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Titan Company Ltd. reported a 10% decline in total net profit for the quarter ending in December 2022, coming in at Rs 904 crore ($110 million), as opposed to Rs 1,004 crore reported in the same quarter the previous year.

In comparison to the same quarter a year prior, the company’s sales for the quarter increased by 16 percent to Rs 11,698 crore from Rs 10,094 crore.

With Rs 9,518 crore, the jewellery segment contributed the most to overall revenue, followed by watches & wearables with Rs 811 crore.

“The quarter witnessed a strong festive consumer demand and we produced a robust double-digit growth of 12 percent over a good base of Q3FY22,” said CK Venkataraman, managing director of Titan Ltd. We are actively investing in capabilities across all of our business categories as we continue to chase market share expansion.

He continued, “Our worldwide endeavour is progressing well, and we are quite pleased with the consumer response we are getting in the chosen overseas areas.

Titan added 36 new stores between October and December, bringing the total number of locations—which are dispersed throughout 354 cities—to 863.