The company posted a net profit of Rs 916 crore in the July-September quarter a year ago, according to a regulatory filing from Titan.
New Delhi: Leading jewellery and watchmaker Titan on Tuesday reported a 23% decline in its consolidated net profit to Rs 704 crore for the second quarter ended on September 2024.
The company posted a net profit of Rs 916 crore in the July-September quarter a year ago, according to a regulatory filing from Titan.
However, its sales were up 25.82% to Rs 13,473 crore during the quarter under review. It was Rs 10,708 crore for the corresponding quarter.
Total expenses of Titan increased 20.23% to Rs 13,709 crore in the June quarter.
Titan’s total income in the September quarter rose 15.83% to Rs 14,656 crore.
During the quarter, Titan’s jewellery business increased 15.25% to Rs 12,771 crore. In the jewellery business, Titan’s India business grew by 25% triggered by the “gold rush” after a reduction in customs duty (CD).
“The custom duty reduction saw a revival in consumer interest as gold prices cooled off temporarily. The ensuing gold rush lasted well into mid-September. Buyer growth was healthy accompanied by an increase in average healthy exhibiting double-digit growths,” it said.
During the quarter, in India, Tanishq opened 11 new stores, Mia added 12 and Zoya added 1 store respectively.
Similarly, revenue from Watches & Wearables was up 19.41% to Rs 1,304 crore.
“Analog segment recorded a strong 26% revenue growth over Q2FY24 led by Titan brand clocking 32% growth in the same period. Consumer preferences for premium brands were visible with Helios channel (international bran clocking a healthy retail growth of 43% over Q2FY24,” it said.
Its ‘Wearables’ segment saw a 13% drop in its Revenue compared to Q2FY24 primarily due to a reduction in average selling prices.
The business added 34 stores in Q2 FY’25 comprising 18 new stores in Titan World, 14 in Helios and 2 in Fastrack respectively.
Its Eyecare segment revenue was up 6.87% at Rs 202 crore.
“Frames and Lenses saw healthy growth in volumes. Sunglasses recorded a volume decline due to seasonality. International brand sales recorded a strong growth of 53% over Q2FY24,” said Titan adding the division added 3 new stores of Titan Eye+.
Revenue from other segments, which includes its emerging business as Fragrance, wallets, Indian Dress Wear (Taneria) etc was at Rs 301 crore, up 38.07% in the September quarter.
The segment has emerging Businesses such as Taneria, Indian Dress Wear, Fragrances and Fashion Accessories.
“Taneira’s sales grew 12% compared to Q2FY24 mainly driven by growth from new stores. The brand opened 4 new stores during the quarter, taking the total store count to 81 stores covering 41 cities,” it said.
Titan is a joint venture between the Tata Group and the Tamilnadu Industrial Development Corporation (TIDCO).
Shares of the company on Tuesday settled at Rs 3,233.05 per scrip on BSE, up 0.23% from the previous close.
