Titan’s Q2 net profit falls 23% to Rs 704 crore

Titan’s Q2 profit: Leing jewellery and watchmaker Titan on Tuesday reported a 23 per cent decline in its consolidated net profit to Rs 704 crore for second quarter ended on September 2024.

company posted a net profit of Rs 916 crore in July-September quarter a year ago, according to a regulatory filing from Titan.

However, its sales were up 25.82 per cent to Rs 13,473 crore during quarter under review. It was Rs 10,708 crore for corresponding quarter.

Total expenses of Titan increased 20.23 per cent to Rs 13,709 crore in June quarter.

Titan's total income in September quarter rose 15.83 per cent to Rs 14,656 crore.

During quarter, Titan's jewellery business increased 15.25 per cent to Rs 12,771 crore. In jewellery business, Titan's India business grew 25 per cent triggered by "gold rush" after a reduction in customs duty (CD).

" custom duty reduction saw a revival in consumer interest as gold prices cooled off temporarily. ensuing gold rush lasted well into mid-September. Buyer growth was healthy and well accompanied by an increase in average selling prices, both exhibiting double-digit growths," it said.

During quarter, in India, Tanishq opened 11 new stores, Mia ded 12 and Zoya ded 1 store respectively.

Similarly, revenue from Watches & Wearables was up 19.41 per cent to Rs 1,304 crore.

"Analog segment recorded a strong 26 per cent revenue growth over Q2FY24 led by Titan brand clocking 32 per cent growth in same period. Consumer preferences for premium brands were clearly visible with Helios channel (international brand sales) clocking a healthy retail growth of 43 per cent over Q2FY24," it said.

Its 'Wearables' segment saw a 13 per cent drop in its Revenue compared to Q2FY24 primarily due to a reduction in average selling prices.

business ded 34 stores in Q2 FY'25 comprising 18 new stores in Titan World, 14 in Helios and 2 in Fastrack respectively.

Its Eyecare segment revenue was up 6.87 per cent at Rs 202 crore.

"Frames and Lenses saw healthy growth in volumes. Sunglasses recorded a volume decline due to seasonality. International brand sales recorded a strong growth of 53 per cent over Q2FY24," said Titan ding division ded 3 new stores of Titan Eye+.

Revenue from or segments, which includes its emerging business as  Fragrance, wallets, Indian Dress Wear (Taneria) etc was at Rs 301 crore, up 38.07 per cent in September quarter.

segment has emerging Businesses such as Taneria, Indian Dress Wear, Fragrances and Fashion Accessories.

"Taneira's sales grew 12 per cent compared to Q2FY24 mainly driven by growth from new stores. brand opened 4 new stores during quarter, taking total store count to 81 stores covering 41 cities," it said.

Titan is a joint venture between Tata Group and Tamilnu Industrial Development Corporation (TIDCO).

Shares of company on Tuesday settled at Rs 3,233.05 per scrip on BSE, up 0.23 per cent from previous close.