Timex Group India’s Q2 net profit rises 66 percent to Rs 19 crore

By

Maverick Martins

Published
Nov 4, 2022

Timex Group India Ltd (TGIL) reported a 66 percent rise in its net profit to Rs 19 crore ($2.1 million) for the second quarter ended September 2022, as against Rs 11 crore reported in the year-ago period.

The company’s revenue for the July-September quarter rose by 38 percent to Rs 121 crore, as against Rs 88 crore reported in the corresponding period of the previous fiscal year.

Timex Group’s expenses for the quarter increased to Rs 6.29 crore as compared to Rs 5.63 crore reported in the year-ago period.

“Q2 FY22-23 has been the best quarter reported in TGIL history. Revenue, collection, profitability – all key parameters are at best-ever levels. We also reported strong growth across all regions and channels,” TGIL said in a statement.

“We saw strong resurgence in the offline channel driven by a big festive season and return of consumers to physical stores. Increased retail inflation, weakening of the rupee against the US Dollar, and the global supply chain constraints continue to pose challenges,” it added.

Timex Group companies produce watches under several brands, including Timex, Guess, Versace, Salvatore Ferragamo, GC, Furla, Missoni, Adidas, Nautica, and Ted Baker.