Titan Q2 profit inches up 2% YoY to Rs 320 crore, misses Street estimates

Titan Company on Tuesday reported a 1.83 per cent year-on-year rise in standalone profit at Rs 320.16 crore for the September quarter. The company had posted Rs 314.38 crore profit in the year-ago period.

Analysts in an ET NOW had projected a net of Rs 358 crore.

The Jewellery business had a subdued quarter on the back of high gold prices, the Tata group firm said. The segment reported revenue of Rs 3,528 crore against Rs 3,582 crore.

“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,” said managing director, CK Venkataraman.

Watches business recorded revenue of Rs 719 crore, up 6.4 per cent over Rs 676 crore in the year-ago period.

Other segments comprising accessories, fragrances and Indian dress wear grew by 33.2 per cent, recording a revenue of Rs 44 crore. The previous year revenue for this segment was Rs 33 crore.

The company’s retail chain stood at 1,668 stores, as of September 30, with a retail area crossing 2.1 million sq ft.