Titan company's Q3 net up 13% at Rs 255.75 crore

The company had posted a standalone net profit of Rs 226.15 crore in the same period last fiscal, it said in a BSE filing.

Titan company

Tata group firm Titan Co Ltd on Wednesday reported a 13% increase in standalone net profit at Rs 255.75 crore for the third quarter ended December 31, 2016.

The company had posted a standalone net profit of Rs 226.15 crore in the same period last fiscal, it said in a BSE filing.

Total income from operations during the quarter under review stood at Rs 3,925.95 crore as against Rs 3,432.3 crore in the year-ago period, up 14.38%, the company added.

The income from watches was at Rs 508.26 crore, up 5.1% from the year-ago quarter. Jewellery business had recorded a growth of 15.4% with an income of Rs 3,255 crore, it said.

The eyewear business posted a growth of 12.4% at Rs 90.65 crore while the precision engineering and accessories business registered a growth of 44.5% at Rs 75.97 crore, Titan said

Commenting on the results, Titan Managing Director Bhaskar Bhat said: "The third quarter was an extremely encouraging quarter for the company. Despite initial headwinds on account of demonetisation, the company clocked a growth of over 14%.The festival season was very good for both our jewellery and watches business."