Titan Company has reported that profit after tax (PAT) increased 13 times to Rs 793 crore in the first quarter, up from Rs 61 crore in the same -- pandemic impacted -- quarter last year.
Revenue increased by 199 per cent to Rs 8,649 crore, compared to Rs 2,890 crore in the quarter under review. The company posted strong revenue figures across all its businesses,
The jewellery business registered income of Rs 7,600 crore, an increase of 208 per cent, compared to Rs 2,467 crore in Ql FY22 (excluding bullion sales). It attributes the growth to Akshaya Tritiya sales and a better-studded mix. The jewellery business reported an EBIT of Rs 1,027 crore, compared to Rs 207 crore in June 2022.
The watches and wearables business reported a quarterly income of Rs 785 crore, an increase of 169 per cent compared to Rs 292 crore in Ql FY22. This segment reported an EBIT of Rs 103 crore, against a loss of Rs 56 crore in Q1FY22.
The EyeCare business also reported its highest quarterly income of 173 per cent at Rs 183 crore, compared to Rs 67 crore in June 2022. EyeCare posted an EBIT of Rs 36 crore compared to a loss of Rs 13 crore in Q1FY22. Other businesses, including Indian dress wear, fragrances, and fashion accessories, reported an income of Rs 56 crore, compared to Rs 14 crore in Ql FY22. However, EBIT for this segment reported a loss of Rs 10 crore, compared to a loss of Rs 16 crore in Q1FY22.
“The financial year has begun well for us and we delivered a strong performance in Q1 across our business segments. Despite the challenging macro environment, the outlook for the remaining quarters looks positive and we will continue to execute our investment plans in India as well as chosen international geographies,” said C.K. Venkataraman, Managing Director, Titan Company.
The company has added 125 stores during the year. The retail chain (including Caratlane) has 2,303 stores across 366 towns with an area exceeding 2.9 million sq. ft. as of June 2022.