Titan Ltd reported a 9% increase in net profit, reaching Rs 1,040 crore ($125.3 million) for Q3 December 2023, compared to Rs 951 crore in the same period last year. The company’s quarterly revenue surged by 20% to Rs 13,052 crore, up from Rs 10,875 crore in the previous fiscal year’s corresponding quarter.
Notably, Titan’s jewelry business experienced robust growth, rising by 23% to Rs 11,709 crore during Q3FY23. Meanwhile, the watches business contributed a revenue of Rs 982 crore.
Commenting on the results, CK Venkataraman, managing director of Titan Ltd, stated, “The festive quarter demonstrated strong consumer demand, achieving a healthy double-digit growth of 24% over Q3FY23. Our international store openings in Houston, Dallas, and Singapore were well-received by the Indian diaspora and other locals.”
Venkataraman added, “Our domestic store expansions in all target markets are progressing positively. We remain focused on market share growth and continue to invest actively in capabilities across all business segments.”
During the quarter, Tanishq opened 18 stores, Mia added 16 new stores, and Caratlane opened 16 stores. Titan’s domestic network now spans 453 Tanishq stores, 161 Mia stores, 8 Zoya stores, and 262 Caratlane stores across India.
