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Titan’s second quarter sparkles as net profit rises 34% on strong jewellery demand

Titan’s second quarter sparkles as net profit rises 34% on strong jewellery demand

Titan’s second quarter sparkles as net profit rises 34% on strong jewellery demand
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By CNBCTV18.COMNov 4, 2022 5:17:24 PM IST (Updated)

Titan - the Tata Group-owned company which sells jewellery through its Tanishq chain of stores - said standalone revenue grew 21.8 percent year-on-year to Rs 8,730 crore from Rs 7,170 crore.

Titan Company on Friday reported a 34 percent year-on-year (YoY) rise in net profit for the September quarter to Rs 857 crore, beating a CNBC-TV18 estimate of Rs 729 crore as demand for gold improved ahead of the festival and wedding seasons.  Total revenue from operations increased 22 percent on year to Rs 8,730 crore.

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During the quarter, India's demand for gold rose 14 percent to 191.7 tonnes from a year ago, the World Gold Council said in a report published on Tuesday. Demand for jewellery was muted in the year-ago quarter after the second COVID subsided in the country.
The jewellery business, excluding bullion, saw an 18 percent YoY growth in revenue to Rs 7,203 crore. Watches and wearables business revenue increased 21 percent on year to Rs 829 crore. The eye care business reported a 4 percent growth in revenue to Rs 167 crore.
CK Venkataraman, Managing Director of Titan said that despite an uncertain macro environment, the current festive season, starting from the end of September and continuing till the end of October has been quite positive and consumer confidence remains upbeat.
“We have clocked a retail growth of 17-19 percent in larger business divisions of the Company - Jewellery, Watches & Wearables and EyeCare over similar festive season timeline of the previous year. We remain relentlessly focussed in executing our growth plans in India and overseas and are optimistic about our performance in the remaining quarters of the current financial year," said Venkataraman.
Shares of the Tata-owned company ended 0.23 percent higher at Rs 2,770 on the BSE.
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