Bengaluru, 3rd February 2022: Riding on the strong demand across its consumer businesses Titan’s revenue excluding bullion sales grew by 36% in Q3 FY22 compared to Q3 FY21. With Jewellery division doing exceedingly well, and other divisions also witnessing growth over pre-pandemic levels, the total income for the quarter was Rs. 9,570 crore, including bullion sale of Rs. 54 crore, a growth of 31% compared to total income of Rs. 7,324 crore in Q3 FY21 that included bullion sale of Rs. 340 crore. The total income for 9 months FY22 was Rs. 20,104 crore, registering a growth of 48% compared to Rs. 13,614 crore in the same period of FY21.
Driven by festive purchases in October and November, the Jewellery business registered an income of Rs. 8,563 crore with 37% growth in Q3 FY22 compared to Rs. 6,249 crore in Q3 FY21 (excluding bullion sale in both the periods). The Watches and Wearables business recorded an income of Rs. 708 crore with 29% growth in Q3 FY22 compared to Rs. 550 crore in Q3 FY21. The Eyewear business recorded an income of Rs. 156 crore with 26% growth in Q3 FY22 compared to Rs. 124 crore in Q3 FY21. The other segments of the Company comprising Indian Dress Wear and, fragrances & accessories recorded an income of Rs. 52 crore in Q3 FY22 compared to Rs. 36 crore in Q3 FY21, a growth of 44%.
The strong recovery and the product mix improvement helped the Company achieve profit before taxes and exceptional items of Rs. 1,317 crore for the quarter compared to Rs.765 crore in the same quarter previous year. The Company recorded a profit before taxes and exceptional items of Rs.2,267 crore for the 9 month period of this fiscal year against a profit before taxes and exceptional items of Rs.668 crore in the same period previous year.
The Jewellery division achieved Earnings Before Interest and Tax (EBIT) of Rs. 1,260 crore for the quarter compared to Rs.752 crore in the same quarter of previous year. The Watches and Wearables division reported an EBIT of Rs. 82 crore for the quarter compared to Rs.57 crore in the same quarter of previous year. Eyewear division reported an EBIT of Rs. 34 crore in the third quarter compared to Rs. 22 crore in the same quarter of previous year. The other segments of the Company recorded a loss of Rs.3 crore compared to a loss of Rs.8 crore in the same quarter of the previous year.
The Company’s retail chain (including CaratLane), spreads across 2,064 stores in 323 towns having an area exceeding 2.7 million sq. ft. In the 9-month period from April’21 to December’21, the Company has added (net) 149 stores.
Of the key subsidiaries of the Company,
- Titan Engineering & Automation Limited (TEAL) recorded revenue of Rs. 79 crore and a profit before tax of Rs.5 crore in Q3 FY22 compared to revenue of Rs. 87 crore and profit before tax of Rs. 6 crore in Q3 FY21. The automation solutions business is showing encouraging signs with new orders coming in from different industry verticals.
- CaratLane Trading Private Limited continued to do well in both online and offline channels emerging as a strong omni player. For Q3 of FY22, it clocked a revenue of Rs. 446 crore and a profit before tax of Rs. 28 crore compared to revenue of Rs. 273 crore and a profit before tax of Rs. 16 crore in Q3 FY21.
Mr. C K Venkataraman, Managing Director of the Company stated that: “The festive purchases in the quarter has 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. We continue to leverage technology and innovations in launching our new products and campaigns which have been received very well by the consumers. 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.”
