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Titan said the custom-duty-related losses on the inventory (held at the time of the duty change) have been fully realised in this quarter and hence the profitability is lower to that extent.
Revenue for the quarter surged 23.3% to ₹16,097 crore from ₹13,052 crore last year. A CNBC-TV18 poll expected the company’s revenue to improve to ₹16,710 crore.
For the December quarter, Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) stood at ₹1,510 crore as against ₹1,457 crore in the year-ago period.
Margins came in at 9.4% for the quarter, compared to 11.2% in the year-ago period.
Segment-wise, the jewellery business revenues rose 26% to ₹14,697 crore. Within this, the India business rose 25%. The festive quarter brought consumer cheer with secondary sales recording an impressive 28% growth buoyed by higher gold prices, wedding-related purchases growing by 29% and healthy same-store sales growth of 22%.
The watches and wearables business recorded a total income of ₹1,128 crore, up 15% over Q3FY24. The domestic business grew 14% in the same period.
The EyeCare business total income grew 16% YoY to ₹194 crore in the third quarter. International brand sales recorded strong growth 56% over Q3FY24.
The emerging businesses, which include Indian Dress Wear (Taneira), Fragrances, Fashion Accessories (F&FA), recorded a 5% growth in total Income at ₹118 crore.
The international jewellery business recorded an income growth of 64% to ₹569 crore, largely led by growth from the North America region and new store expansions. Other businesses, comprising primarily analog watches, grew 86%.
Cartlane’s income rose 27% to ₹1,117 crore in the reporting third quarter. Activations and promotions during the festive period led to 22% growth in brand searches. EBIT for the business stood at ₹131 crore for Q3FY25 with a margin of 11.7%.
During the December quarter, Caratlane added 19 new stores (net) in India, taking the total India store count to 305.
Shares of Titan Company Ltd. were trading with gains of 0.40% on Tuesday at ₹3,594.60.