Titan Ltd reports Q2 net profit of Rs 199 crore
Titan Company Ltd reported a standalone net profit of Rs 199 crore ($26.8 million) in the September quarter, as against a net profit of Rs 320 crore it had reported in the same quarter of the previous year.
Titan’s total income for the quarter was Rs. 4,389 crores down slightly by two percent, as compared to the income of Rs 4,466 crores for the same quarter in the previous year.
However, Titan has managed to revive its sales by almost 89 percent this quarter as it has started operations at most of its stores across all its divisions.
The jewellery division recorded an income of Rs 3,446 crore for the quarter, while the watches and wearables business and eyewear recorded revenue of Rs 400 crore and Rs 94 crore respectively.
Commenting on the results, CK Venkataraman, managing director at Titan Ltd, in the earnings statement said: “The recovery that the company has witnessed in the quarter has been very satisfying and the positive consumer sentiment gives rise to hope that the festive period could be good for all the divisions of the company. The company continues to gain market share in its key businesses.”
Titan Ltd is one of the leading players in the jewellery, eyewear, and watches segment with over 1,800 stores nationally for all its brands.
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