Titan Company recorded a growth of 18% in revenues during the quarter compared to Q2 of FY22. Total income for the quarter was~ 8,308 crores compared to~ 7,028 crores of Q2 FY22 (excluding bullion sale). The Company also recorded profits of~ 1,155 crores (before taxes) for the quarter in comparison to~ 868 crores in Q2 FY22, a growth of 33%.
Jewellery business registered an income of~ 7,203 crores in Q2 FY23 compared to~ 6,106 crores in Q2 FY22 (excluding bullion sale), a growth of 18%. Watches & Wearables business reported an income of~ 829 crores with 21% growth in Q2 FY23 compared to~ 687 crores in Q2 FY22. The Wearables segment (included above) grew impressively by 246% to , 88 crores during the quarter. EyeCare business reported a quarterly income of, 167 crores with 4% growth in Q2 FY23 compared to, 160 crores in Q2 FY22. Other businesses comprising Indian dress wear and Fragrances & Fashion Accessories reported an income of , 73 crores in Q2 FY23 compared to ~ 46 crores in Q2 FY22, a growth of 59%.
Jewellery business reported an EBIT oM 1,103 crores in Q2 FY23 compared to~ 793 crores in t he same quarter of the previous year. Watches & Wearables business reported an of EBIT, 123 crores in Q2 FY23 compared to~ 92 crores in the same quarter of the previous year. EyeCare business reported a lower EBIT of~ 28 crores in the quarter compared to~ 37 crores in the same quarter of t e previous year as the business invested on advertisement and paid higher rentals on the network expansion. Other businesses reported a loss of, 18 crores as compared to a loss of, 1 crore in the same quarter of the previous year as they have been investing in building the brands and scale.
The Company has added (net) 105 stores during the year. The Company’s retail chain (including Caratlane) has 2,408 stores across 382 towns with an area exceeding 3 million sq. ft. as on September 2022.
Of the key subsidiaries of the Company:
• Caratlane Trading Private Limited reported a revenue of , 445 crores and a profit of ~ 19 crores (before taxes) for the quarter compared to revenue of~ 288 crores and a profit of~ 10 crores in the same quarter of the previous year registering a revenue growth of 55%.
• Titan Engineering & Automation Limited (TEAL) reported a revenue of, 123 crores and a profit of, 13 crores (before taxes) compared to a revenue of~ 51 crores and loss of~ 1 crore in the same quarter of the previous year.
“The Company has continued its strong performance into Q2 across all business segments. Despite an uncertain macro environment, the current festive season starting from the end of September month and continuing till the end of October has been quite positive and the consumer confidence remains upbeat. We have clocked a retail growth of 17-19% in larger business divisions of the Company namely – Jewellery, Watches & Wearables and EyeCare over a 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.”, CK Venkataraman, Managing Director of the Company.