Tata group's jewellery and watches maker Titan Company Ltd on Thursday reported a 91 per cent jump in consolidated net profit at Rs 1,012 crore for the third quarter ended December 2021, driven by strong demand across its consumer businesses.
The company had posted a consolidated net profit of Rs 530 crore in the same period last fiscal, Titan said in a regulatory filing.
Consolidated total income during the quarter under review stood at Rs 10,094 crore, as compared to Rs 7,659 crore in the year-ago period.
Total expenses were higher at Rs 8,750 crore as against Rs 6,918 crore earlier.
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Propelled by festive purchases in October and November, the jewellery business registered an income of Rs 8,563 crore with 37 per cent growth in the third quarter as compared to Rs 6,249 crore in the year-ago period.
Watches and wearables business posted an income of Rs 708 crore, as against Rs 550 crore in Q3 FY21, up 29 per cent, it added.
Eyewear business registered income of Rs 156 crore, a growth of 26 per cent over Rs 124 crore in the third quarter last fiscal.
Titan Co Ltd Managing Director C K Venkataraman said, "The festive purchases in the quarter have driven Titan's strong growth in all businesses of the company and the quarter has turned out to be one of the best quarters in terms of growth and profitability."
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On the outlook, he said, "While the onset of Covid wave 3 has slowed down the strong momentum, the company is hopeful of ending the year on a positive note."
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