Titan Company on Wednesday reported a 40 per cent year-on-year (YoY) rise in its net profit at Rs 736 crore for the quarter ended 31 March 2023, compared to Rs 527 crore previous year in the same quarter, according to the company’s regulatory filing.
The company’s total consolidated income grew 26 per cent YoY in the quarter gone by at Rs 9,419 crore, against Rs 7,497 crore in Q4FY22.
Its jewellery segment and watches and wearables total Income increased by 24 per cent YoY and 40 per cent YoY respectively, compared to Q4FY22.
The company’s eye care segment’s total income rose by 23 per cent YoY at Rs 165 crores, compared to Q4FY22. According to the company, the Business achieved a landmark milestone of Rs 1,000 crores in annual UCP retail sales value for the first time.
Total income of Rs 77 crores for the emerging businesses comprising of Fragrances, Fashion Accessories (F&FA) and Indian Dress Wear (Taneira) grew by 84 per cent QoQ compared to Q3FY22, it said.
The emerging businesses continued to invest in scaling up their respective verticals and recorded a loss of Rs 33 crores, it added.
“During the year, Titan opened the first Tanishq store in USA and Titan Eye+ store in Dubai. The House of Titan proudly launched its latest brand ‘IRTH’, an exciting collection of Women’s Bags,” said CK Venkataraman, Managing Director, Titan Company.
He added, “After a satisfying performance across all the segments during FY23, we are well-prepared and looking forward to an exciting FY24.”