Titan Company Limited’s profit after tax for the quarter ended December 31, 2018 (Q3 FY 2018-19) jumped up by an impressive 41.6%, the Company said while reporting its financial results for Q3 and 9M 2018-19.

The Company’s standalone sales income for Q3 FY 2018-19 increased to Rs.5,632 crore, as compared to last year's income of Rs. 4,174 crorefor the same period; thus marking a growth of 35% y-o-y.  

Titan’s standalone income for the nine months from April 1 to December 31, 2018 amounted to Rs.14,254 crore, registering an increase of 22.7% y-o-y.

While consolidated income for the 9M 2018-19 stood at Rs.14,769 crore; consolidated income for Q3 amounted to Rs. 5840 crore. 

Profit before tax for Q3 was Rs.600 crore; while net profit for the same period stood at Rs.416 crore.

For the 9M period, profit before tax grew by 25.8% to Rs.1532 crore; while net profit amounted to Rs. 1080 crore.

“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,” Titan added.

The Company’s jewellery business recorded a growth of 36.8% for Q3, with an income of Rs.4,890 crore as compared to an income of Rs.3576 crore reported for the same period of the previous year. For the nine-month ended December 2018, the jewellery business recorded a growth of 23.6%.

 Titan’s income from watches stood at Rs.641 crore in Q3, marking a growth of 18.8% over last year. “The income figures are not comparable as the income last year was post a higher 

GST rate for part period, hence the growth appears inflated,” Titan clarified. “The real growth at net consumer prices is 12%.”

The eyewear business too grew by a healthy 39.7% in Q3, with an income for the period amounting to Rs.129 crore. For the nine-month period ending December 2018, the Eyewear growth stood at 24.4%.

“Other businesses of the company registered a growth of 69.8% in Q3, at Rs.37 crore,” Titan reported. “The nine-month income for this segment grew by 41 % to Rs.97 crore.”

As on December 31, 2018 the Titan Company (TCL) retail chain had 1,574 stores, with total retail area touching 2.02 million sq.ft. across the country, for all its brands. A total of 140 stores were added by TCL brands in the nine-month period till December 2018.

Bhaskar Bhat, Managing Director of the company commented: "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. All our 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. The topline growth of 35% for the Company in the third quarter was driven by these new introductions, some successful activations as well as measured network expansion. Our retail network across businesses has now crossed the 2 million square feet mark. This momentum is expected to continue and help us achieve our annual targets."