Jewellery-to-watch maker Titan Company has reported robust performance for the quarter ended September 2017 as consolidated profit showed a whopping 67.4 percent growth, driven by jewellery business.
Its profit for the quarter increased to Rs 278 crore, from Rs 166 crore in corresponding quarter last fiscal.
Revenue from operations during the quarter grew by 29.6 percent year-on-year to Rs 3,473 crore, the company said.
Jewellery segment, which contributed 79 percent to total revenue, has registered a solid 37 percent growth at Rs 2,748.20 crore on year-on-year basis, with its EBIT (earnings before interest and tax) growing 66.4 percent YoY.
Watches business during the quarter grew by 9 percent to Rs 571.75 crore, with EBIT rising 43.5 percent YoY while eyeware segment showed a 3.5 percent growth at Rs 98.54 crore, with EBIT falling 32 percent.
Consolidated EBITDA (earnings before interest, tax, depreciation and amortisation) shot up 50.6 % YoY to Rs 398.1 crore and margin expanded by 160 basis points to 11.5 percent in quarter ended September 2017.
Numbers were ahead of estimates. Profit was estimated at Rs 217.1 crore for the quarter while EBITDA was expected at Rs 316.5 crore with margin at 10.2 %.
The stock price settled at Rs 659.40 on the BSE, up 0.56 percent ahead of earnings that announced after market hours.
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