In its second quarter, luxury watchmaker Titan reported a net profit of Rs 199 crore but it’s a 37.81 per cent YoY decline. The company’s total income dropped 1.72 per cent to Rs 4,389 crore. Revenues improved 55 per cent for watches and wearables division, 98 per cent for the jewellery division and 61 per cent for the eyewear division. Its income from jewelry division declined 2 per cent to Rs 3,446 crore for the quarter as compared to Rs 3,528 crore last year
In watches and wearables division, income declined by 44 per cent to Rs 400 crore against Rs 719 crore in the previous year. Revenues in the eyewear segment declined by 39 per cent in the quarter, recording an income of Rs 94 crore as against Rs 154 crore last year. The Indian dress wear segment and accessories recorded an income of Rs 23 crore compared to Rs 44 crore in the previous year, a decline of 48 per cent.
The principal subsidiaries of the company continued to do well, Titan Engineering and Automation (TEAL) recorded revenues of Rs 167 crore and profit before tax of Rs 25 crore for H1FY21. Revenues of CaratLane grew by 10 per cent in the quarter and a positive EBIT. It generated revenues of Rs 194 crore (decline of 28 per cent) during H1 and a net loss of Rs 24 crore.
