Titan Q2 results: Net profit surges 4-fold to Rs 641 crore

Consolidated sales for the quarter grew 75.50 per cent YoY to Rs 7,243 crore compared with Rs 4,127 crore in the same quarter last year.

Titan said its revenue excluding bullion sales grew 78 per cent YoY, riding on the strong recovery in demand across its consumer businesses.

Jewellery division is doing exceeding well, and other divisions are swiftly bouncing back to pre-pandemic levels, it said. Bullion sales for the quarter stood at Rs 391 crore.

Jewellery division witnessed a demand resurgence, registering a 77 per cent in income to Rs 6,106 crore compared with Rs 3,446 crore in the year-ago quarter. The numbers excluded bullion sales in both periods.

Watches and wearables business recorded an income of Rs 687 crore, up 72 per cent over Rs 400 crore in the year-ago quarter. The Eyewear business recorded an income of Rs 160 crore, up 70 per cent over Rs 94 crore YoY.

The other segments of the company comprising Indian Dress Wear and, fragrances & accessories recorded an income of Rs 46 crore against Rs 23 crore YoY.

Managing Director CK Venkataraman said: “Titan’s strong growth this quarter was underpinned by demand recovery being witnessed in all segments. Our stores were fully operational, returning to pre-pandemic normalcy in most parts of the country with a continued focus on health and safety of our customers, business partners and our employees.”

Venkataraman said Titan’s store expansions gained traction during the quarter, which was partially disrupted in the pandemic period. Titan’s strong digital presence combined with trusted offline experience gives a positive outlook for the overall performance of the company for the rest of the fiscal year, he said.