Titan Q2 results: Net profit surges 4-fold to Rs 641 crore

Titan Company on Wednesday reported a consolidated net profit of Rs 641 crore, a growth of 270%, for the second quarter ended 30 September, 2021. The company had posted a net profit of Rs 173 crore in the year-ago period. The jewellery company’s sales in the quarter jumped 75% to Rs 7,243 crore from Rs 4,127 crore in Q2FY21.

The revenue increased 78% ‘with jewellery division doing exceeding well, and other divisions swiftly bouncing back to pre-pandemic levels,’ the company said in a regulatory filing.

The jewellery division registered an income of Rs. 6,106 crore with 77% growth in Q2 FY22 compared to Rs. 3,446 crore in Q2 FY21 (excluding bullion sale in both periods).

The watches-and-wearables business recorded an income of Rs 687 crore with 72 per cent growth in Q2 FY22 compared to Rs 400 crore in Q2 FY21. The Watches and Wearables division reported an EBIT of Rs 92 crore for the quarter against a loss of Rs 4 crore in the same quarter of previous year.

CaratLane Trading Private Limited a subsidiary of the company continued to do well in both online and offline channels emerging as a strong omni player. For Q2 FY22, it clocked revenue of Rs 289 crore and a profit before tax of Rs 10 crore compared to revenue of Rs 148 crore and a loss of Rs 4 crore in Q2 FY21.

CK Venkataraman, Managing Director of the Company stated, “Titan’s strong growth this quarter was underpinned by demand recovery being witnessed in all segments of the Company.”

He also said that the stores were fully operational, returning to pre-pandemic normalcy in most parts of the country.

Titan Company shares on BSE closes 0.14% higher at RS 2,460.35 apiece.

Courtesy: Mint