Titan Q3 FY25 results: Revenue up 25.5% YoY to Rs 17,723 crore, net profit declines 0.6% YoY

Profit after tax (PAT) declined 0.6% YoY to ₹1,047 crore, largely due to changes in customs duty on gold affecting inventory valuation.

Titan Company Limited has announced a 25.5% year-on-year (YoY) increase in consolidated revenue for Q3 FY25, reaching ₹17,723 crore compared to ₹14,122 crore in Q3 FY24. The strong revenue growth was driven by a robust performance in its jewellery segment, particularly during the festive and wedding season. However, profit after tax (PAT) declined 0.6% YoY to ₹1,047 crore, largely due to changes in customs duty on gold affecting inventory valuation.

Key Financial Highlights (Q3 FY25 vs. Q3 FY24)

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  • Total Consolidated Income: ₹17,723 crore (↑25.5% YoY)
  • Profit Before Tax (PBT): ₹1,396 crore (↑1.3% YoY)
  • Profit After Tax (PAT): ₹1,047 crore (↓0.6% YoY)
  • EBIT Margin: 9.2% (↓177 bps YoY)
  • PBT Margin: 7.9% (↓188 bps YoY)
  • PAT Margin: 5.9% (↓155 bps YoY)

Business Segment Performance

Jewellery

  • Revenue: ₹14,697 crore (↑26% YoY)
  • Festive demand and wedding-related purchases drove 28% secondary sales growth.
  • Gold jewellery and coins recorded 27% YoY growth.
  • EBIT: ₹1,398 crore, with a 9.5% margin; adjusting for gold duty impact, EBIT would have been ₹1,651 crore at an 11.2% margin.
  • Expansion: 11 new Tanishq stores, 13 new Mia stores in India; 2 new international stores (Dubai & Seattle).

Watches & Wearables

  • Revenue: ₹1,128 crore (↑15% YoY).
  • Strong demand for Titan analog watches (↑18% YoY) and international brands (↑30% YoY).
  • Wearables segment declined 20% YoY due to lower volumes and selling prices.
  • EBIT: ₹111 crore, with a 9.8% margin.
  • Expansion: 23 new stores (Titan World, Helios, and Fastrack).

Eyewear

  • Revenue: ₹194 crore (↑16% YoY).
  • International brand sales surged 56% YoY.
  • EBIT: ₹21 crore (10.8% margin).
  • Sunglasses segment outpaced others with 35% YoY growth.

Emerging Businesses (Taneira, Fragrances & Fashion Accessories)

  • Revenue: ₹118 crore (↑5% YoY).
  • Fragrances grew 27% YoY, driven by 23% growth in SKINN.
  • Fashion accessories (women’s bags) recorded 25% YoY growth, excluding belts & wallets.
  • EBIT: ₹(32) crore loss due to investments in business expansion.

Subsidiary Performance

  • CaratLane:
    • Revenue: ₹1,117 crore (↑27% YoY).
    • EBIT: ₹131 crore (11.7% margin).
    • Added 19 new stores in India; launched first U.S. store in New Jersey.
  • Titan Engineering & Automation (TEAL):
    • Revenue: ₹193 crore (↓4% YoY).
    • EBIT: ₹33 crore (17% margin).

Titan’s Managing Director, C.K. Venkataraman, stated:
“The festive quarter reaffirmed Titan’s growth trajectory for FY25. Jewellery saw its strongest quarter this year, growing over 25% at a retail level. While the gold duty change impacted profitability, we remain focused on long-term expansion and innovation across all our business segments.”

Future Plans & Expansion

  • Continued focus on jewellery and watches as key growth drivers.
  • Expansion of international presence in North America and the Middle East.
  • Strengthening premium and digital-first brands like CaratLane, SKINN, and Taneira.

Titan remains optimistic about a strong FY25 close, driven by sustained demand in jewellery, premium watches, and international markets.