EconomyCompanies
Titan's Q2 standalone profit more than doubles to ₹2,393 crore
The Tata group's jewellery and watch maker reported a 114% jump in standalone net profit for the September quarter on Thursday evening, on revenue that grew about 10%.
Key points
- Titan's standalone net profit rose 113.66% to ₹2,393 crore in July-September.
- Standalone revenue grew 10.09% to ₹20,614 crore.
- Profit grew far faster than sales, from ₹1,120 crore a year earlier.
Titan Company on Thursday reported that its standalone net profit more than doubled in the July-September quarter, rising 113.66% to ₹2,393 crore from ₹1,120 crore a year earlier.
The Tata group company, which sells jewellery under the Tanishq brand along with watches and eyewear, released the results after the market closed. Its standalone revenue rose 10.09% to ₹20,614 crore, from ₹18,725 crore in the same quarter last year.
The gap between the two growth rates stands out. Profit grew more than ten times as fast as revenue, and the first set of figures did not set out what drove the jump, whether stronger margins on jewellery or a one-time gain. Segment-wise numbers for jewellery, watches and eyewear were not part of the headline results.
The September quarter included the run-up to the festive season, when jewellery buying usually picks up, though Diwali itself fell in the following quarter.
Titan’s shares had gained 1.53% to ₹4,827.20 in morning trade ahead of the numbers. They will react to the results when trading opens on Friday.
Titan was among a crowded slate of companies reporting on Thursday. ONGC, Glenmark Pharma and Bharti Airtel also announced September quarter results during the afternoon and evening.