Titan Q1 net profit manifolds, records second best quarterly revenue on strong festive demand

The company said it recorded its second-best quarterly revenue in Q1FY23 buoyed by a strong festive demand in a near normal Ql that came after a gap of two Covid disrupted periods of Ql FY21 and Ql FY22.

Jewellery business registered an income of ₹7,600 crore in Ql FY 23 compared to ₹2,467 crore in Ql FY22 (excluding bullion sale), a growth of 208% riding on a good Akshaya Tritiya sales and a better studded mix compared to the same quarter previous year, Titan said in the earnings release.

Watches & Wearables business reported its best quarterly income of ₹785 crore with 169% growth in Ql FY23 compared to ₹292 crore in Ql FY22. Similarly, EyeCare business also reported its highest quarterly income of ₹183 crore with 173% growth in Q1FY23 compared to ₹67 crore in Ql FY22. 

Other businesses comprising Indian dress wear and Fragrances & Fashion Accessories reported an income of ₹56 crore in Ql FY23 compared to ₹14 crore in Ql FY22, a growth of 300%, the company added.

The company has added (net) 125 stores during the year. Titan’s retail chain (including Caratlane) has 2,303 stores across 366 towns with an area exceeding 2.9 million sq. ft. as on June 2022.

Titan shares over a per cent to ₹2,452 apiece on the BSE in Friday’s afternoon deals after the strong set of Q1 results reported by the company. 

“The financial year has begun well for us and we delivered a strong performance in Ql across our business segments. Despite 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,” said CK Venkataraman, Managing Director of the company.

Of the key subsidiaries of the company, Caratlane Trading Private Limited reported a revenue of ₹482 crore and a profit of ₹27 crore (before taxes) for the quarter compared to revenue of, 157 crores and loss of, 9 crores in the same quarter of the previous year.

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