Titan Ltd Q2 net profit grows fourfold

28th October 2021, Mumbai:

For the second quarter, Titan’s consolidated net profit rose nearly fourfold. Consolidated sales for the quarter grew 75.50 percent compared to the same quarter last year. Revenue excluding bullion sales grew 78 percent year on year riding on strong demand recovery across its consumer businesses.

Titan’s jewelry division is doing exceedingly well and other divisions are swiftly bouncing back to pre-pandemic levels. The jewelry division witnessed demand resurgence, registering a 77 percent rise in income compared with the year-ago quarter.

The watches and wearables business recorded an income rise of 72 percent. The eyewear business recorded an income rise of 70 percent.

The other segments of the company comprising Indian dress wear and, fragrances and accessories recorded an income of Rs 46 crores. Titan’s strong growth this quarter was underpinned by demand recovery being witnessed in all segments.

Its stores are fully operational, returning to pre-pandemic normalcy in most parts of the country with a continued focus on the health and safety of customers, business partners, and employees.

Titan's store expansions gained traction during the quarter, which was partially disrupted in the pandemic period. Titan's 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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