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03 February 2022, Mumbai:
Titan Company on February 3 reported a 135.6 percent year-on-year growth in net profit to Rs 987 crore for the quarter ended December, sharply beating analysts' estimate of Rs 847 crore.
The consumer discretionary company reported a 30.6 percent on-year growth in revenue from operations to Rs 9,515 crore, which was also above Street's expectations of 9,337 crore.
"The festive purchases in the quarter have driven Titan's strong growth in all businesses of the company and the quarter has turned out to be one of the best quarters in terms of growth and profitability," Managing Director CK Venkataraman said in a press statement.
Besides the festive period, Titan also benefitted from the record wedding season in the country in the previous quarter as the reopening of the economy post the second wave of the pandemic allowed people to undertake weddings that were delayed.
The jewellery business of the company jumped 37 percent on-year to Rs 8,563 crore in the reported quarter. The watches and wearables business of Titan posted a 29 percent on-year growth in sales to Rs 708 crore, while the eyewear operations grew 26 percent.
**The statistics mentioned in the above articles have been sourced from the following sources.
CREDITS: Money Control cnbctv18.com ET
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