Titan Q3 Results: Net profit falls 10% to Rs 913 crore as expenses rise

Titan, a Tata group firm, on Thursday reported a 9.8 per cent year-on-year fall in consolidated net profit to Rs 913 crore for the quarter ended December 2022 owing to higher expenses.

Its total income increased 15.9 per cent to Rs 11,698 crore compared with the corresponding period a year ago, according to a regulatory filing.Titan's total expenses went up 19.5 per cent to Rs 10,454 crore compared with the year-ago period.Revenue from the company's jewellery segment grew 11 per cent to Rs 9,518 crore.

Also Read: UP MLC election results 2023: Counting of votes underway amid neck and neck fight between BJP, SP in five Uttar Pradesh Legislative Council seats

Titan's India business expanded nine per cent driven by healthy consumer demand during the festive season, the company said.Revenue from the watches and wearables business continued a robust growth trajectory, with 15 per cent increase in total income to Rs 811 crore.

The eyecare category clocked income of Rs 174 crore, up 12 per cent compared with the year-ago period.

What the Titan management said on Q3 results

The quarter witnessed a strong festive consumer demand, Titan Company Managing Director CK Venkataraman said."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," he added.Titan shares ended 1.8 per cent lower at Rs 2,305 apiece after the earnings announcement.

Also Read: Titan Q3 Results Preview: Net profit likely to grow 2% amid margin pressure