Titan Q2 Results: Profit rises 10% to ₹940 cr, beats estimates; firm optimistic on growth for rest of FY24

The jewellery division recorded a total income of ₹8,575 crore, an increase of 19% compared to the same quarter last year. The watches and wearables business recorded a total income of ₹1,092 crore, up by 32%, compared to the year-ago quarter. The watches and wearables segment crossed over ₹1,000 crore of quarterly revenue for the first time in its journey.

Titan's eyeCare business saw a total income of ₹188 crore in the quarter under review, up by 13% compared to Q2FY23, while the Emerging Businesses together recorded a loss of ₹24 crore for the second quarter.

The jewellery segment recorded an EBIT of ₹1,206 crore, with a margin of 14.1% for the second quarter, driven by better studded share in the portfolio. The India business rose 21%, with a healthy double-digit growths in both buyers and average bill value per buyer during this period.

Tanishq expanded its presence in Gulf Co-operation Countries (GCC) to enter Qatar with two new stores in Doha. Tanishq's international presence now stands at 10 stores including the one store in New Jersey, USA.

EBIT for Watches & Wearables segment came in at ₹160 crore with a margin of 14.7% for the reporting quarter, while EBIT for the EyeCare business stood at ₹28 crore, with a margin of 14.9% for the quarter.

"Premiumization theme continued to work well for Titan and International brands (Helios) exhibiting strong double-digit growths in the analog segment. In Wearables, Fastrack brand nearly quadrupled in volumes contributing a significant share to the growth in Business," the company said.

The total income of ₹93 crore for the Emerging Businesses comprising of Fragrances, Fashion Accessories (F&FA) and Indian Dress Wear (Taneira) for the second quarter, grew by 27% compared to the same period last year.

The F&FA business grew by 4% year-on-year. In subsegments, Fragrances grew 12% and Women's Bags, led by 'IRTH' brand, clocked a healthy 31% growth compared to last year. The other fashion accessories business comprising of belts and wallets however was lower by 40% during this same period.

"All our consumer businesses achieved healthy growth for the quarter. The Watches and Wearables business crossed quarterly revenues of ₹1,000+ crores, an important milestone in their journey. Jewellery business continued to shine well growing nearly 27% in consumer sales over last year. The store expansions in key markets are progressing well," said CK Venkataraman, Managing Director of Titan.

Venkataraman said the company retains its focus on improving market share by offering differentiated products to its consumers.

He added, "The festive season in Q3 has started well and we are optimistic for out performance in the rest of the financial year."