Titan Company Q2 Results FY2023, PAT at Rs. 1155 crores

On 4th November 2022, Titan Company announced its quarterly results for the second quarter of FY2023.
 

Q2FY23 Performance updates:

-  Titan Company recorded a growth of 18% in revenues during the quarter compared to Q2FY22. 
- Total income for the quarter was Rs. 8,308 crores 
- The Company also recorded profits of Rs. 1,155 crores (before taxes) for the quarter, a growth of 33%.  

Business Highlights:

- Jewellery business registered an income of Rs. 7,203 crores in Q2 FY23, a growth of 18%.
- Watches & Wearables business reported an income of Rs. 829 crores with 21% growth in Q2 FY23. 
- The Wearables segment grew impressively by 246% to Rs. 88 crores during the quarter.
- EyeCare business reported a quarterly income of Rs. 167 crores with 4% growth in Q2 FY23. 
- Other businesses comprising Indian dress wear Fragrances & Fashion Accessories reported an income of Rs. 73 crores in Q2 FY23, a growth of 59%.
- The Company 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. 
- Caratlane Trading Private Limited reported a revenue of Rs. 445 crores and a profit of Rs. 19 crores (before taxes) for the quarter, registering a revenue growth of 55%
- Titan Engineering & Automation Limited (TEAL) reported a revenue of Rs. 123 crores and a profit of Rs. 13 crores (before taxes). 

Commenting on the results, Mr.CK Venkataraman, Managing Director of the Company said: "The Company has continued its strong performance into Q2 across all business segments. Despite an uncertain macro environment, the current festive season starting from end of September mont h and continuing till end of October has been quite positive and the consumer confidence remains upbeat. We have clocked a retail growth of 17-19% in larger business divisions of the Company namely - Jewellery, Watches & Wearables and EyeCare over similar festive season timeline of the previous year. We remain relentlessly focussed in executing our growth plans in India and overseas and are optimistic about our performance in the remaining quarters of the current financial year."  

Titan share price dropped by 1.36%