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Titan on Friday reported reported a 33.7 per cent rise in net profit to ₹857 crore for the September 2022 quarter. This is against a net profit of ₹641 crore in the year-ago period, the company said in a regulatory filing.
The revenue from operations of Titan grew 22 per cent to ₹8,730 crore in the quarter under review from ₹ ₹7,170 crore a year ago.
The jewellery business, excluding bullion sale, saw a growth of 18 per cent in revenue to ₹7,203 compared to ₹6,106 crores in corresponding quarter last fiscal. The watches and wearables business revenue increased by 21 per cent to ₹829 crore as compared to ₹687 crores in the corresponding quarter last fiscal. The eye care business reported a 4 per cent growth in revenue to ₹167 crore.
“Despite an uncertain macro environment, the current festive season starting from end of September month and continuing till end of October has been quite positive and the consumer confidence remains upbeat,” CK Venkataraman, managing director of the company said.
“We remain relentlessly focused in executing our growth plans in India and overseas and are optimistic about our performance in the remaining quarters of the current financial year,” he added.
Titan’s has added (net) 105 stores during the year. The company’s retail chain (including Caratlane) has 2,408 stores across 382 towns with an area exceeding 3 million sq. ft. as on September 2022, the company said in its filing.
On Friday, the company’s scrip on BSE closed trading 0.18 per cent higher at ₹2,768.30
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John Miller has been writing about science, gaming, and tech culture for over a decade. He’s a top-rated reviewer with extensive experience helping people find the best deals on tech and more.
