Titan reports muted growth in Q2 profit at Rs 429 crore
Mumbai (Maharashtra) [India], Nov 5: Tata enterprise Titan said on Tuesday its standalone profit before tax for Q2 totalled Rs 429 crore against Rs 446 crore last year.
The growth for second quarter was impacted due to flat growth in revenues compounded by an increase in certain overheads. The company said growth in income moved up by 0.6 per cent to Rs 4,435 crore against last year’s income of Rs 4,407 crore during the same period. The income for April to September 2019, the first half of current financial year, stands at Rs 9,375 crores, registering a growth of 7.4 per cent over last year.
The jewellery business had a subdued quarter on the back of high gold prices, recording an income of Rs 3,528 crore as compared to Rs 3,582 crore last year. The watches business recorded an income of Rs.719 crore against Rs 676 crore in the previous year, marking a growth of 6.4 per cent.
The jewellery division continues to gain market share registering a growth of 5.9 per cent in revenue for the first half of this year and the watches business is growing at a healthy 12.9 per cent for the same period.
The eyewear business grew by 28.5 per cent in the quarter, recording an income of Rs 154 crore as against Rs 120 crore last year. Other segments comprising accessories, fragrances and Indian dress wear grew by 33.2 per cent in Q2, recording an income of Rs 44 crore. The previous year income for this segment in Q2 was Rs 33 crore. Titan’s retail chain stands at 1,668 stores with a retail area crossing 2.1 million square feet nationally for all its brands.
