Titan Company Ltd announcing its unaudited financial results for Q3 FY 2019-20 (October 1 to December 31, 2019) said its overall standalone income from operations for the period stood at Rs 6,206 crore, as compared to an income of Rs 5,672 crore for the same period last year; marking a growth of 9.4% year-on-year.
The standalone income from operations for the nine-month period from April 1 to December 31, 2019, amounted to Rs 15,581 crore, registering a growth of 8.2%.
Titan noted that the consolidated income for the nine-month period was Rs 16,340 crore; and for Q3 it was Rs. 6,527 crore.
For Q3 FY 2019-20, Titan reported a growth of 6.3% in profit before tax amounting to Rs 637 crore; and a growth of 12.9% in profit after tax which stood at Rs 470 crore.
The profit before tax for the nine-month period ending December 31, 2019 grew by 3.7% to reach Rs1,589 crore; while net profit for the period stood at Rs 1,161 crore.
Titan’s jewellery business recorded a revenue growth of 10.6% y-o-y for Q3 FY 2019-20, with an income of Rs 5,409 crore; as compared to an income of Rs 4,890 crore for the same period last year.
For the nine-month ended December 31, 2019, the jewellery business recorded a growth of 7.8%.
The watches division reported an income of Rs 625 crore in Q3 FY 2019-20, registering a marginal decline over last year. This the Company attributed to “a poor December month for sales”.
However, the Company stressed, the income growth of the watches business for the nine month period ending December 31, 2019 stood at 7.8%.
As on December 31, 2019, Titan’s retail chain had 1709 stores, with the total retail area touching 2.22 million sq.ft., nation-wide, for all its brands.
C. K. Venkataraman, Managing Director of the Company stated: “The growth we saw during the festival period of October and November was very encouraging. The month of December 2019 witnessed a drop in footfall across all our retail formats compared to the previous two months and hence the sales were muted. The retail growth for our jewellery business was healthy in Q3 on account of a good wedding season. Many new products are lined up for launch in the last quarter and we will continue to invest in our brands and delight our customers with fascinating products coupled with memorable advertising.”
News Source: gjepc