Titan records revenue growth of 18% and PBT growth of 33% in Q2 FY 2022-23
Titan Company recorded a growth of 18% in revenues during the quarter compared to Q2 of FY22. Total income for the quarter was Rs 8,308 crores compared to Rs7,028 crores of Q2 FY22 (excluding bullion sale).The Company also recorded profits of Rs1,155 crores (before taxes) for the quarter in comparison to '868 crores in Q2 FY22, a growth of 33%.
Jewellery business registered an income of Rs7,203 crores in Q2 FY23 compared to Rs6,106 crores in Q2 FY22, excluding bullion sale, a growth of 18%. Watches & Wearables business reported an income of Rs829 crores with 21% growth in Q2 FY23 compared to Rs687 crores in Q2 FY22. The Wearables segment that is included above grew impressively by 246% to Rs 88 crores during the quarter. EyeCare business reported a quarterly income of Rs167 crores with 4% growth in Q2 FY23 compared to Rs160 crores in Q2 FY22. Other businesses comprising Indian dress wear and Fragrances & Fashion Accessories reported an income of Rs73 crores in Q2 FY23 compared to Rs46 crores in Q2 FY22, a growth of 59%.
Jewellery business reported an EBIT of Rs1,103 crores in Q2 FY23 compared to'793 crores in the same quarter of the previous year. Watches & Wearables business reported an EBIT of Rs123 crores in Q2 FY23 compared to Rs92 crores in the same quarter of the previous year. EyeCare business reported a lower EBIT of Rs28 crores in the quarter compared to Rs37 crores in the same quarter of the previous year as the business invested on advertisement and paid higher rentals on the network expansion. Other businesses reported a loss of Rs18 crores as compared to a loss of Rs1crore in the same quarter of the previous year as they have been investing in building the brands and scale. 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.
Of The Key Subsidiaries of the Company
Caratlane Trading Private Limited reported a revenue of Rs445 crores and a profit of Rs19 crores (before taxes) for the quarter compared to revenue of Rs288 crores and a profit of Rs10 crores in the same quarter of the previous year registering a revenue growth of 55%. Titan Engineering & Automation Limited (TEAL) reported a revenue of Rs123 crores and a profit of Rs13 crores (before taxes) compared to a revenue of Rs51crores and loss of Rs1crore in the same quarter of the previous year.
C. K. Venkataraman, Managing Director of the group stated that the Company has continued its strong performance into Q2 across all business segments. He added, “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. 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."
The above image features Ashok Sonthalia, CFO, Titan Company Limited.