Q3FY19: Titan Company PAT rises 35 per cent

The watch company reported strong numbers for the December quarter with profits up by 35 per cent and net sales up 34 per cent. The stock hit its 52-week high during the day and closed as the top gainer on Nifty50, up 3.45 per cent on Monday.

Titan Company registered total sales income of Rs. 5,733 in Q3FY19 crore as against Rs. 4,243 crore in Q3FY18, up by 35 per cent YoY. EBITDA grew 39 per cent to Rs. 645 crore in Q3FY19 as against Rs. 463 crore in Q3FY18. The company's profit after tax (PAT) grew by 35 per cent to Rs. 416 crore in Q3FY19 as against Rs. 308 crore in Q3FY18.

Titan Company's retail store count was 1,574 stores, as of the end of December 2018 with
a total retail space of 2.02 million sq.ft. across Indian for all of its brands. The company added 140 stores in the nine-month period ending December 2018. 

Due to no clarity on IL&FS group's ability to repay its dues, the company has made an additional provision of Rs. 70 crore in Q3 for its inter-corporate deposits (as part of treasury operations) in the group. The company's cumulative provision towards IL&FS is now at Rs. 99 crore of the total exposure of Rs. 145 crore.

On Monday, the stock was cheered by investors and opened at Rs. 1,024 per share and moved up to touch its 52-week high of Rs. 1049 per share. The stock closed at Rs. 1,025.70 per share, up by Rs. 34.40 or 3.47 per cent on BSE.