Titan's Q2 Net Profit Rises 34 pc to Rs 857 cr
Titan's Q2 Net Profit Rises 34 pc to Rs 857 cr

Jewelry and watchmaker Titan has reported a 34 percent year-on-year growth in its standalone profit at Rs 857 crore for the September quarter, higher than analysts' expectations of Rs 713 crore.

The Tata group company recorded a net profit of Rs 641 crore in the same quarter last fiscal.

Standalone revenue grew 21.8 percent YoY to Rs 8,730 crore from Rs 7,170 crore. Earnings before interest, taxes, depreciation and amortization (EBITDA) jumped 29.4 percent to Rs 1,234 crore from Rs 954 crore in the year-ago quarter.

EBITDA margins expanded to 14.1 percent from 13.3 percent YoY.

The watches and wearables business reported an income of Rs 829 crore, registering a year-on-year growth of 21 percent growth.

"Despite an uncertain macro environment, the current festive season starting from the end of September month and continuing till the end of October has been quite positive and the consumer confidence remains upbeat," CK Venkataraman, Managing Director, Titan said.

The company clocked a retail growth of 17-19 percent in larger business divisions—jewelry, watches and wearables, and eyecare—over the previous year's festive season.

Venkataraman further added, "We remain relentlessly focused on executing our growth plans in India and overseas and are optimistic about our performance in the remaining quarters of the current financial year."

The jewelry business registered an income of Rs 7,203 crore in Q2FY23, up from Rs 6,106 crore in Q2FY22, a growth of 18 percent.

The eyecare business reported a quarterly income of Rs 167 crore, a YoY jump of 4 percent.

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