Titan Company Q2 net profit falls 23% to ₹704 crore

Titan Company Ltd. for the second quarter ended September 30 reported 23% drop in consolidated net profit at ₹704 crore as compared with ₹916 crore in the year ago period due to impact of normalisation of custom duty cut. 

The company’s consolidated revenues from sale of products and services increased 26% to ₹13,473 crore in over ₹10,708 crore in the same period last year.

CK Venkataraman, Managing Director, Titan Company said, ““On account of the customs duty related losses, as well as the need to invest in growth of various businesses, the profitability of Q2 was quite depressed. However, we are quite confident about the competitiveness of each of our businesses and we remain optimistic about our performance for rest of the financial year.”

“After a muted Q1, Q2 witnessed encouraging growth across key businesses. Jewellery clocked healthy double- digit growth for the quarter. Our portfolio approach in this business of straddling diverse customer needs through the brands of Tanishq, Mia, Zoya and Caratlane is working well,” he said. 

“The buyer growth metrics were fairly strong and in good double-digits across gold and studded product categories. The quarter also witnessed analog watches growing more than 25% over last year with commensurate uptick in volumes.