(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, 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's jewellery business grew by 26.62% in the December quarter despite a slight decline in net profit to Rs 1,047 crore. The company also saw strong performance in its watches and eyecare segments.

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.

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’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.