Last Updated: November 03, 2023, 15:14 IST
Indian jeweler and watchmaker Titan Company on Friday beat second-quarter earnings expectations, aided by the robust demand for its gold jewelery manufacturers and progress in on-line gross sales. The firm on Friday stated its consolidated web revenue grew 10 per cent at Rs 916 crore for the September quarter in contrast with Rs 835 crore within the corresponding quarter final yr. Total consoldiated revenue for the quarter grew 24 per cent YoY to Rs 10,837 crore in contrast with Rs 8,742 crore in the identical quarter final yr. Ebit for the quarter rose 16 per cent YoY to Rs 1,392 crore however Ebit margin for the quarter contracted 90 foundation factors YoU to 12.8 per cent in opposition to 13.7 per cent within the yr-in the past quarter.
Following the quarterly outcomes, Titan shares have been buying and selling 2.46 per cent larger at Rs 3,280.05 on BSE.
Revenue from operations grew by 34% YoY to Rs 11,660 crore, and was additionally above the estimated Rs 10,375 crore.
Managing Director CK Venkataraman stated: “All our consumer businesses achieved healthy growth for the quarter. The Watches and Wearables business crossed quarterly revenues of ,1,000+ crores, an important milestone in their journey. Jewellery business continued to shine well growing nearly 27% in consumer sales over last year. The store expansions in key markets are progressing well. We retain our focus on improving market share by offering differentiated products to our consumers touching their everyday lives in a meaningful way.”
Venkataraman stated the festive season in Q3 has began properly and that he’s optimistic on efficiency in the remainder of the monetary yr.
