Titan Q3 profit jumps 43% to Rs 413 cr, Bhaskar Bhat to retire in September

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Titan Q3 profit jumps 43% to Rs 413 cr, Bhaskar Bhat to retire in September

Jewellery-to-watch maker Titan Company has reported a healthy 43.5 percent on year growth in third quarter consolidated profit to Rs 413.2 crore, driven by revenue growth and strong jewellery business during festive season.

Profit in same period last year stood at Rs 288 crore.

Revenue from operations during the quarter grew by 34.6 percent year-on-year to Rs 5,871.5 crore with jewellery business growing 37 percent YoY.

The topline growth was driven by these new introductions, some successful activations as well as measured network expansion.

The income from watches increased 18.8 percent to Rs 641 crore, but figures were not comparable as the income last year was post a higher GST rate for part period, hence the growth appears inflated, Titan said. The real growth at net consumer prices was 12 percent.

The eyewear business too grew by a healthy 39.7 percent in Q3, to Rs 129 crore.

“The festive quarter of 2018-19 turned out to be one of the best quarters for jewellery as well as for other businesses – watches and eyewear,” Bhaskar Bhat, Managing Director said, adding all new product launches like Utsava and Preen in jewellery and the Grandmaster, Reflex Wav, Raga I Am in watches have received a very good response.

At operating level, EBITDA (earnings before interest, tax, depreciation and amortisation) grew by 31.4 percent YoY to Rs 584.2 crore in Q3, but margin contracted to 10.3 percent against 10.5 percent YoY.

Adjusted EBITDA stood at Rs 654 crore for the quarter. During the quarter there was an additional provision of Rs 70 crore made for investments as part of treasury operations in inter corporate deposits in the IL&FS group.

Meanwhile, Bhaskar Bhat, current Managing Director, will retire from the services of the company on September 30, 2019 on attaining the age of superannuation as per the Tata Group’s retirement policy.

C K Venkataraman (Venkat), currently the CEO of the company’s jewellery Division, will succeed Bhat as Managing Director with effect from October 1, 2019.

Images are for reference only.Images gathered automatic from google.All rights on the images are with their original owners.

2019-02-02 16:33:15

Images are for reference only.Images gathered automatic from google.All rights on the images are with their original owners.

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