Titan Company Limited, announced its results for the quarter and nine months ended 31st December 2023
Titan (Consolidated) recorded an income growth of 24% in Q3FY24 compared to Q3FY23. PBT grew
11% over Q3FY23 to, 1,378 crores.
At the Jewellery front, total Income for the quarter grew 23% over Q3FY23 to, 11, 709 crores. The India business grew 21% in the same period. The festive season saw a healthy double-digit buyer growth. The business continued to run its attractive programs that helped maintain growth momentum amidst an environment of high gold prices. EBIT at ‘1,432 crores recorded a margin of 12.2% for the quarter.
Exquisite nano-faceted solitaires signifying Brilliance, Fire & Scintillation were launched during the quarter in the, Celeste Solitaire x Sachin Tendulkar, collection. Dharohar, Tanishq‘s ornate festive collection of opulent jewellery showcasing India’s rich heritage was well received by customers.
The collection, crafted as a tribute to the Tanishq woman, comprised of beautiful Kundan pieces, classic gold and vintage jewellery with embellished stones waiting to be adorned. Tanishq expanded its international presence adding two more stores in USA in Houston and Dallas and one store in Singapore.
Mia opened its first store in Dubai taking the Titan’s Jewellery international footprint to 14 stores. During the quarter, in India, Tanishq opened 18 stores whereas Mia added 16 new stores. The domestic network now covers 453 stores in Tanishq, 161 stores in Mia and 8 stores of Zoya.
CK Venkataraman, Managing Director of the Company stated that, “The festive quarter saw encouraging consumer demand delivering a healthy double-digit growth of 24% over a strong base of Q3FY23. Our international store openings in Houston, Dallas and Singapore market were enthusiastically received by the Indian diaspora and other nationals at those locations. Our domestic store expansions in all target markets too are progressing well. We will continue to pursue market share growth and are actively investing in capabilities across all our business segments.”