Titan Company reports Rs 1,047 crore PAT in Q3; Jewellery segment sees 26% growth

Titan Company has reported a consolidated profit after tax (PAT) of ₹1,047 crore for the quarter ending December 31, 2024, reflecting a decline of 0.6% from the same period last year. However, the company recorded 23.33% increase in net sales, reaching ₹16,097 crore, up from ₹13,052 crore in the same quarter last year.

Despite the overall dip in profitability, Titan’s business segments showed significant growth. The jewellery division, a core revenue driver, witnessed 26% increase in total income, reaching ₹14,697 crore. This growth was fueled by a 28% rise in secondary sales, largely driven by higher gold prices, wedding-related purchases, and strong same-store sales growth.

In contrast, the watches and wearables segment saw a 15% growth in total income, which amounted to ₹1,128 crore. However, within this category, the wearables sub-segment experienced a decline of 20%, indicating some challenges in this specific product range.

Titan’s EyeCare segment also posted positive results, recording a 16% growth, contributing to the company’s overall performance. The emerging businesses, which include Taneira (Indian dress wear), fragrances, and fashion accessories (F&FA), showed a more modest 5% growth, with total income reaching ₹118 crore. While Taneira's sales remained flat, the fragrances segment saw a robust 27% growth, driven by a 23% increase in the SKINN brand. Fashion accessories, excluding the discontinued belts & wallets segment, saw a 25% rise in sales, particularly within women’s bags from IRTH and Fastrack brands. Despite these gains, the emerging businesses collectively posted a loss of ₹32 crore for the quarter.

Titan’s international jewellery business performed exceptionally well, with a 64% increase in income, reaching ₹569 crore. This strong growth was primarily driven by the company’s expansion in North America and the opening of new stores.

Among Titan’s subsidiaries, CaratLane reported a solid 27% growth in income, reaching ₹1,117 crore compared to the same quarter in FY24. However, Titan Engineering & Automation faced a 4% decline in total income, dropping to ₹193 crore for the quarter.

Overall, while Titan’s consolidated results reflect a small dip in profit, the company’s diverse business segments, including jewellery, eye care, and emerging brands, continue to show strong performance. The significant growth in international markets and CaratLane further demonstrates Titan’s ability to expand its footprint and sustain its market leadership.