Titan Sees Mixed Financial Results Despite Retail Growth and Expansion

Leading jewellery retailer and watchmaker Titan reported a 5.42% decline in net profit for Q1 FY24, despite a 12.64% rise in sales. The decline was attributed to factors such as gold rate hikes and election restrictions. The company expanded its international presence and opened new stores domestically.

Leading jewellery retailer and watchmaker Titan reported a 5.42% decline in its consolidated net profit, dropping to Rs 715 crore for the quarter ending June 2024. This marks a decrease from the Rs 756 crore posted in the same quarter last year.

However, Titan's quarterly sales surged 12.64% to Rs 12,223 crore, compared to Rs 10,851 crore in the corresponding period the previous year, according to their regulatory filing. Total expenses also increased by 12.75% to Rs 12,413 crore.

Notably, Titan's jewellery business revenue rose 10.4% to Rs 11,808 crore, with a 20% retail growth in the first six weeks of the quarter, which included Akshaya Tritiya. Despite challenges such as a steep rise in gold rates, election restrictions, and an unprecedented heatwave, Titan continued to expand, opening new stores both internationally and domestically.

(With inputs from agencies.)