(Reuters) -Indian jeweller and watchmaker Titan reported a largely flat third-quarter profit on Tuesday, but still topped estimates as customers looked past high gold prices to splurge on ornaments during the festive season.

Titan Company’s net profit in the third quarter of this financial year (FY25) was largely flat due to a reduction in customs duty. Its revenue from operations grew by 25.2 per cent to Rs 17,740 crore in the quarter compared to last year, while its net profit stood at Rs 1,047 crore.

The company posted a net profit of Rs 1,053 crore in the October-December quarter a year ago, according to a regulatory filing from Titan. However, its sales rose 25.68 per cent to Rs 17,550 crore during the quarter under review. It was Rs 13,963 crore for the corresponding quarter.

Titan, a Tata Group company, reported a 4.9% year-on-year decline in standalone net profit for Q3 of fiscal 2024-25, totaling ₹990 crore, down from ₹1,040 crore in the previous year.

Results: Titan shares are up 10 per cent in 2025 so far against a 2 per cent drop in the BSE Sensex. The Jhunjhunwala family held 5.14 per cent stake in the jewellery maker as on December 31, 2024.

Titan Industries, one of India’s leading watchmakers and jewelry brands, is set to announce its financial results for the third quarter (Q3) of the fiscal year 2024-25 on February 4th.Titan: Q3 Result

In an exchange filing last month, the company had informed that a meeting of its Board of Directors is scheduled for this week to consider and approve the unaudited financial results (standalone and consolidated) for the quarter and nine months ended December 31,

Titan’s revenue from operations in Q3FY25 is estimated to grow 25% YoY, while its net profit is expected to remain flat due to the exceptional item.