Titan Industries Ltd profits are up 21.34 per cent at Rs 180.14 crore for the second quarter this fiscal .
The company’s revenues were also up 8.56 per cent at Rs 2275.98 crore compared to same period last year.
EPS stood at Rs 2.03 compared to Rs 1.67 recorded last year.
Bhaskar Bhat, Managing Director of the company, said, “The second quarter retail sales growth in all our formats indicate a change in consumer sentiment with a willingness to spend on attractive offers and new products.”
“Demand had to be stimulated through investment in advertising. The expectation, therefore, for the festive season is positive even though sales may come at a cost. We are introducing several new products and opening many stores early in the third quarter,” he added.
Watch, eyewear biz
The watch and eyewear businesses of the company, with decent import content, continued to be affected by input cost increases and adverse currency movements, leading to a challenge on managing desired margins.
All businesses of the company have recorded growth in income compared to the same period last year.
The income for watches was higher by 13 per cent to Rs 471.79 crore in Q2 compared to Rs 417.42 crore last year.
Jewellery business grew 5.7 per cent in Q2 to Rs 1,723.93 crore compared to Rs 1631.51 crore last year.
Other businesses of the company — precision engineering (a B2B business), eyewear business and accessories — grew 49 per cent to Rs 97.37 crore in Q2 compared to Rs 65.17 crore last year.
Titan Industries retail chain has 879 stores as on September 30, with a retail area crossing 11.3 lakh square feet nationally for all brands.