Titan Co jumps 9% post Q3 result; net profit rises 13% YoY to Rs 470 crore

Titan Company on Tuesday climbed 9 for every cent to Rs one,288 on the BSE soon after the business posted a twelve.9 for every cent 12 months-on-12 months (YoY) increase in its standalone internet financial gain at Rs 470 crore for the quarter ended December 31, 2019 (Q3FY20). Tata Group Company had registered a financial gain of Rs 416.crore in the 12 months-in the past quarter. Sequentially, the figures grew forty six for every cent.

The company’s standalone income grew 9 for every cent YoY at Rs 6,206 crore for the duration of the reporting quarter, from Rs 5,672 crore in the corresponding quarter of previous fiscal. On quarter-on-quarter basis, income observed a healthier 40 for every cent increase from Rs four,435 crore in September quarter.

Phase-wise, the Jewellery business recorded a expansion of ten.6 for every cent in Q3 in excess of previous 12 months and had an income of Rs 5,409 crore this 12 months in Q3 as when compared to Rs four,890 crore previous 12 months. However, income from watches was Rs 625 crore in Q3, registering a slight drop in excess of previous 12 months on account of a inadequate December thirty day period for gross sales, the business claimed in its push release. The eyewear business grew by 2.9 for every cent in Q3 whilst Other firms of the business registered a expansion of 32.6 for every cent in Q3, at Rs 49 crores.

The management claimed, the expansion we observed for the duration of the pageant period of October and November was incredibly encouraging. The thirty day period of December 2019 witnessed a drop in footfall throughout all the company’s retail formats when compared to the previous two months and consequently the gross sales had been muted.

“The retail expansion for jewellery business was healthier in Q3 on account of a fantastic wedding day year. Many new items are lined up for start in the previous quarter and we will continue to spend in our models and delight our shoppers with intriguing items coupled with memorable advertising,” claimed CK Venkataraman, Managing Director of the business.

At 03:00 pm, Titan Company, the top rated gainer among the S&P BSE Sensex, was up 8 for every cent at Rs one,278 on the BSE. In comparison, the S&P BSE Sensex was up 2.3 for every cent at 40,804 details. The trading volumes on the counter jumped approximately four-fold with a put together 7.05 million shares altering hands on the NSE and BSE so much.