INSUBCONTINENT EXCLUSIVE:
Tata Group's Titan Company on Friday posted 35 per cent year-on-year rise in net profit at Rs 416 crore for the quarter ended December 2018
It had posted a net profit of Rs 308 crore in the year-ago quarter.
Total income too jumped 35 per cent to Rs 5,733 crore in Q3 FY19 over
Rs 4,243.21 crore in Q3 FY18.
Here are the top highlights from Titan's third quarter earnings show
Watch it: Income from watches stood at Rs 641 crore in Q3, a growth of 18.8 per cent over last year.
Additional provision: 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 ILFS group.
Jewellery glitters more: The jewellery business grew 36.8 per cent in Q3 over last year and had an income of Rs 4,890 crore
compared to Rs 3,576 crore earlier.
Management-take: Managing Director Bhaskar Bhat said: "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
The top line growth of 35 per cent 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."
Succession plan: In a separate filing, the company said
Bhaskar Bhat will retire from the services on September 30, 2019, on attaining the age of superannuation as per the Tata Group's retirement
The board announced that C K Venkataraman, currently the CEO of the company's jewellery division, will succeed Bhat as MD with effect from
