Timex India Reports Best ever results with 14X PAT growth for FY 2022-23, Driven by Core Timex Portfolio and E-commerce Expansion
NEW DELHI, May 24, 2023 /PRNewswire/ — Timex Group India Ltd, a leading watch manufacturer, has announced its financial results for the financial year 2022-23 and quarter ended March 2023. The company witnessed significant growth, owing to huge growth in Timex as well as Licensed Brands in its portfolio and evolving consumer shopping behavior.
Financial Result Highlights:
Net profit after tax (PAT) for the year grew over 14 times, reaching INR 46.52 crore in FY 2022-23, compared to INR 3.2 crore in the previous financial year. PAT for the quarter grew 895% over Q4’2022, closing at INR 22.39 crore. One-time recognition of deferred tax assets of INR 16.84 crore in Q4 has positively impacted these results for the quarter and fiscal year.
Revenue for the financial year 2022-23 saw a growth of 45% over last year, closing at INR 383.78 crore, up from INR 265.54 crore in the previous year. For the quarter ended on March 31, 2023, revenue grew by 5% from INR 79.81 crore to INR 83.35 crore.
Expressing his enthusiasm, Mr. Deepak Chhabra, Managing Director, said, “We are delighted to announce our strong results for Financial year 2022-23, which showcase Timex’s remarkable growth and success in India. Our commitment to innovation, customer delight, and strategic expansion has propelled us forward in the industry. We take immense pride in our core Timex portfolio growth and huge strides into the e-commerce sector, which has allowed us to reach a wider customer base and achieve exceptional sales figures. This achievement is a testament to our dedicated team, loyal customers, and unwavering focus on delivering exceptional products and experiences. We remain committed to pushing boundaries, embracing change, and maintaining our position as a leading force in the watch industry.”
Timex has emerged as one of the largest watch brands in the country, with a global legacy of around 170 years. The global brand is known for its disruptive collections like Marlin, Waterbury, and Q globally, as well as Fria in India. Timex fashion range as well as TMX have also contributed to the growth.
Channel Expansion
Timex India channels have expanded to over 5000 offline stores across trade and key accounts. This is further supported by remarkable progress in the e-commerce space, with addition of marketplaces like Ajio Luxe, Nykaa and Myntra being added to existing presence on Amazon, Flipkart and Tata Cliq Luxury.
Fashion Brand Expansion & Luxury Demand Surge:
Timex India boasts a robust licensed brand portfolio that caters to diverse consumer preferences in lifestyle and luxury segments. The brand line-up includes Guess, GC, Versace, Nautica, Adidas Originals, Furla, Ted Baker, Philipp Plein, Ferragamo and more.
Timex India capitalized on new etail platforms through licensed fashion and luxury brands such as Versace and Guess, responding to favorable consumer behavior towards e-commerce. Versace watches achieved a remarkable over 2X growth, driven by increasing indulgence and affinity for luxury watches in the Indian market. Known for their refined look, classic and sporty designs, sophisticated functionalities, and flawless style, Versace watches are gaining significant traction in India’s authentic-driven Swiss watch market.
Addition of Guess to the portfolio, with presence over 600 stores, has further strengthened the company’s market position. Guess watches experienced substantial growth, thanks to their youthful and daring product offerings. The brand’s expanding network and impressive performance on e-commerce platforms played a pivotal role in its success.
Partnerships and Associations:
Timex recently collaborated with Gujarat Titans, launching three special edition watches to strengthen its association with the defending champions of IPL. This collaboration, in conjunction with Gujarat Titans, aims to expand Timex’s consumer base nationwide. With a diverse product portfolio, Timex focuses on becoming a beloved brand for generations, from millennials to Gen Zs. Signaling its strong retail ambitions, Timex Group has also expanded its consumer reach in the country by recently acquiring Just Watches, a Mumbai based reputed Premium Watch Retail brand.
About Timex Group:
Timex Group designs, manufactures, and markets innovative timepieces around the world. Timex Group is a privately held company headquartered in Middlebury, Connecticut with multiple operating units and over 3,000 employees worldwide. As one of the largest watch makers in the world, Timex Group companies produce watches under a number of well-known brands, including Timex, Nautica, Guess, GC, Salvatore Ferragamo, Versace, Philipp Plein, Ted Baker, Missoni and Furla.
Join Timex on social media: @timex.india
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