Indian jeweler and watchmaker Titan Company on Friday beat second-quarter earnings expectations, aided by the strong demand for its gold jewelery brands and growth in online sales. The company on Friday said its consolidated net profit grew 10 per cent at Rs 916 crore for the September quarter compared with Rs 835 crore in the corresponding quarter last year. Total consoldiated income for the quarter grew 24 per cent YoY to Rs 10,837 crore compared with Rs 8,742 crore in the same quarter last year. Ebit for the quarter rose 16 per cent YoY to Rs 1,392 crore but Ebit margin for the quarter contracted 90 basis points YoU to 12.8 per cent against 13.7 per cent in the year-ago quarter.
Following the quarterly results, Titan shares were trading 2.46 per cent higher at Rs 3,280.05 on BSE.
Revenue from operations grew by 34% YoY to Rs 11,660 crore, and was also above the estimated Rs 10,375 crore.
Managing Director CK Venkataraman said: “All our consumer businesses achieved healthy growth for the quarter. The Watches and Wearables business crossed quarterly revenues of ,1,000+ crores, an important milestone in their journey. Jewellery business continued to shine well growing nearly 27% 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.”
Venkataraman said the festive season in Q3 has started well and that he is optimistic on performance in the rest of the financial year.
Comments
0 comment