Titan net profit rises 8% to Rs 301 crore in Q2

Watch and jewellery maker Titan on Friday reported an 8.34% rise in consolidated net profit at Rs 301.11 crore for the second quarter ended September 30, 2018, compared with Rs 277.93 crore reported in the corresponding quarter last year.

The total income during the quarter went up 27.5% to Rs 4,595 crore compared to Rs 3,603 crore in the corresponding period last fiscal, the company said in a filing to BSE.

During the second quarter, Titan’s revenues from jewellery business jumped 29% to Rs 3,582 crore, while revenues from watches grew by 17% to Rs 676 crore.

The jewellery business recorded an income of Rs 3,582 crore as compared to Rs 2,788 crore last year. The income from watches business recorded healthy growth too, for the quarter at Rs 676 crore as against Rs 576 crore in the previous year, a rise of 17%.

The eyewear business recorded 19% growth during the quarter to touch Rs 120 crore as against Rs 101 crore last year. Accessories income grew by 24% in Q2 at Rs 33 crore. The previous year income for this segment in Q2 was Rs 27 crore. The company's retail chain stands at 1,540 stores, as on September 30, 2018, with a retail area crossing 1.9 million sq feet nationally for all its brands.

Bhaskar Bhat, Managing Director of the company said, "The company has done well across all its businesses in the second quarter, delivering 26% growth over last year. The jewellery business picked up this quarter after a soft first quarter and the watches business had one of its best quarters with an extremely healthy growth in the bottom line for the first half. The eyewear business has picked up too with our investments in the brand building showing results now".