Titan Q2 net profit rises 9.7% to Rs. 916 crore
India's leading branded jewelry manufacturer, Titan, posted a 9.7% growth in consolidated net profit at Rs. 916 crore for the second quarter of fiscal 2024, exceeding market predictions. Revenue growth was at 36.7% YoY, reaching Rs. 12,529 crore. Operating profit grew 13.2% to Rs. 1,411 crore, while margin took a slight hit YoY at 11.3% versus 13.6% due to higher expenses.
Segment-wise performance
Revenue from watches and wearables increased by 31.6% YoY to reach Rs. 1,092 crore, while the jewelry segment, excluding bullion sales, grew by 23.3% YoY to Rs. 9,265 crore. The eyecare segment also saw a notable increase, with revenue reaching Rs. 189 crore, reflecting a 13.2% growth YoY. Revenue from other businesses, including emerging divisions like Taneira, fragrances, fashion accessories, and the subsidiaries Titan Engineering and Automation Ltd. and Titan Commodity Trading Ltd., grew by 11.2% YoY.
Tata Group company opened 68 new stores in Q2
During the quarter, the Tata Group company opened 68 new stores, bringing the total count to 2,613 by September this year. The majority, 39 stores, were added to the jewelry business, followed by 20 in watches and wearables, and five in eyecare. Additionally, four new Taneira outlets were opened. After the results were announced, Titan's shares settled at Rs. 3,274.50 apiece, up 2.28%, on NSE.
