Conference Call with Titan Company Management and Analysts on Q3FY23 Performance and Outlook. Listen to the full earnings transcript.
Gems & Jewellery firm Titan Company announced Q3FY23 results: Q3FY23: Titan (Standalone) recorded a growth of 12% in Q3FY23 compared to Q3FY22. The corresponding PBT stood at Rs 1,267 crore, lower by 4%, compared to Q3FY22. Jewellery Q3FY23: Total Income of Rs 9,518 crore registered an increase of 11% compared to Q3FY22. EBIT stood at Rs 1,236 crore clocking a 13.0% EBIT margin. A total of 22 stores (excluding Caratlane) were added during the quarter, taking the total Jewellery store count to 510 spread across 247 cities. Watches & Wearables Q3FY23: Total income of Rs 811 crore, up by 15% compared to Q3FY22. The business reported an EBIT of Rs 89 crore clocking an EBIT margin of 11.0%. A total of 48 stores were added during the quarter, taking the total Watches & Wearables store count to 953 spread across 293 cities. EyeCare: Total Income of Rs 174 crore was up by 12% compared to Q3FY22. The business reported an EBIT of Rs 32 crore clocking an EBIT margin of 18.4%. Emerging Businesses: Total Income of Rs 89 crore for the Emerging Businesses comprising of Fragrances and Fashion Accessories (F&FA;) and Indian Dress Wear (Taneira) grew by 71% compared to Q3FY22. Within this, F&FA; clocked 37% growth whereas Taneira grew by 150% over the same period last year. The Emerging Businesses recorded a loss of Rs 17 crore. Mr. CK Venkataraman, Managing Director of the Company stated: "The quarter witnessed a strong festive consumer demand and we delivered a healthy double-digit growth of 12% over a strong base of Q3FY22. We continue to pursue market share growth and are actively investing in capabilities across all of our Business segments. Our international endeavour is shaping well and we are quite satisfied with the consumer response we are getting in the chosen international markets." Result PDF