Titan Company posted a growth of 12.9% in net profit to ₹470 crore for the quarter ending December 2019. Total sales during the period grew by 9.4% to ₹6,206 crore, compared to ₹5,672 crore in the previous year.
Income from watches stood at ₹625 crore in the quarter, a slight decline year-on-year on account of poor sales in December. Its eyewear business grew by 2.9% in Q3 to ₹133 crore, while fragrances and Taneira business grew strongly at 33%, the company said.
C.K. Venkataraman, managing director of Titan said, “The retail growth for our jewellery business was healthy in Q3 on account of a good wedding season. Many new products are lined up for launch in the last quarter and we will continue to invest in our brands and delight our customers with fascinating products coupled with memorable advertising.”
The company made a special retirement benefit payment of ₹25 crore to its former MD Bhaskar, who retired in September last year.
“During the quarter ended December 31, 2019, the board of directors approved the special retirement benefits payable to the managing director who retired in September 2019, as per the policy of the company,” the company said in a filing.
