Timex Group India reports Q2 net profit of Rs 11 crore
Watchmaker Timex Group India reported a net profit of Rs 11 crore ($1.5 million) for the quarter ended September 2021, as against a net loss of Rs 4 crore it reported in the corresponding period of the previous fiscal year.
The company’s revenue for the July-September quarter rose by 195 percent to Rs 88 crore, as against a net profit of Rs 30 crore it reported in the year-ago period.
“The e-commerce channel continued to lead the growth because of consumer events lined up for Diwali festival. The offline retail channel also recorded good recovery in most markets across the country during the quarter,” Timex said in a statement.
“Supply chain continues to be challenging with an upward trend in commodity prices, material non-availability due to partial lockdowns in few countries and global shipping constraints,” it added.
During the quarter, Timex India also launched its first collection in collaboration with Italian fashion brand Benetton in the Indian market.
Timex sees huge potential for growth in the Indian market and continues to invest heavily to increase its manufacturing to meet the domestic and global demand. Currently, India is the third-largest market for the brand globally and it is optimistic of 20 percent annual growth for the next five years.
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