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Titan Company saw its net profit drop by 4.3 per cent to ₹756 crore for the June quarter of FY24, compared to ₹790 crore in the same quarter of the previous financial year.
Its total income grew 21 per centto ₹11,070 crore against ₹9,131 crore recorded in the June quarter of 2022.
The consumer lifestyle company experienced a 2 per cent decrease in its EBIT, amounting to ₹1,111 crore compared to ₹1,137 crore in the same quarter last year. Additionally, the EBIT margin for the quarter sawa decline of 242 basis points to 10 per cent, compared to the previous year’s 12.5 per cent.
Profit before tax for the period totalled ₹1,002 crore, reflecting a 7 per cent decrease from ₹1,072 crore recorded in June 2022.
“The year has started well for us with double-digit revenue growth across business segments with the jewellery business remaining the star performer with 19 per cent growth on a YoY basis,” said CK Venkataraman, Managing Director of the Company.
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It is pursuing market share gains across categories and investing in various capabilities and retail network expansion. “Our international foray is also shaping up well. We remain optimistic about our performance for the rest of the financial year,” he added.
The jewellery division reported a total revenue of ₹9,070 crore, a 19 per cent rise compared to Q1FY23. During the same period, the Indian segment experienced a 20 per cent expansion, fuelled by robust demand during Akshaya Tritiya and an appealing gold exchange program. Buyer growth reached 14 per cent, while average transaction sizes increased by 6 per cent compared to Q1 FY23.
In the Watches & Wearables Business, the total income reached ₹890 crore, a 13 per cent increase in comparison to Q1 FY23, with a significant 81 per cent surge observed in the wearables segment. The EyeCare business also saw a similar jump in total income at ₹203 crore, an 11 per cent increase over last year. The Emerging Businesses reported a total revenue of ₹76 crore.
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