Titan revenue up 199% to Rs 8,975 cr on the back of strong festive demand

Titan reported a net profit of Rs 790 crore in the first quarter, a steep climb from Rs 18 crore in the year-ago quarter, while its revenue soared 199 per cent to Rs 8,975 crore. 

“Titan Company recorded its second-best quarterly revenue in Q1FY23, buoyed by a strong festive demand in a near normal Q1 that came after a gap of two Covid disrupted periods of Q1 FY21 and Q1 FY22,” the company said in its earnings release. 

Excluding the sale of bullion, the company’s revenue stood at Rs 8,649 crore, a growth of 199 per cent, compared to Rs 2,890 crore in Q1FY22. 

The company’s jewellery business registered an income of Rs 7,600 crore in the quarter compared to Rs 2,467 crore in the corresponding quarter last year (excluding bullion sale), a growth of 208 per cent.

The company’s watches and wearables business reported its best quarterly income of Rs 786 crore with 169 per cent growth in the quarter compared to Rs 293 crore in the year-ago quarter. 

In its eyecare business, the company saw its revenue at Rs 183 crore with 173 per cent growth in quarter compared to Rs 67 crore a year ago. Its other businesses comprising Indian dress wear and fragrances and fashion accessories reported an income of Rs 56 crore in the quarter compared to Rs 14 crore last year, a growth of 300 per cent.

CK Venkataraman, MD, Titan, said, “We delivered a strong performance in Q1 across our business segments. Despite the challenging macro environment, the outlook for the remaining quarters looks positive and we continue to execute our investment plans in India as well as chosen international geographies.”