Titan Q2 Result: Net Profit Climbs 9.7 Per Cent To Rs 916 Crore, Revenue Rises 36 Per Cent

Titan' total sales jumped 25 per cent to Rs 10,708 crore in Q2 as against Rs 8,567 crore in the corresponding quarter a year ago

Titan's total income in the September quarter grew 37.17 per cent to Rs 12,653 crore.

Source : Getty

Jewellery and watchmaker Titan Company Ltd. on Friday clocked a consolidated net profit of Rs 916 crore for the September quarter (Q2) of FY24, logging an increase of 9.7 per cent from Rs 835 crore in the same quarter of the previous financial year. Titan logged a 21.16 per cent rise in profit from Rs 756 crore in the previous quarter.

Total sales jumped 25 per cent to Rs 10,708 crore in Q2 as against Rs 8,567 crore in the corresponding quarter a year ago. The company’s total expenses in the September quarter stood at Rs 11,402 crore, up 41.07 per cent year-on-year (YoY). The total income of Titan in the September quarter grew 37.17 per cent to Rs 12,653 crore.

Titan’s total consolidated revenue is Rs 12,529 crore, rising 36.73 per cent from Rs 9,163 crore in the year-ago quarter, the company said in a regulatory filing. The revenue increased 5.31 percent from Rs 11,897 crore in the previous quarter. Earnings before interest, tax, depreciation and amortization (EBIDTA) were at Rs 1,355 crore, growing by 9.8 percent. The EBIDTA margin was at 11.6 percent compared to 14.1 percent in the year ago period.

C K Venkataraman, managing director, Titan Company, said, "All our consumer businesses achieved healthy growth for the quarter. The watches and wearables business crossed quarterly revenues of over 1,000 crore, an important milestone in their journey. The jewellery business continued to shine well growing nearly 27 per cent in consumer sales over last year. The store expansions in key markets are progressing well. We retain our focus on improving market share by offering differentiated products to our consumers touching their everyday lives in a meaningful way. The festive season in Q3 has started well and we are optimistic for our performance in the rest of the financial year."

Titan is expected to report strong on-year revenue growth in Q2, on the back of robust wedding purchases and high-value studded purchases. However, net profit growth is likely to be muted as margins take a hit on a high base.

Titan stock closed at Rs 3,272.55 apiece, up 2.23 per cent on Friday on the BSE.