Titan Company on Friday reported a year-on-year growth of 1,200% or 13 times in its standalone profit at Rs 793 crore during the April-June quarter on a low base as last year, around this time, business was disrupted due to Covid-led restrictions. On a sequential basis, the company’s profit increased by 61.5%.
Standalone revenue during the period rose 176% to Rs 8,961 crore. On a sequential basis, revenue was up 23%.
Also Read| Dabur posts flat growth in profit
“The financial year has begun well for us and we delivered a strong performance across our business segments,” managing director CK Venkataraman said. “Despite a challenging macro environment, the outlook for the remaining quarters looks positive and we continue to execute our investment plans in India as well as chosen international geographies,” he added.
All three verticals of jewellery, watches and eyewear reported good growth on year-on-year as well as sequential basis on the back of pent-up demand and strong footfall. The mainstay jewellery business delivered a robust performance during the quarter registering a year-on-year revenue growth of 208% at Rs 7,600 crore (excluding bullion).
Also Read| Britannia’s net profit dips 13%
The watches and wearables business witnessed its best quarter ever in terms of sales. The income for the business jumped 169% year-on-year to Rs 785 crore. The business generated a positive Ebit of Rs 103 crore during the quarter against a loss of Rs 56 crore a year ago. Income for the eyecare business increased 173% year-on-year to Rs 183 crore while Ebit stood at Rs 36 crore against a loss of Rs 13 crore a year ago.
Other businesses of Indian dresswear and fragrance and fashion accessories also had a strong quarter as income during the quarter jumped 300% year-on-year to Rs 56 crore. The business, however, is yet to turn positive at the Ebit level and generated a loss of Rs 10 crore compared to a loss of Rs 16 crore a year ago.
The company added 125 shops during the year on a net basis. Titan’s retail chain (including Caratlane) now has 2,303 stores across 366 towns with an area exceeding 2.9 million square feet as on June 2022.
On Friday, Titan’s shares closed up 0.39% at Rs 2,432.55 on the Bombay Stock Exchange.