Titan reports Rs 756 cr net profit in Q1FY24
New Delhi: Titan Company Ltd. reported a consolidated net profit of Rs 756 crore for the June quarter of FY24, down 4.3 percent compared to Rs 790 crore in the same quarter of the previous financial year.
However, there was a 2.7 percent increase in profit compared to Rs 736 crore in the previous quarter.
The company's total consolidated revenue for the June quarter was Rs 11,897 crore, showing a rise of 25.97 percent from Rs 9,443 crore in the year-ago quarter.
The company’s revenue increased by 14.83 percent from Rs 10,360 crore in the previous quarter.
“The year has started well for us with double-digit revenue growth across business segments. The jewellery business remained the star performer with a 19 percent growth on a YOY basis,” said CK Venkataraman, managing director of the company.
Titan's India business witnessed a growth of 20 percent in the same period, driven by strong demand during Akshaya Tritiya and an appealing gold exchange program.
The buyer growth was 14 percent, and average ticket sizes increased by 6 percent compared to Q1FY23.
Titan's revenue was largely in line with expectations, but its net profit fell short of estimates.
The watches and wearables business saw significant growth, recording a total income of Rs 890 crore, up by 13 percent compared to Q1FY23.
This growth was driven by an impressive 81 percent increase in the wearables segment.
The company highlighted the strong buying momentum for Titan and International brands in the analogue segment, showcasing a premiumization trend with handsome double-digit growth.
The EyeCare business also showed positive performance, with a total income of Rs 203 crore, marking an 11 percent increase from Q1FY23.
The emerging business, which includes fragrances, fashion accessories, and Indian dress wear, demonstrated remarkable growth of 37 percent, reaching Rs 76 crore in total income.
In the same quarter compared to the previous year, CaratLane Private Limited's total income showed strong growth, increasing by 32 percent to reach Rs 640 crore.
On the other hand, Titan Engineering and Automation Limited experienced a decline in total income, which stood at Rs 61 crore, down by 32 percent compared to Q1FY23.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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