Titan Q2 net profit rises 30 pc to Rs 835 crore

NEW DELHI: Jewellery and watches maker Titan Ltd on Friday reported a 30.26 per cent increase in consolidated net profit at Rs 835 crore for the second quarter ended September 2022, helped by strong momentum during the festive sales.

The company had posted a consolidated net profit of Rs 641 crore in the July-September quarter a year ago, Titan Ltd said in a regulatory filing.

Its total income rose 22.2 per cent to Rs 9,224 crore from Rs 7,548 crore in the same period last fiscal.

Revenue from sales of products climbed 18.27 per cent to Rs 8,567 crore in the second quarter of FY23 as against Rs 7,243 crore earlier.

Its total expenses were at Rs 8,082 crore, up 21 per cent from Rs 6,680 crore in Q2 FY22.

Titan Managing Director C K Venkataraman said the company continued its strong performance across all business segments.

''We have clocked a retail growth of 17-19 per cent in larger business divisions of the Company namely - Jewellery, Watches & Wearables and EyeCare over a similar festive season timeline of the previous year. 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,'' he added.

In the September quarter, Titan's jewellery segment clocked revenue of Rs 7,997 crore, up 21.7 per cent compared to Rs 6,571 crore in the year-ago period.

Revenue from the watches and wearables category rose 20.46 per cent to Rs 830 crore as against Rs 689 crore.

Eyecare segment revenue came in at Rs 167 crore, up 4.37 per cent compared to Rs 160 crore in Q2 of FY22.

Titan is a joint venture between the Tata Group and the Tamilnadu Industrial Development Corporation (TIDCO).

Shares of Titan Ltd on Friday settled at Rs 2,768.30 on BSE, up 0.18 per cent from the previous close.