Business strategy

Titan Q1 Consolidated Net Profit Rises 13 Times to Rs 793 Crore

Last Updated: August 06, 2022, 08:50 IST

Titan Q1 Results announced; check here. (Image: Shutterstock)

Titan Q1 Results announced; check here. (Image: Shutterstock)

Jewellery and watches maker Titan Ltd on Friday reported a multifold increase in consolidated net profit at Rs 793 crore in the first quarter ended June on the back of strong festive demand.

New Delhi, Aug 5: Jewellery and watches maker Titan Ltd on Friday reported a multi-fold increase in consolidated net profit at Rs 790 crore in the first quarter ended June on the back of strong festive demand. The company had posted a consolidated net profit of Rs 18 crore in the year-ago period, Titan Ltd said in a regulatory filing.

Consolidated total income during the quarter under review stood at Rs 9,487 crore as against Rs 3,519 crore in the same period last fiscal, it added. Jewellery segment clocked revenue of Rs 8,351 crore as compared to Rs 3,050 crore in the same period last fiscal, while watches and wearables category clocked Rs 786 crore revenue, up from Rs 293 crore last year.

Eyecare segment reported had a revenue of Rs 183 crore from Rs 67 crore in the same quarter of previous fiscal, it added. Total expenses were higher at Rs 8,415 crore. The same stood at Rs 3,480 crore in the corresponding quarter last year.

Titan said its revenue in the first quarter this fiscal was buoyed by a strong festive demand in a near normal period that came after a gap of two Covid-disrupted periods of the first quarters of FY21 and FY22. “The financial year has begun well for us and we delivered a strong performance in Q1 across our business segments. Despite the challenging macro environment, the outlook for the remaining quarters looks positive and we continue to execute our investment plans in India as well as chosen international geographies,” Titan Ltd Managing Director CK Venkataraman said.

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