Titan Company’s net profit for the second quarter of FY23 grew 34 per cent to ₹857 crore compared to ₹641 crore in the same quarter last year.
It reported revenue of ₹8,790 crore, up 22 per cent from the ₹7,220 crore in Q2 FY22. In comparison to ₹7.22 EPS in Q2 FY22, the quarter’s earnings per equity share (EPS) were higher at ₹9.66.
“The festival season starting from the end of September and continuing till the end of October has been quite positive and consumer confidence remains upbeat. We have clocked a retail growth of 17-19 per cent in larger business divisions of the company namely -Jewellery, Watches and Wearables, and EyeCare over a similar festival season timeline of the previous year,” said CK Venkataraman, Managing Director of Titan Company.
Macro environment
According to the company, despite uncertain macro environments, all its businesses showed significant improvements in their revenues during Q2.
The jewellery business posted an 18 per cent increase in income at ₹7,203 crore in Q2 FY23 compared to ₹6,106 crore in Q2 FY22 (excluding bullion sale). Similarly, the Watches and Wearables business reported an income of ₹829 crore, a 21 per cent increase compared to ₹687 crore in Q2FY22.
While the EyeCare business saw its income improve by a marginal 4 per cent to ₹167 crore (₹160 crore), other businesses comprising Indian dress wear Fragrances and Fashion Accessories reported an increase of 59 per cent at ₹73 crore (₹46 crore).
“We remain relentlessly focussed on executing our growth plans in India and overseas and are optimistic about our performance in the remaining quarters of the current financial year,” Venkataraman said.
Titan added (net) 105 stores during the year. The company’s retail chain (including Caratlane) has 2,408 stores across 382 towns with an area exceeding 3 million sq. ft. as on September 2022, the company said.