Titan Q3FY22 Results: Net profit more than doubles to Rs 987 cr in December quarter amid improved demand

Index heavyweight Titan Company on Thursday reported robust year-on-year earnings for the third quarter of the financial year 2021-22 (Q3FY22). The bottom line of the company was registered surging more than double, which eventually helped improving the margins during the quarter. 

Titan’s profit grew over 135 per cent to Rs 987 crore in October-December quarter of this fiscal as compared to Rs 419 crore in the same quarter a year ago, while revenue surged over 30 per cent to Rs 9515 crore in Q3FY22 as against Rs 7287 crore in a year ago quarter. 

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The company’s EBITDA (earnings before interest, taxes, depreciation, and amortization) surged almost 63 per cent to Rs 1398 crore in Q3FY22 as compared to Rs 858 crore in Q3FY21 and margins jumped almost 300 basis points to 14.7 per cent from 11.8 per cent YoY. 

The jewellery division doing exceedingly well, and other divisions also witnessing growth over pre-pandemic levels, the company said in its results filing on Thursday.  

Segement wise, the Jewellery business registered an income of Rs 8,563 crores with 37 per cent growth in Q3FY22 driven by festive purchases in October and November, as compared to Rs 6,249 crore in Q3FY21, Titan said in results statement. 

“The Watches and Wearables business recorded an income of Rs 708 crore with 29 per cent growth in Q3 FY22 as compared to Rs 550 crore in Q3FY21. The Eyewear business recorded an income of Rs 156 crore with 26 per cent growth in Q3FY22 as compared to Rs 124 crore in Q3FY21”, it added. 

"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, CK Venkataraman, Managing Director on Titan said in a management commentary. 

“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,” he added.