Titan, one of India's leading jewellery and watchmaker, on Wednesday clocked a 4 per cent decline in its consolidated net profit at Rs 756 crore in the June quarter (Q1). The company had logged a net profit of Rs 790 crore in the April-June period last fiscal year. Titan's total income, however, rose to Rs 11,070 crore in Q1 of the current fiscal year as against Rs 9,131 crore in the year-ago period, the comoany said in a regulatory filing.
"The year has started well for us with double-digit revenue growth across business segments. The jewellery business remained the star performer with a 19 per cent growth on a year-on-year basis," Titan Managing Director C K Venkataraman said. The company is pursuing market share gain across categories and investing in various capabilities and retail network expansion, he added.
Titan's India business grew by 20 per cent in the same period driven by healthy demand during Akshaya Tritiya and an attractive gold exchange programme. The buyer growth was 14 per cent and the average ticket sizes moved up by 6 per cent compared to Q1FY23.
"Our international foray is also shaping up well. We remain optimistic about our performance for the rest of the fiscal," Venkataraman said.
The watches and wearables business recorded a total income of Rs 890 crores, up by 13 per cent compared to Q1FY23 backed by a strong growth of 81 per cent in the Wearables segment. Premiumization theme was at the fore with Titan and International brands seeing strong buying momentum clocking handsome double-digit growths in the analog segment, the company said in a press release.
The total income of the EyeCare business was up 11 per cent at Rs 203 crore compared to Q1FY23. The total income of the emerging business consisting of fragrances, fashion accessories and Indian dress wear grew 37 per cent to Rs 76 crore.
Shares of the company on Wednesday ended 0.75 per cent down at Rs 2,978.45 apiece on the BSE.