Titan’s Q2 net profit up by 200% at Rs 641 cr as jewellery demand recovers

Last Updated on January 4, 2023 by Admin

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Jewellery firm Titan’s net profit jumped 222.11 per cent to Rs 641 crore in the quarter ended September 2021 compared to Rs 199 crore during the same period last year, riding on recovery in demand across its consumer businesses. Sales rose 77.83 per cent to Rs 6,921 crore in the second quarter of FY22 as against Rs 3,892 crore in Q2FY22.


With jewellery division doing exceeding well, and other divisions swiftly bouncing back to pre-pandemic levels, total income for the quarter was Rs 7,220 crore, including bullion sale of Rs. 192 crore, a growth of 64 per cent compared to total income of Rs 4,389 crore in Q2 FY21 that included bullion sale of Rs 391 crore.





remains one of our top picks in retail. It continues to gain market share in jewellery. Store expansion will continue to remain strong. Overall and margins were well ahead of our and Street estimates,” said Abneesh Roy, executive vice president at brokerage firm Edelweiss Securities.


The watches-and-wearables business recorded an income of Rs 687 crore with 72 per cent growth in Q2 FY22 compared to Rs 400 crore in Q2 FY21. The Watches and Wearables division reported an EBIT of Rs 92 crore for the quarter against a loss of Rs 4 crore in the same quarter of previous year.


The eyewear business recorded an income of Rs 160 crore with 70 per cent growth in Q2 FY22 compared to Rs 94 crore in Q2 FY21. Eyewear division reported an EBIT of Rs 37 crore in the second quarter compared to Rs 9 crore in the same quarter of previous year.


The other segments of the company comprising Indian Dress Wear and fragrances & accessories recorded an income of Rs 46 crore in Q2 FY22 compared to Rs 23 crore in Q2 FY21.


Engineering & Automation (TEAL), a subsidiary of the company, recorded revenue of Rs 51 crore and a loss of Rs 1 crore in Q2 FY22 compared to revenue of Rs 89 crore and profit before tax of Rs 18 crore in Q2 FY21. said the order win and pipeline are robust and supply chain deliveries are improving as shortage of semiconductors and logistics restrictions continue to ease.


CaratLane Trading Private Limited a subsidiary of the company continued to do well in both online and offline channels emerging as a strong omni player. For Q2 FY22, it clocked revenue of Rs 289 crore and a profit before tax of Rs 10 crore compared to revenue of Rs 148 crore and a loss of Rs 4 crore in Q2 FY21.


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


He further added, “Titan’s store expansions have gained traction during the quarter, which was partially disrupted in the pandemic period. Our 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.”

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