New Delhi, Nov 5 (PTI) Titan Company Ltd, the country’s leading branded jewellery and watch maker, on Thursday reported a more than twofold jump in its consolidated net profit to Rs 2,393 crore in the September quarter of FY27.
The company had posted a net profit of Rs 1,120 crore during the July-September period a year ago, according to a regulatory filing.
Revenue from operations was up 23.54 per cent at Rs 20,337 crore in Q2 FY27, against Rs 16,461 crore in the corresponding period of the preceding fiscal.
This marks a sequential moderation for Titan, which had earlier reported revenue growth of over 40 per cent for three consecutive quarters.
Moreover, Titan’s board also approved a proposal to raise funds through issuance of rated, listed, redeemable, unsecured Non-Convertible Debentures (NCDs) on a private placement basis for an amount up to Rs 2,500 crore.
Its Jewellery business, which now contributes around 90 per cent to the business, increased 7.25 per cent to Rs 17,721 crore. It was at Rs 16,522 crore in the corresponding quarter of the preceding fiscal.
The jewellery business, which houses brands such as Tanishq, Mia and Caratlane in the segment, said the growth was broad-based and driven by strong performance across key brands and rising demand for studded jewellery.
In the domestic market, jewellery revenue grew 21 per cent to Rs 16,343 crore. Tanishq, Mia and Zaya together recorded a 20 per cent growth to Rs 14,935 crore, while CaratLane posted a 31 per cent increase in revenue to Rs 1,408 crore.
Titan's international jewellery business registered a 105 per cent jump in revenue to Rs 1,152 crore.
Tanishq, Mia and CaratLane together grew 41 per cent to Rs 488 crore in the segment, while Damas Jewellery, a UAE-based jewellery retailer in which Titan acquired a majority stake in July last year, clocked revenue of Rs 364 crore.
The company said Tanishq continued to see healthy traction in North America, while the GCC market recorded encouraging growth. However, overall consumer demand across the Gulf Cooperation Council (GCC) region continued to be impacted by geopolitical disruptions and volatility.
Titan’s revenue from Watches was also up 27.35 per cent at Rs 1,881 crore in Q2 FY27.
“The Watches business saw strong outperformance with analog watches growing in the early thirties, leading overall growth for the Division. The Smart Watches business got back to growth this quarter, with a high single-digit increase,” it said.
Titan’s Watch business added 34 new stores in India in the quarter, consisting of 17 stores in Titan World, 7 in Fastrack, 3 stores in Helios, 6 stores in Helios Luxe and 1 Nebula store.
Its Eyecare segment revenue stood 27.72 per cent higher at Rs 281 crore.
“This business accelerated its growth momentum in the quarter through focused execution and continued premiumization across the product portfolio,” said Titan, a JV between Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO).
Its revenue from the 'Others' segment, which includes SKINN Fragrances, IRTH Women's Bags and Indian Dress Wear brand Taneira, was also up 45 per cent to Rs 808 crore during the quarter.
“The Emerging Businesses delivered healthy double-digit growth across SKINN Fragrances, IRTH Women's Bags and Indian Dress Wear (Taneira),” it said.
Fragrances maintained its strong volume momentum across both the Skinn and Fastrack perfume lines; IRTH Women's Bags saw growth driven by higher average selling prices and new store openings, whereas Taneira's growth was driven by better same-store performance.
Total expenses increased 13.76 per cent to Rs 18,429 crore in the second quarter of FY27.
Titan's total consolidated income increased 13.7 per cent in Q2 FY27 to Rs 21,430 crore.
In the first half (H1) of FY27, Titan’s total consolidated income stood at Rs 42,932 crore, up 21 per cent year-on-year.
Shares of Titan Company Ltd settled at Rs 4831.55 apiece, up 1.72 per cent, on the BSE on Thursday.
(This story has not been edited by THE WEEK and is auto-generated from PTI)