Titan Company Limited on Tuesday posted a profit of Rs 1,047 crore during the third quarter of FY25, marginally lower than Rs 1,053 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 17,740 crore, reporting a growth of 25.25 per cent in comparison to Rs 14,164 crore recorded during the third quarter of previous financial year. The company said that profitability was impacted by the change in custom duty on gold.
CK Venkataraman, Managing Director, Titan Company, said, “The custom duty related losses on the inventory (held at the time of the duty change) have been fully realized in this quarter and hence the profitability is lower to that extent.”
The previous Union Budget, presented on July 23, had announced a significant reduction in the import duty on gold. In her Budget speech, Finance Minister Nirmala Sitharaman had said, “To enhance domestic value addition in gold and precious metal jewellery in the country, I propose to reduce customs duties on gold and silver to 6 per cent and that on platinum to 6.4 per cent.”
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Titan’s Q3 performance across segments
Jewellery: Total Income for the quarter grew 26 per cent over Q3FY24 to Rs 14,697 crore. The India business posted a growth of 25 per cent in the same period. Titan said that the festive quarter brought consumer cheer with secondary sales recording a 28 per cent growth buoyed by higher gold prices, wedding related purchases growing by 29 per cent and healthy same store sales growth of 22 per cent respectively compared to Q3FY24. Per Titan, gold jewellery and coins continued to be a preferred choice amongst consumers, together, clocking a strong 27 per cent growth over Q3FY24. EBIT came in at Rs 1,398 crore. Normalizing for the custom duty impact of Rs 253 crore,
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