Financials
Q3-2015: Titan q-o-q income, PAT and ad spends down
BENGALURU: Titan Company Limited reported lower q-o-q Total Income from Operations (TIO) and Profit After Tax (PAT) in Q3-2015 as compared to the corresponding numbers reported in the immediate trailing quarter Q2-2015.
The company also spent 8.6 per cent less towards advertisement (ASP) in Q3-2015 at Rs 96.75 crore (3.3 per cent of TIO) as compared to the Rs 105.83 crore (2.9 per cent of TIO) in Q2-2015 and 18 per cent less than the Rs 118.04 crore (4.4 per cent of TIO) in the corresponding quarter of last year. (Refer to Fig A below).
Note: 100,00,000 = 100 lakh = 10 million = 1 crore
Over a 12 quarter period starting Q4-2012 until the current quarter (Q3-2015), Titan’s ASP shows an upward linear trend in absolute rupees, but a downward linear trend in terms of percentage of TIO. Titan’s simple average ASP in terms percentage of TIO during these 12 quarters is 3.6 per cent. The company’s highest ASP during the 12 quarters under consideration has been in Q3-2014 at Rs 118.04 crore (4.4 per cent of TIO) in terms of absolute rupees. In terms of percentage of TIO, ASP was highest at 4.7 per cent of TIO (Rs 103.44 crore) in Q1-2013 during the same 12 quarter period.
Titan’s lowest ASP during the quarters under consideration was in Q4-2013, both in terms of absolute rupees and percentage of TIO at Rs 66.63 crore (2.5 per cent of TIO)
Income and PAT
Titan’s TIO in Q3-2015 at Rs 2922.51 crore was 18.7 per cent lower than the Rs 3593.07 crore in Q2-2015 and 9.2 per cent more than the Rs 2675.77 crore in the corresponding quarter of last year. TIO shows a linear increasing trend during the 12 quarter period under consideration.
Titan’s PAT in Q3-2015 at Rs 190.73 crore (7.1 per cent of TIO) was 20.5 per cent less than the Rs 239.98 crore in Q2-2015 and 15.2 per cent more than the Rs 165.57 crore in Q3-2014. PAT shows a slightly increasing trend in absolute rupees and an almost flat to a slightly downward trend in terms of per centage of TIO during the 12 quarter period in this report.
Businesses and Brands
Titan has three revenue segments – watches having the brands –Titan, Xylus, Nebula, Sonata and Fastrack and Zoop; Jewellery with Tanishq, Zoya, Gold Plus from Tata, Mia and Fq teen diamonds; and ‘Other’ such as eyewear under the Titan EYE+ brand, apparel and eyewear also under Fastrack brand and precision engineering among others.
Jewellery contributes about 80 per cent to Titan’s TIO. Last quarter (Q2-2015), its jewellery distribution brands Tanishq and Goldplus from Tata showed an upsurge in retail sales by as much as 75 per cent and 84 per cent respectively. In the current quarter, Goldplus from Tata grew by 30 per cent, however, Tanishq disappointed with a drop of 4 per cent in sales. Though the jewellery segment reported a 11.2 per cent y-o-y growth to Rs 2347 crore (80.3 per cent of TIO) from Rs 2111 crore (78.9 per cent of TIO), q-o-q, the segment reported a slump of 19.9 per cent from Rs 2929 crore (81.5 per cent of TIO).
The Helios brand from Titan’s Watches business segment in terms of sales also disappointed with a drop of 3 per cent in sales in Q3-2015. ‘Watches’ is Titan’s second largest business segment in terms of sales and contributes about 15-17 per cent to Titan’s TIO. Watches segment reported a y-o-y growth of 0.4 per cent to Rs 453 crore (15. 5 per cent of TIO) in Q3-2015 from Rs 451 crore(16.9 per cent of TIO) in Q3-2014, and a drop of 14 per cent from the Rs 527 crore (14.7 per cent of TIO) in Q2-2015.
The ‘Others’ segment reported 2.9 per cent drop to Rs 134 crore (4.6 per cent of TIO) in Q3-2015 from Rs 138 crore (3.8 per cent of TIO) in Q2-2015 and a growth of 15.5 per cent from Rs 116 crore (4.3 per cent of TIO) in Q3-2014.
Company Speak
Titan managing director Bhaskar Bhat said, “Titan Company, with a large portfolio of strong brands, operating in multiple industries, grew by over 9 per cent in the third quarter. 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 slump in oil prices. The company is gearing up for the last quarter with the launch of new products and advertising campaigns that are lined up, including activation from some brands.”
MUMBAI: It’s time to brief the markets: Page Industries is showing that even when regulations tighten, it can still keep its footing in the innerwear business. The Bengaluru-based apparel major has reported its financials for the quarter ended 31 December 2025, delivering a performance that remains steady and well put together.
The company’s top line showed plenty of elasticity this quarter. Revenue from operations stretched to Rs 1,38,675.71 lakhs, a healthy jump from the Rs 1,29,085.82 lakhs reported in the preceding quarter. Compared to the same period last year, which stood at Rs 1,31,305.10 lakhs, it’s clear the brand’s grip on the market isn’t loosening. Total income for the quarter, including other finance gains, reached a comfortable Rs 1,39,919.03 lakhs.
However, it wasn’t all smooth silk. The Government of India’s new unified Labour Codes, covering everything from wages to social security, officially kicked in on 21 November 2025. This regulatory shift forced Page Industries to account for a one-time “exceptional item” cost of Rs 3,500.42 lakhs to cover incremental employee benefits and related obligations. Despite this Rs 35-crore legislative snag, the underlying business remained robust. Profit before tax stood at Rs 25,625.35 lakhs after the exceptional hit, and without that one-off cost, the figure would have been a more muscular Rs 29,125.77 lakhs. Net profit for the quarter came in at Rs 18,953.64 lakhs.
Total expenses rose to Rs 1,10,793.26 lakhs, driven largely by raw material consumption of Rs 30,162.65 lakhs and employee benefits of Rs 23,310.66 lakhs. Even so, the company’s operational strength ensured the bottom line remained firmly stitched together.
For shareholders, the news is particularly “fitting.” The Board has declared a third interim dividend for 2025-26 of Rs 125 per equity share. The record date has been set for 11 February 2026, with the payment scheduled on or before 6 March 2026. This follows two previous interim dividends of Rs 150 and Rs 125 declared earlier in the financial year, reinforcing the company’s commitment to sharing the spoils of its success.
Looking at the nine-month stretch ending December 2025, Page Industries has amassed total income of Rs 4,04,090.59 lakhs, with total comprehensive income of Rs 58,231.49 lakhs. While the basic earnings per share for the quarter dipped slightly to Rs 169.93, compared to Rs 183.48 in the same quarter last year, the year-to-date EPS remains a solid Rs 524.57.
Auditors at S.R. Batliboi & Associates LLP have given the results a “limited review” thumbs up, reporting no material misstatements. It seems that, as far as Page Industries is concerned, the business remains as well-constructed as its famous Jockey briefs.
