Companies

Titan’s Q2 net more than triples to ₹641 cr on strong demand recovery

Our Bureau Bengaluru | Updated on October 28, 2021

HYDERABAD: (AP):06-03-2014: Sandeep Kulhalli, Senior V-P, Retail and Marketing, Jewellery Division, Titan Company Limited at the opening of a new outlet in Hyderabad on Thursday said that 40 percent of the country's gold is sold in Tamil Nadu and Chennai, on Feb. 6, 2014. Photo: P. V. Sivakumar   -  Businessline

Jewellery division shines with 77% growth in income

Jewellery, watches and eyewear major Titan, saw profits more than triple in the second quarter of the current fiscal as the jewellery division witnessed strong recovery in demand to pre-pandemic levels. The company’s revenue grew 78 per cent. Its total income stood at ₹7,220 crore against ₹3,314 crore in the first quarter. Titan recorded ₹641 crore in net profit compared to ₹199 crore in the same quarter of the previous year.

H1 income

For the first half of the current financial year, the company recorded an income of ₹10,534 crore, registering a growth of 67 per cent compared to ₹6,290 crore in the first six months of the previous year. The jewellery division witnessed a demand resurgence and made a strong recovery registering an income of ₹6,106 crore, with 77 per cent growth, against ₹3,446 crore in the same quarter of the previous year with bullion sale being excluded in both the periods.

The Watches and Wearables business, the second largest segment of Titan’s business, recorded an income of ₹687 crore with 72 per cent growth in the second quarter compared to ₹400 crore in the same quarter of the previous year. The Eyewear business recorded 70 per cent growth in income to ₹160 crore compared to ₹94 crore in the same period last year. The other segments comprising Indian Dress Wear and fragrances & accessories also recorded an income of ₹46 crore (₹23 crore).

While the company filed the results with the exchanges after trading hours, Titan’s shares had closed the day at ₹2460.1 a piece on the BSE.

Published on October 27, 2021

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