Titan Q3 PAT down 0.6% to ₹1,047 crore due to duty normalisation impact

Titan Company Ltd, for the third quarter ended December 31, 2024, reported lower consolidated net profit of ₹1,047 crore as compared with ₹1,053 crore a year ago, down 0.6%) due to the custom duty normalisation impact of ₹253 crore during the quarter.

“The custom-duty related losses on inventory (held at the time of the duty change) have been fully realised in this quarter and hence, the profitability is lower to that extent,” CK Venkataraman, MD, Titan Company said.

The company, during the quarter, recorded a consolidated income of ₹17,723 crore as compared with ₹14,122 crore in the year ago period, up 25.5%.

Total income of the jewellery business grew 26% to ₹14,697 crore Year on Year (YoY). The India business grew 25% in the same period. Gold jewellery and coins continued to be a preferred choice amongst consumers, together, clocking a strong 27% growth YoY, the company said in a filing.

The Watches & Wearables business recorded total income of Rs 1,128 crore, up 15% YoY. The domestic business grew 14% in the same period.

The EyeCare business reported total income of Rs 194 crore and grew 16% YoY. The Emerging Businesses comprising of Indian Dress Wear (Taneira), Fragrances, Fashion Accessories (F&FA) recorded a total income of Rs 118 crore growing 5% YoY.

“The festive quarter gone by firmly established the FY25 growth trajectory after a muted Q1 and healthy Q2. Jewellery saw its strongest quarter (yet) for the fiscal year, growing in excess of 25% at a retail level,” Mr Venkataraman said.

“Our analog watches clocked a healthy retail growth of 20%, reinforcing Titan’s customer value proposition ni the eyes of the consumer. EyeCare’s retail growth returning to double-digits was encouraging,” he added.