New Delhi: Jewellery and eyewear retailer Titan's income grew 9.4% for the quarter ended December 31 compared to the same timeframe last fiscal year.
Indian watch makers' growth for the last three quarters was pegged at 16 percent.
Overall income in the third quarter stood at Rs 2,898.28 crore, as compared to last year's income of Rs 2,650.46 crore during the same period.
The income for April to December 2014, the nine-month period, stands at Rs 9,316.61 crore.
The company’s watch business, which contributed 15% of the revenue last quarter, fell by 2% on a year-on-year basis. And while the watch business revenue hasn’t declined much, that was mainly due to higher prices.
Firms' jewellery business increased by 11% over the same period last year contributing four-fifths of the total revenue in the December quarter.
Total jewellery volume growth was 25%. Excluding gold coins, jewellery volume growth was 11%. Jewellery business Ebit increased by 12.5%.
Tanishq had income of Rs 2,347.39 crore this quarter as compared to Rs 2,110.70 crore last year.
Other business segments of the company such as precision engineering, a B2B business, the eyewear business and accessories grew by 14.8 per cent in Q3.
The combined income of these businesses in Q3 was Rs 133.67 crore as compared to Rs 116.42 crore last year.
"This period, which is a festival quarter, faced heightened activity from e-commerce players, participating in this gifting season. Going forward, the market sentiment is looking good, with the fiscal budget from the new government coming up, drop in inflation and positive global factors like the slump in oil prices", the company's managing director Bhaskar Bhat said in a statement.
"The company is gearing up for the last quarter with launch of new products and advertising campaigns that are lined up, including activation by some of the brands," said Bhat.