Titan Company Ltd today reported a 23.51 per cent increase in standalone profit after tax at Rs 180.76 crore for the second quarter ended September 30, help by lower expenses.
The company had reported profit after tax (PAT) of Rs 146.35 crore for the July-September quarter of last fiscal.
Titan’s income from operations stood at Rs 2,675.77 crore during the quarter under review as against Rs 2,681.34 crore in the year-ago period, down by 0.20 per cent, the company said in a press release.
Overall expenses of the firm were at Rs 2,425.38 crore during the quarter under review, down 3.12 per cent, from Rs 2,503.55 crore in the year-ago period.
“All businesses of the company recorded profits in the quarter. The Jewellery business had an extremely good studded jewellery activation and the Watches business launched its second smart watch, Juxt Pro. All our retail channels grew. The festive season has commenced very well. For the Dussehra to Diwali festive period, Tanishq registered a growth of 39 per cent over last year. In watches, for the same period, our World of Titan sA)res grew by 14 per cent and Helios stores by 11 % in retail sales,” Bhaskar Bhat, Managing Director, Titan said.
During the second quarter, Titan’s revenues from watches during the quarter were down by 5.20 per cent at Rs 523.69 crore as against the revenues generated a year ago.
The company saw a marginal rise 0.24 per cent in revenues from its jewellery business at Rs 1,987.51 crore during the quarter.
Revenues from eyewear segment grew by 6.55 per cent to Rs 95.19 crore in the second quarter of the current fiscal.