Titan Q2 profit jumps 34% to Rs 857 cr | The Financial Express

Titan Q2 profit jumps 34% to Rs 857 cr

The company’s standalone revenue from operations during the period rose 21.7% to `8,730 crore from `7,170 crore reported in Q2FY22.

Titan Q2 profit jumps 34% to Rs 857 cr
The watches and wearables business reported an income of `829 crore with a 21% growth in the three month period, against ` 687 crore in Q2FY22. (File)

Titan Company on Friday reported a year-on-year growth of 33.7% in its standalone profit at `857 crore during the July-September quarter from `641 crore in the same period last year, helped by strong consumer sentiment during the festive season. 

The company’s standalone revenue from operations during the period rose 21.7% to `8,730 crore from `7,170 crore reported in Q2FY22.

Titan’s jewellery business — its biggest revenue generator — registered an income (excluding bullion sale) of `7,203 crore in Q2FY23, about 18% higher than `6,106 crore in Q2FY22. The watches and wearables business reported an income of `829 crore with a 21% growth in the three month period, against ` 687 crore in Q2FY22.

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Further, the eyecare unit reported a quarterly income of `167 crore, growing 4% from Q2FY22. The company’s other businesses comprising Indian dress wear, fragrances and fashion accessories earned `73 crore in Q2FY23 compared with `46 crore in Q2FY22, registering a growth of 59%. 

“The company has continued its strong performance into Q2(FY23) across all business segments. Despite an uncertain macro environment, the current festive season starting from end of September month and continuing till end of October has been quite positive and the consumer confidence remains upbeat,” CK Venkataraman, managing director, Titan Company, said. 

The company said it clocked a retail growth of 17-19% in its three main business divisions over similar festive season timeline of the previous year. 

The company added 105 shops during the year on a net basis. Titan’s retail chain (including Caratlane) now has 2,408 stores across 382 towns with an area exceeding 3 million square feet as on September 2022.

“We remain relentlessly focussed in executing our growth plans in India and overseas and are optimistic about our performance in the remaining quarters of the current financial year.” 

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First published on: 05-11-2022 at 08:33 IST