Titan Q2FY22 Results: Profit surges 3-fold to Rs 641 cr amid strong recovery demand – check earnings highlights here
Titan Company on Wednesday reported spectacular earnings during the second quarter of the financial year 2021-22 (Q2FY22), with almost all parameters registering year-on-year growth.
Riding on the strong recovery in demand across segments, index heavyweight Titan Company on Wednesday reported spectacular earnings during the second quarter of the financial year 2021-22 (Q2FY22), with almost all parameters registering year-on-year growth.
The jewellery and accessories company’s profit jumped over three-fold to Rs 641 crore in Q2FY22 as compared to Rs 199 crore in the same quarter a year ago. Similarly, the revenue grew by 64 per cent to Rs 7220 crore as against Rs 4318 crore in the corresponding quarter a year ago.
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While the company’s EBITDA also surged over three-fold to Rs 954 crore in the July-September quarter of FY22 versus Rs 301 crore in Q2FY21. While the margin saw growth of 650 basis points to 13.3 per cent from 6.8 per cent YoY.
The company in its results statement said, “Titan's revenue excluding bullion sales grew by 78 per cent in Q2 FY22 compared to Q2 FY21. The Jewellery division doing exceeding well, and other divisions swiftly bouncing back to pre-pandemic levels.”
“Titan's store expansions have gained traction during the quarter, which was partially disrupted in the pandemic period. Our strong digital presence combined with trusted offline experience gives a positive outlook for the overall performance of the company for the rest of the fiscal year,” the management said in earnings commentary.
The Jewellery division witnessed a demand resurgence and made a strong recovery registering an income of Rs 6,106 crore with 77 per cent growth in Q2FY22 compared to Rs. 3,446 crore in Q2FY21.
The Watches and Wearables business recorded an income of Rs 687 crore with 72 per cent growth in Q2FY22 compared to Rs 400 crore in Q2FY21.
The Eyewear business recorded an income of Rs 160 crore with 70 per cent growth in Q2FY22 compared to Rs 94 crore in Q2FY21.
The other segments of the Company comprising Indian Dress Wear and, fragrances & accessories recorded an income of Rs 46 crore in Q2 FY22 as compared to Rs 23 crore in Q2FY21.
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