Shares of Titan Limited were trading as much as 5% higher in the Friday afternoon session despite y-o-y decline in its profit in the December quarter.
The company reported a 4% y-o-y decline in its net profit at Rs 951 crore in Q3FY23, as compared to Rs 987 crore in the previous corresponding quarter.
At around 12.06 PM, Titan Limited was trading at Rs 2,419 apiece, up by 4.80% against the previous close of Rs2,308.10 on NSE. The counter hit an intraday high of Rs2,426.90.
Sales increased 11% y-o-y to Rs 10,444 crore, up from Rs 9,381 crore in the same quarter last year.
During this quarter, consumers showed robust demand during the festive season, and the company delivered impressive double-digit growth of 12% compared to the same quarter the previous year. This strong performance demonstrates the company's ability to meet the needs of its customers and maintain a strong position in the market, stated CK Venkataraman, Managing Director, Titan.
Revenue of the jewelry business of Titan increased by 11% to Rs 9,518 crore. Meanwhile, total revenue increased by 9% during the same period, owing to strong consumer demand during the festive season. The jewelry segment's EBIT was Rs1,236 crore, with a 13% EBIT margin.
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