On November 4, Titan Company announced a year-over-year increase of 33% in its standalone profit after tax for the September quarter, coming in at Rs 857 crore. In the same quarter of the previous fiscal year, net profit was Rs 641 crore.
This exceeded analysts’ predictions of Rs. 713 crore by a significant amount.
Revenue from one source increased by 21.8 percent YoY, from Rs 7,170 crore to Rs 8,730 crore. EBITDA, also known as earnings before interest, taxes, depreciation, and amortisation, increased by 29.4% to Rs 1,234 crore from Rs 954 crore in the same quarter of the previous fiscal year.
EBITDA margins increased from 13.3 percent to 14.1 percent year over year.
“Despite an uncertain macro environment, the current festive season starting from end of September month and continuing till end of October has been quite positive and the consumer confidence remains upbeat,” CK Venkataraman, managing director of the company said.
He continued by stating that the bigger business sectors of jewellery, watches & wearables, and eyecare had seen retail growth of 17–19 percent over the same period last year during the holiday season.
“We remain relentlessly focused in executing our growth plans in India and overseas and are optimistic about our performance in the remaining quarters of the current financial year,” he added.