Tata group company Titan on Friday posted a 33 per cent jump in its standalone profit after tax to Rs 857 crore for the September 2022 quarter. On average, Analysts had expected a profit of Rs 710 crore, according to data from Refinitiv IBES. The jewellery and watchmaker had recorded a net profit of Rs 641 crore in the same quarter last fiscal.
Titan’s standalone revenue jumped 21.8 per cent y-o-y to Rs 8,730 crore in the September 2022 quarter, compared with Rs 7,170 crore in the year-ago quarter. Its Ebitda (earnings before interest, taxes, depreciation, and amortisation) during the September 2022 quarter rose 29.4 per cent to Rs 1,234 crore, against Rs 954 crore a year ago.
The company’s Ebitda margins expanded to 14.1 per cent, compared with 13.3 per cent a year ago.
Titan Managing Director C K Venkataraman said, “Despite an uncertain macro environment, the current festive season starting from the end of September month and continuing till the end of October has been quite positive and the consumer confidence remains upbeat.”
He added that the company remains relentlessly focused on executing its growth plans in India and overseas and is optimistic about its performance in the remaining quarters of the current financial year.
Over the previous year’s festive season, Titan clocked a retail growth of 17-19 per cent in larger business divisions — jewellery, watches & wearables and eyecare.
Titan’s jewellery business saw a jump of 18 per cent to Rs 7,203 crore in Q2FY23, compared with Rs 6,106 crore in Q2FY22 (excluding bullion sale). Its watches and wearables business posted a year-on-year growth of 21 per cent in income to Rs 829 crore.
The eyecare business reported a quarterly income of Rs 167 crore, a YoY jump of 4 per cent. The jewellery business’ EBIT came in at Rs 1,103 crore, watches & wearables Rs 123 crore and eyecare at Rs 28 crore.
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