Titan Company reports income from operations at Rs 4435 crore in Q2
The income for the first half of this financial year, stands at Rs 9375 crore, registering a growth of 7.4% over last year
Titan Company Ltd announced growth in income of 0.6% for the second quarter. The income from operations in the second quarter, July to September 2019, was Rs 4435 crore, against last year's income of Rs.4407 crore during the same period. The income for April to September 2019, the first half of this financial year, stands at Rs 9375 crore, registering a growth of 7.4% over last year.
The Standalone PBT for Q2 is Rs 429 crore, against Rs 446 crore last year. The growth in the profit before tax for the quarter was impacted due to the flat growth in revenues compounded by an increase in certain overheads.
The Jewellery business had a subdued quarter on the back of very high gold prices, recording an income of Rs 3528 crore as compared to Rs 3582 crore last year. The Watches business recorded an income of Rs 719 crore against Rs 676 crore in the previous year, a growth of 6.4%. The Jewellery division continues to gain market share registering a growth of 5.9% in revenue for the first half of this year and the Watches business is growing at a healthy 12.9% for the same period. The Eyewear business grew well, by 28.5% in the quarter, recording an income of Rs 154 crore as against Rs 120 crore last year. Other segments of the company comprising accessories, fragrances and Indian dress wear grew by 33.2% in Q2 recording an income of Rs 44 crore. The previous year income for this segment in Q2 was Rs 33 crore.
The Company's retail chain stands at 1668 stores, as on 30th September 2019 with a retail area crossing 2.1 million sq.ft. nationally for all its brands.
CK Venkataraman, Managing Director of the Titan Company Ltd stated that "The company has done well across all its businesses in the second quarter given the subdued market and consumer sentiments. The Jewellery business has done better than most players in the industry. Both the Watches as well as Eyewear business have recorded good growth. For the second half of FY20 we are gearing up on all fronts to stimulate demand with innovative campaigns for new exclusive collections that are lined up for launch across all our brands".
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