The Titan Company’s consolidated net profit for the quarter ending in September increased by 10 per cent year-on-year, reaching ₹916 crore, compared to ₹835 crore in the same quarter last year.
On a sequential basis, the net profit improved by 21.16 per cent. This performance exceeded market expectations, which had projected a 4 per cent increase to ₹889 crore in net profit.
Exceeding expectations
Furthermore, the company reported a consolidated net income of ₹10,837 crore, reflecting a 24 per cent increase compared to the ₹8,742 crore in the corresponding quarter of the previous year, surpassing market projections of ₹10,449 crore. Meanwhile, EBIT improved by 16 per cent year-on-year, rising to ₹1,392 crore ( ₹1,202 crore) in Q2FY23.
“We retain our focus on improving market share by offering differentiated products to our consumers, touching their everyday lives in a meaningful way. The festive season in Q3 has started well and we are optimistic for our performance in the rest of the financial year,” said CK Venkataraman, Managing Director of the Company.
Notably, Titan’s Jewellry business reported a total income of ₹8,575 crore, marking a 19 per cent increase compared to Q2FY23. Their India business grew by 21 per cent during the same period, driven by various product activations and regional campaigns.
Additionally, Tanishq expanded its presence in the Gulf Cooperation Countries (GCC) by opening two new stores in Doha, bringing the total to 10 stores overseas.
Strong performance
In the watches and wearables business, the total income reached ₹1,092 crore, showing a 32 per cent increase compared to Q2FY23, achieving quarterly revenues exceeding ₹1,000 crore for the first time in its history.
The EyeCare vertical also demonstrated strong performance with a 13 per cent year-on-year improvement, reaching a total income of ₹188 crore. The quarter also saw the introduction of the luxury frames brand ‘Zefr’ by Titan Eye+.
Titan’s emerging businesses, which include fragrances, fashion accessories (F&FA) and Indian dress wear (Taneira), reported a total income of ₹93 crore for Q2FY24, marking a 27 per cent growth compared to the same period in the previous year.
In this segment, fragrances saw a 12 per cent growth and women’s bags, led by the ‘IRTH’ brand, achieved an impressive 31 per cent growth compared to Q2FY23.