ~13 per cent on a Year on Year basis, on account of sharper recovery in jewellery segment.
The Jewellery segment which accounts for around 80 per cent of their revenue is back in the growth phase and expected to grow at ~15 per cent YoY. The growth in the segment is aided by the 32 per cent YoY gold price hike, pent-up buying during the festive season and strong demand for wedding jewellery. The share of studded jewellery is expected to improve.