Bengaluru, November 4, 2022: Titan Company recorded a growth of 18 percent in revenues during the quarter compared to Q2 of FY22. Total income for the quarter was Rs8,308 crore compared to Rs7,028 crore of Q2 FY22 (excluding bullion sale). The Company also recorded profits of Rs1,155 crore (before taxes) for the quarter in comparison to Rs868 crore in Q2 FY22, a growth of 33 percent.
Jewellery business registered an income of Rs7,203 crore in Q2 FY23 compared to Rs6,106 crore in Q2 FY22 (excluding bullion sale), a growth of 18 percent. Watches and Wearables business reported an income of Rs829 crore with 21 percent growth in Q2 FY23 compared to Rs687 crore in Q2 FY22. The Wearables segment (included above) grew impressively by 246 percent to Rs88 crore during the quarter. EyeCare business reported a quarterly income of Rs167 crore with 4 percent growth in Q2 FY23 compared to Rs160 crore in Q2 FY22. Other businesses comprising Indian Dress Wear and Fragrances and Fashion Accessories reported an income of Rs73 crore in Q2 FY23 compared to Rs46 crore in Q2 FY22, a growth of 59 percent.
Jewellery business reported an EBIT of Rs1,103 crore in Q2 FY23 compared to Rs793 crore in the same quarter of the previous year. Watches and Wearables business reported an EBIT of Rs123 crore in Q2 FY23 compared to Rs92 crore in the same quarter of the previous year. EyeCare business reported a lower EBIT of Rs28 crore in the quarter compared to Rs37 crore in the same quarter of the previous year as the business invested on advertisement and paid higher rentals on the network expansion. Other businesses reported a loss of Rs18 crore as compared to a loss of Rs1 crore in the same quarter of the previous year as they have been investing in building the brands and scale.
The company has added (net) 105 stores during the year. The Company’s retail chain (including CaratLane) has 2,408 stores across 382 towns with an area exceeding 3 million sq. ft. as on September 2022.
Of the key subsidiaries of the Company,
C K Venkataraman, managing director of the Company stated “The Company has continued its strong performance into Q2 across all business segments. Despite an uncertain macro environment, the current festive season starting from end of September month and continuing till end of October has been quite positive and the consumer confidence remains upbeat. We have clocked a retail growth of 17-19 percent in larger business divisions of the Company namely – Jewellery, Watches and Wearables and EyeCare over similar festive season timeline of the previous year. We remain relentlessly focussed in executing our growth plans in India and overseas and are optimistic about our performance in the remaining quarters of the current financial year.”
