Reporting on its unaudited results for the quarter ended December 31, 2017 (Q3 FY 2017-18) Titan Company reported a profit before tax of Rs 423 crore for the period; marking a 22.1% increase. The net profit for the same period stood at Rs 308 crore; and for the nine-month (9M) period to December 2017 touched Rs 881 crore. For the 9M FY 2017-18 period, profit before tax of Rs 1,219 crore registered an increase of 58.9%.
Titan’s sales income for the Q3 grew by 6.1%; while income for the nine-month period ending December 31, 2017, increased by 23.3%.
The Company’s standalone income from operations for Q3 FY 2017-18 touched Rs 4,137 crore, as against income of Rs 3,867 crore achieved in the same period of the previous year; whereas consolidated income for nine-month period up to December 31, 2017 reached Rs 11,793 crore.
The jewellery business, with an income of Rs 3,497 crore for Q3 2017-18, saw an increase of 7.4% over the previous year’s income of Rs 3,255 crore in the same period. For 9M FY 2017-18, Titan’s jewellery business clocked a growth of 28.7% over the same period of the previous year.
Income from watches of Rs 532 crore for Q3, witnessed an increase of 4.7% as compared to the income accrued in the same period of the prior year. However, Titan noted that the incomes of the two years is not comparable due to differing duty structures.
Bhaskar Bhat, Managing Director of the Company commented: “The third quarter was an eventful quarter with suspension of the applicability of PMLA (Prevention of Money Laundering Act) favourable to our jewellery business and reduction of GST rates for watches, sunglasses and optical frames. All our businesses recorded good sales in the festival season. It was an extraordinary quarter with the Company registering record levels of profits. Many new products were launched by all our brands during the quarter. Our effort continues to be one of generating through new product introductions and network expansion.”
News Source : gjepc.org