Can you tell me about the Titan results for the third quarter ended Dec-21?

For the Dec-21 quarter, Titan reported 31.7% higher sales at Rs.10,037 crore. During the Dec-21 quarter, the consumer business of Titan grew 36%. The jewellery vertical grew by 37% at Rs.6,249 crore and remains the most dominant vertical for Titan. Even watches and wearables saw 29% growth at Rs.708 crore in Q3. Eyewear grew 24% and fashion and accessories grew by 44%, albeit on a much smaller base. Product mix was favourably tweaked by Titan in Q3.

For Dec-21 quarter, operating profits were up 78.7% at Rs.1,344 crore. The dominant jewellery business grew operating profits by 67.6% at Rs.1,260 crore while the watches and wearables business saw EBIT growing 44% to Rs.82 crore. The recovery in demand was supported by its 2,064 stores across 323 Indian towns. Operating margins improved sharply from 9.87% in Dec-20 quarter to 13.39% in the Dec-21 quarter, helped by jewellery business.

Net Profits were higher by an impressive 91.24% yoy at Rs.1,004 crore in the Dec-21 quarter on robust operating performance and an overall festive recovery in demand. Titan also recorded inventory efficiency gains during the quarter through working capital tweaks. PAT margins improved from 6.89% in the Dec-20 quarter to 10.00% in the Dec-21 quarter. It has sustained retail growth and justified valuations in extremely tough economic conditions.