Timex Group India Ltd — Earnings Release 2024

Feb 1, 2024

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February 1, 2024

The Secretary BSE Limited PJ Towers, Rotunda Bldg., Dalal Street, Fort Mumbai 400 001

Scrip Code: 500414

Subject: Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Dear Sir/ Madam,

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find attached herewith the Press Release on the financial results of the Company for the quarter and nine months ended December 31, 2023, as approved by the Board of Directors in its meeting held today i.e. February 1, 2024.

This is for your information and record please.

Thanking you For Timex Group India Limited

DHIRAJ KUMAR MAGGO Digitally signed by DHIRAJ KUMAR MAGGO DN: c=IN, o=PERSONAL, pseudonym=eecf9d6af9d7ee333fa03b8873063f66, 2.5.4.20=264595C5FC6F12CEF830E761398A444D451CC50BB6BB208A553072DCCB0FD972, postalCode=110035, st=DELHI, serialNumber=21ec5f2b8c452b692ce15d146c9d4036572b370ced98d10f00fb86f8afb78f7d, cn=DHIRAJ KUMAR MAGGO Date: 2024.02.01 23:13:35 +05'30'

Dhiraj Kumar Maggo VP-Legal, HR & Company Secretary

Regd. Office: E-10, Lower Ground Floor, Lajpat Nagar-III, New Delhi-110024. Tel. : +91 11 410 21297

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Timex Group India Ltd continues growth momentum. Closes Q3 FY23-24 with double digit growth

Exponential growth in licensed brands and Ecommerce channel accelerate revenue.

New Delhi, February 1 , 2024– Timex Group India Ltd, part of the iconic global watch maker announced its financial results for the quarter ended December 2023. The quarter saw a robust double digit revenue growth of 11% over the same quarter previous year, thus maintaining the growth momentum. In this quarter, the company improved its performance, showcasing a positive shift compared to same quarter previous year.

Q3 FY23-24 Channel Performance

• Ecommerce channel had a spectacular growth of 106% over previous year same quarter.

• Luxury segment saw aggressive growth of 127% over previous year same quarter.

• Trade channel, the largest revenue contributor, continued its growth journey in the quarter

Q3 FY23-24 Brand Performance

• Guess and Gc saw a double-digit growth of 43% in the quarter against previous year same quarter.

• Versace was an outlier as it surpassed previous year same quarter performance with a 135% growth.

• Timex the biggest contributor to the portfolio continued its growth trajectory this quarter.

Marketing Focus

Timex Group India Ltd continued to accelerate the marketing investments in this quarter as well with the onboarding of popular actor Ananya Panday as the brand ambassador for their “Waste More Time” campaign. The brand ambassador association is aimed at expanding the brand narrative to become more contemporary and a preferred choice for fashionable and stylish consumers.

Expressing his enthusiasm, Mr. Deepak Chhabra, Managing Director , Timex India said, "Our continued upward graph in growth and improvement in bottom-line is a result of our strategic business decisions and our commitment towards consistently evolving, and offering the best to our consumers and business partners. Our Q3 witnessed developments that happened at an opportune time and, we saw greater returns in tandem, be it our brand campaigns, our expansion plans, or our overall trade channel contribution. We are thankful to all those who have worked towards this success, and we will strive to reach higher milestones in the coming future.”

The company continues the expansion of its wide array of licensed brands with Philipp Plein and Plein Sport being the latest addition to the portfolio. The Timex portfolio also includes the globally acclaimed key franchises like Marlin, Q Timex, Waterbury, and UFC while the smartwatches segment saw innovation with iConnect range. These strategic launches are aimed at upscaling the fashion & lifestyle imagery of the brand Timex.

Q1 – Q3 FY23-24 performance

• Timex Group India Ltd YTD topline shows growth of 9% over the previous year same period.

• The EBIDTA however was lower compared to previous year owing to robust marketing investments in big ticket collaborations such as IPL, “Waste More Time” Celebrity campaign launch amongst other initiatives to further strengthen the brand’s imagery in the fashion and lifestyle category.

• Ecommerce channel and luxury segment continued to propel the business ahead compared to previous year with a growth of 66% and 85% respectively.

• Guess, Gc and Versace emerged as the strongest growing brands in the licensed portfolio.

• Timex continued to make healthy headway with an upward growth graph.

Timex Group India Limited :

Timex Group India Ltd designs (TGIL), manufactures, and markets innovative timepieces and is part of Timex Group which is a privately-held company headquartered in Middlebury, Connecticut with multiple operating units and over 3,000 employees worldwide. As one of the leading watch brands in India, TGIL retails via 5000 offline trade stores and key online portals and marketplaces. It currently operates over 35 exclusive franchised stores under the brand name Timex World. It has also acquired premium watch retail brand Just Watches.

For more details, please contact

Shweta Mehrotra (Tute Consult) 9820964141 shweta@tute.co.in