The country and the world’s legendary jewelery and watch makers Titan had a slight decline of Rs 1,047 crore in the third quarter of the current financial year (October-December quarter). Titan informed this in a regulatory filing on Tuesday. According to PTI news, the company said that a year ago, a net profit of Rs 1,053 crore was recorded in the October-December quarter. Yes, the company’s sales increased by 25.68 percent to Rs 17,550 crore in the third quarter. Sales were Rs 13,963 crore in the same quarter last year.
Great increase in Titan’s income
According to the news, Titan’s total expenditure in this quarter increased by 27.47 percent to Rs 16,472 crore, while the company’s income (including other income) increased by 24.9 percent to Rs 17,868 crore in this quarter. Titan’s jewelery segment recorded a 25 percent increase in India business. Titan said in income details that it was a matter of pleasure for consumers in the festive quarter, as there was an impressive increase of 28 percent in secondary sales due to increase in gold prices, there was a 28 percent increase in marriage related purchases by 28 percent. And the same store sales increased by 22 percent.
Favorite options among consumers
Gold jewelery and coins remained a favorite option among consumers, both together recorded a strong growth of 27 percent compared to the third quarter of FY 24. During this quarter, Tanishq opened 11 new stores, while Tanishq’s Mia Jewelery Store added 13 stores to the domestic market. Similarly, revenue from watches and wearable goods increased by 15.137 crore to Rs 1,137 crore. The analog segment in the clock business recorded a strong 20 percent increase than the same period last year, mainly due to the Titan brand which recorded an 18 percent increase in the same period.
Titan’s share price
Titan added 23 stores in the third quarter of the current financial year, which included 12 stores in Titan World, 10 of Helios and a Fasttrac of Fastrack respectively. The revenue of its iCare segment increased by 16.66 percent to Rs 196 crore. In this section, the sales of the international brand recorded a strong growth of 56 percent compared to Q3Fy24. Titan is a joint venture between Tata Group and Tamil Nadu Industrial Development Corporation (TIDCO). Company shares increased by 0. 26 percent to 3,589 on BSE. Closed at Rs 50 per share.
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