Titan's net profit up 34% to Rs 857 crore in Q2; Revenue up 22%

Titan Q2FY23 Result: Company's net profit was up 34% to Rs 857 crore in Q2; Revenue was up 22%

Nov 5, 2022 - 17:48
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Titan's net profit up 34% to Rs 857 crore in Q2; Revenue up 22%

The giant Titan has recently declared the results for the second quarter (Q2FY23) ended on 30 September 2022. The company's net profit for the quarter grew 33.7% year-on-year to Rs 857 crore. The company's net profit stood at Rs 641 crore in the same quarter last year.
In the second quarter, the company's standalone revenue grew nearly 21.8% year-on-year at Rs 8,730 crore as against Rs 7,170 crore in the previous year. The company's operating profit (EBITDA) for the quarter grew by about 29.3% to Rs 1,234 crore.
Titan's operating profit stood at Rs 954 crore in the same quarter last year. The company's operating profit margin (EBITDA margin) declined 80 bps year-on-year to 14.1% from 13.3%.
In the second quarter, the revenue of Titan's jewellery business, excluding bullion, grew 18% year-on-year to Rs 7,203 crore. The company's Watches & Wearables business grew 21% year-on-year in revenue to Rs 829 crore. At the same time, the revenue of Titan's eye care business also increased by 21% year-on-year to Rs 167 crore.
The World Gold Council, in a report published on Tuesday, said India's gold demand during the second quarter rose 14% to 191.7 tonnes from a year ago. Jewellery demand was lower in the year-ago quarter after the second wave of Covid in the country subsided. Let us tell you that on Friday, the stock of Titan closed 0.23% higher at Rs 2,770.

Muskan Kumawat Journalist & Writer