The jewellery company's sales in the quarter jumped 75% to ₹7,243 crore from ₹4,127 crore in Q2FY21
Titan's MD said the stores were fully operational, returning to pre-pandemic normalcy in most parts of the country
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Titan Company on Wednesday reported a consolidated net profit of ₹641 crore, a growth of 270%, for the second quarter ended 30 September, 2021. The company had posted a net profit of ₹173 crore in the year-ago period.
The jewellery company's sales in the quarter jumped 75% to ₹7,243 crore from ₹4,127 crore in Q2FY21.
The revenue increased 78% ‘with jewellery division doing exceeding well, and other divisions swiftly bouncing back to pre-pandemic levels,’ the company said in a regulatory filing.
The jewellery division registered an income of Rs. 6,106 crore with 77% growth in Q2 FY22 compared to Rs. 3,446 crore in Q2 FY21 (excluding bullion sale in both periods).
The watches-and-wearables business recorded an income of ₹687 crore with 72 per cent growth in Q2 FY22 compared to ₹400 crore in Q2 FY21. The Watches and Wearables division reported an EBIT of ₹92 crore for the quarter against a loss of ₹4 crore in the same quarter of previous year.
The eyewear business recorded an income of ₹160 crore with 70 per cent growth in Q2 FY22 compared to ₹94 crore in Q2 FY21. Eyewear division reported an EBIT of ₹37 crore in the second quarter compared to ₹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 ₹46 crore in Q2 FY22 compared to ₹23 crore in Q2 FY21.
Titan Engineering & Automation (TEAL), a subsidiary of the company, recorded revenue of ₹51 crore and a loss of ₹1 crore in Q2 FY22 compared to revenue of ₹89 crore and profit before tax of ₹18 crore in Q2 FY21. Titan 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 ₹289 crore and a profit before tax of ₹10 crore compared to revenue of ₹148 crore and a loss of ₹4 crore in Q2 FY21.
CK Venkataraman, Managing Director of the Company stated, “Titan's strong growth this quarter was underpinned by demand recovery being witnessed in all segments of the Company."
He also said that the stores were fully operational, returning to pre-pandemic normalcy in most parts of the country.
Titan Company shares on BSE closes 0.14% higher at RS 2,460.35 apiece.
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