Titan on Friday posted its quarterly earnings report, reporting a 1200% rise in net profit at ₹793 crore in Q1FY23 from ₹61 crore in the corresponding quarter last year. The total revenue from operations almost jumped thrice to ₹8,961 crore from ₹3,249 crore year-on-year (YoY).
Titan recorded one of its finest quarters by being the choice of consumers in festive celebrations. pic.twitter.com/NNBwj8MdHA
— Titan Company Limited (@TitanCompanyLtd) August 5, 2022
The company recorded its second-best quarterly revenue in the June-ended quarter, lifted by high festive demand in the first quarter.
Jewelry business attracted income of ₹7,600 crore in Ql FY 23, up 208% from ₹2,467 crore in Ql FY22 (excluding bullion sale), due to robust Akshaya Tritiya sales and a better-studded mix compared to last year’s first quarter, Titan said in the earnings release.
Watches & Wearables business recorded an income of ₹785 crore in the quarter under review, up 169% from ₹292 crore in Ql FY22.
EyeCare business reported a record income of ₹183 crore with a 173% increase in Q1FY23 against ₹67 crore in Ql FY22.
Other businesses comprising Indian dress wear Fragrances & Fashion Accessories generated an income of ₹56 crore in Ql FY23 versus ₹14 crore in Ql FY22.
It is to be noted that in the same quarter last year, India was grappling with the second wave of Covid-19, which led to many lockdowns, ultimately hampering the economy.
Titan opened 125 new locations this year. As of June 2022, the Titan retail chain—which also includes Caratlane—had 2,303 locations spread across 366 towns, covering an area larger than 2.9 million square feet.
Of the main subsidiaries of the company, Caratlane Trading Private Limited attracted a revenue of ₹482 crore and a profit of ₹27 crore (before taxes)during the quarter, definitely upping the numbers from revenue of, 157 crores and a loss of, 9 crores reported in the same quarter last year.
“The financial year has begun well for us and we delivered a strong performance in Ql across our business segments. Despite the challenging macro environment, the outlook for the remaining quarters looks positive and we continue to execute our investment plans in India as well as chosen international geographies,” said CK Venkataraman, Managing Director of the company.
Shares of Titan ended in green over the announcement of earnings. It settled at Rs 2428 apiece, jumping 4 points from last day’s close.