Titan Records Revenue Growth of 12% in Q3FY23

Titan on Thursday announced its results for the quarter and nine months that ended 31 December 2022.    

The company's standalone business recorded a growth of 12 per cent in Q3FY23 compared to Q3FY22. The corresponding PBT stood at Rs 1,267 crores, lower by 4 per cent, compared to Q3FY22. 

According to the company, the jewellery segment of the company has a total Income of Rs 9,518 crores registered an increase of 11 per cent compared to Q3FY22. The Indian business grew by 9 per cent in the same period, backed by healthy consumer demand during the festive season.

While watches & wearables continue its robust growth trajectory, the business recorded a total Income of Rs 811 crores, up by 15 per cent compared to Q3FY22.

The total Income of eyecare brought in Rs 174 crores which was up by 12 per cent compared to Q3FY22. In addition to this, Titan Eye Plus opened its first international store in Dubai ai in the month of December 2022. 

Commenting on the results, CK Venkataraman, Managing Director of the Company stated, "The quarter witnessed a strong festive consumer demand and we delivered a healthy double-digit growth of 12 per cent over a strong base of Q3FY22. We continue to pursue market share growth and are actively investing in capabilities across all of our Business segments. Our international endeavour is shaping well and we are quite satisfied with the consumer response we are getting in the chosen international markets." 

As per the results, the total Income of Rs 89 crores for the Emerging Businesses comprising Fragrances and Fashion Accessories (F&FA) and Indian Dress Wear (Taneira) grew by 71 per cent compared to Q3FY22. Within this, F&FA clocked 37 per cent growth whereas Taneira grew by 150 per cent over the same period last year. The Emerging Businesses recorded a loss of Rs 17 crores. 

Among the key subsidiaries of Titan, Caratlane's total income grew by 51 per cent as compared to Q3FY22 to Rs 677 crores.