Titan Company logs nearly 4-fold jump in Q2 profit at Rs 641 cr

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, Venkataraman added.Titan said its jewellery division witnessed a demand resurgence and made a strong recovery registering an income of Rs 6,106 crore with 77 per cent growth in the quarter as compared to Rs 3,446 crore in the year-ago period, excluding bullion sale in both the periods.

Tata group firm Titan Company on Wednesday reported nearly four-fold jump in consolidated net profit at Rs 641 crore for September quarter 2021-22 on the back of strong demand recovery across its consumer businesses.

The jewellery and watches major had posted a net profit of Rs 173 crore in the same period last fiscal year, Titan Company said in a regulatory filing.

Total income in the quarter stood at Rs 7,548 crore as against Rs 4,601 crore in the year-ago period, it added. During the quarter, the jewellery division did exceedingly well and other divisions swiftly bounced back to pre-pandemic levels, the company said.

Titan Company Managing Director CK Venkataraman said Titan's strong growth in the quarter was underpinned by demand recovery being witnessed in all segments of the company.

The company's stores were fully operational, returning to pre-pandemic normalcy in most parts of the country with continued focus on health and safety of customers, business partners and employees, he 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,'' Venkataraman added.

Titan said its jewellery division witnessed a demand resurgence and made a strong recovery registering an income of Rs 6,106 crore with 77 per cent growth in the quarter as compared to Rs 3,446 crore in the year-ago period, excluding bullion sale in both the periods. Similarly, the watches and wearables business posted 72 per cent growth at Rs 687 crore in as against Rs 400 crore in the year-ago period.

The company further said its eyewear business recorded an income of Rs 160 crore, up 70 per cent from Rs 94 crore posted in the same period last fiscal year. The other segments comprising Indian dress wear, and fragrances and accessories registered an income of Rs 46 crore as against Rs 23 crore in the second quarter last year, it said.

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