Titan Company Limited Reports Earnings Results for the Third Quarter and Nine Months Ended December 31, 2023
February 01, 2024 at 04:32 am EST
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Titan Company Limited reported earnings results for the third quarter and nine months ended December 31, 2023. For the third quarter, the company reported revenue was INR 143,000 million compared to INR 116,980 million a year ago. Net income was INR 10,530 million compared to INR 9,040 million a year ago. Basic earnings per share from continuing operations was INR 11.91 compared to INR 10.18 a year ago. Diluted earnings per share from continuing operations was INR 11.9 compared to INR 10.18 a year ago.
For the nine months, revenue was INR 389,640 million compared to INR 304,090 million a year ago. Net income was INR 27,250 million compared to INR 25,200 million a year ago. Basic earnings per share from continuing operations was INR 30.7 compared to INR 28.38 a year ago. Diluted earnings per share from continuing operations was INR 30.69 compared to INR 28.38 a year ago.
Titan Company Limited specializes in the design, manufacture and marketing of watches, jewellery, eyewear and fashion accessories. Net sales break down by product family as follows:
- jewellery items (88.5%): gold jewellery decorated with diamonds and precious stones, pure gold and platinum jewellery (Tanishq, Zoya, Mia, Carat Lane and Gold Plus brands);
- watches (7.3%): sold under own brands (Titan, Fastrack, Sonata, Favre Leuba, Xylys and Nebula), and under license brands (Tommy Hilfiger, Police, FCUK, Annie Klein, Kenneth Cole and Esprit);
- eyewear (1.7%): eyeglasses, sunglasses, frames, lenses and contact lenses (Titan Eye Plus, Titan, Fastrack and Glares brands).
The balance of net sales (2.5%) concerns the distribution activities of perfumes (Skinn by Titan brand), saris (Taneira Sarees brand) and fashion accessories, as well as the manufacture of precision engineering products and industrial machinery.
Products are marketed through a network of 1,909 exclusive stores located in India, over 7,000 multi-brand outlets and via the Internet.
At the end of March 2021, the group had 11 production sites in India.
India accounts for 99.5% of net sales.
TITAN COMPANY LIMITED 
