Titan Titan Q2FY22 results: Consolidated net profit soars four-fold to Rs 641 cr
Mumbai/IBNS: Tata group company Titan reported a four-fold increase in consolidated net profit at Rs 641 crore for the September quarter compared with Rs 173 crore in the same quarter last year.
Consolidated sales for the quarter jumped 75.50 percent YoY to Rs 7,243 crore against Rs 4,127 crore in Q2FY21.
Revenue excluding bullion sales grew 78 percent YoY on the back of a strong recovery in demand across its consumer businesses.
Titan said Bullion sales for the quarter stood at Rs 391 crore.
Watches and wearables business posted an income of Rs 687 crore, going up 72 percent over Rs 400 crore in the year-ago quarter.
The Eyewear business recorded an income of Rs 160 crore, up 70 percent over Rs 94 crore YoY.
Indian Dress Wear and, fragrances & accessories recorded an income of Rs 46 crore against Rs 23 crore YoY.
Managing Director CK Venkataraman said: "Titan's strong growth this quarter was underpinned by demand recovery being witnessed in all segments. Our stores were fully operational, returning to pre-pandemic normalcy in most parts of the country with a continued focus on health and safety of our customers, business partners and our employees."
Titan's store expansions gained traction during the quarter, he said adding that a 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.
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