Titan Company Ltd. announced on August 2 that its consolidated net profit for the June quarter of FY24 was Rs 756 crore, down 4.3% from Rs 790 crore in the same quarter of the previous fiscal year.
After reporting a profit of Rs 736 crore in the previous quarter, the company claimed a 2.7% increase.
According to a regulatory filing, the company’s total consolidated revenue is Rs 11,897 crore, up 25.97 percent from Rs 9,443 crore in the same period last year. From the previous quarter’s Rs 10,360 crore, the revenue climbed by 14.83 percent.
“We’ve had a strong start to the year with double-digit sales growth in all business segments. With a 19% year-over-year rise, the jewelry industry continued to be the company’s top performer, according to Mr. C K Venkataraman, managing director.
Over the same year, the company’s business in India had a 20 percent growth spurred by robust demand during Akshaya Tritiya and an alluring gold exchange program. Comparing Q1FY23 to Q1FY23, the average ticket size increased by 6% while the buyer growth was 14%.
Although net profit fell short of projections, revenue was mostly in line. Brokerage firms polled revealed that Titan’s first-quarter sales was Rs 10,723 crore, with a net profit of Rs 923.2 crore.
The watch and wearables industry saw a 13 percent increase in total revenue to,890 crores in Q1FY23, driven mostly by a robust 81 percent gain in the Wearables category. According to a press release from the company, the premiumization theme was prominent, with Titan and International brands experiencing strong buying momentum and impressive double-digit growths in the analog segment.
Compared to Q1FY23, the EyeCare business’s overall revenue increased by 11% to Rs 203 crore. The growing sector, which sells Indian dress wear, fashion accessories, and fragrances, had a 37% increase in total revenue to Rs 76 crore.
Comparing CaratLane Private Limited’s total income to the same quarter last year, it increased by 32% to Rs 640 crore. In comparison to Q1FY23, Titan Engineering and Automation Limited’s total income was Rs 61 crore, a 32% decrease.
Titan’s share price dropped 1.25 percent to Rs 2964.25 on the NSE on August 2.
