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Titan Q2 profit rises 34% YoY to Rs 857 crore; firm optimistic on growth for rest of FY23



Titan Q2 profit rises 34% YoY to Rs 857 crore; firm optimistic on growth for rest of FY23

Titan on Friday reported a 34% year-on-year (YoY) rise in net profit for the September quarter to Rs 857 crore, beating ET Now poll of Rs 729 crore.

Total revenue from operations increased 22% on year to Rs 8,730 crore, and was also above ET Now poll of Rs 8,441 crore.

The jewellery business, excluding bullion, saw an 18% YoY growth in revenue to Rs 7,203 crore. Watches and wearables business revenue increased 21% on year to Rs 829 crore. The eye care business reported a 4% growth in revenue to Rs 167 crore.

Operating profit, calculated as earnings before interest and taxes (EBIT) of the jewellery business, grew by 39% YoY to Rs 1,103 crore, and that of watches and wearables rose 34% to Rs 123 crore. The eyecare business EBIT growth, however, declined 24.3% YoY to Rs 28 crore as the business invested in advertisement and paid higher rentals on the network expansion.

Titan net added 105 stores as of September 30. The company’s retail chain, including Caratlane, had 2,408 stores across 382 towns as of September.


Despite an uncertain macro environment, the current festive season between September and October has been quite positive, and consumer confidence remains upbeat, the company said in a release. “We have clocked a retail growth of 17-19% in larger business divisions of the company namely – jewellery, watches & wearables, and eyecare over a similar festive season timeline of the previous year,” C K Venkataraman, MD of the Tata Group-company was quoted as saying in the release.

The company remains focussed on executing its growth plans in India and overseas and is optimistic about performance in the remaining quarters of the current financial year.

Courtesy: Economic Times

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