Bengaluru, 27″ October 2021: Riding on the strong recovery in demand across its consumer businesses, Titan’s revenue excluding bullion sales grew by 78% in Q2 FY22 compared to Q2 FY21. With Jewellery division doing exceeding well, and other divisions swiftly bouncing back to pre-pandemic levels, total income for the quarter was Rs. 7,220 crore, including bullion sale of Rs. 192 crore, a growth of 64% compared to total income of’ Rs. 4,389 crore in Q2 FY21 that included bullion sale of Rs. 391 crore. The total income for Hl FY22 was Rs. 10,534 crore, registering a growth of 67% compared to Rs. 6,290 crore in Hl FY21.
- Mr.CK Venkataraman, Managing Director of the Company stated that: “Titan’s strong growth this quarter was underpinned by demand recovery being witnessed in all segments of the Company. Our stores were fully operational, returning to pre-pandemic normalcy in most parts of the country with continued focus on health and safety of our customers, business partners and our employees. Titan’s store expansions have gained traction during the quarter, which was partially disrupted in the pandemic period. Our strong digital presence combined with trusted offline experience gives a positive outlook for the overall performance of the Company for the rest of the fiscal year.”
The Jewellery division witnessed a demand resurgence and made a strong recovery registering an income of Rs. 6,106 crore with 77% growth in Q2 FY22 compared to Rs. 3,446 crore in Q2 FY21 (excluding bullion sale in both the periods). The Watches and Wearables business recorded an income of Rs. 687 crore with 72% growth in Q2 FY22 compared to Rs. 400 crore in Q2 FY21. The Eyewear business recorded an income of Rs. 160 crore with 70% growth in Q2 FY22 compared to Rs. 94 crore in Q2 FY21. The other segments of the Company comprising Indian Dress Wear and, fragrances & accessories recorded an income of Rs. 46 crore in Q2 FY22 compared to Rs. 23 crore in Q2 FY21.
The strong recovery coupled with the product mix improvement helped the Company achieve profit before tax of’ Rs. 86b crore for the quarter compared to Rs.238 crore in the same quarter previous year. The Company recorded a profit before tax of’ Rs.9fi0 crore for the first half of this fiscal year against a loss of Rs.97 crore in the same period previous year.
The Jewellery division achieved Earnings Before Interest and Tax (ERIT) of Rs. 793 crore for the quarter compared to Rs.285 crore in the same quarter of previous year. The Watches and Wearables division reported an EBIT of Rs. 92 crore for the quarter against a loss of Rs. 4 crore in the same quarter of previous year. Eyewear division reported an EBIT of Rs. 37 crore in the second quarter compared to Rs. 9 crore in the same quarter of previous year. The other segments of the Company recorded a loss of Rs.1 crore compared to a loss of Rs.10 crore in the same quarter of the previous year.
The Company’s retail chain (including CaratLane), spreads across 1,969 stores in 308 towns having an area exceeding 2.6 million sq. ft. In the 6-month period from April2 1 to September2l, the Company has added (net) 60 stores.
Of the principal subsidiaries of the Company, Titan Engineering & Automation Limited (TEAL) recorded revenue of 51 crore and a loss of 1 crore in Q2 FY22 compared to revenue of Rs. 89 crore and profit before tax of Rs. 18 crore in Q2 FY21. The order win and pipeline are robust and supply chain deliveries are improving as shortage of semiconductors and logistics restrictions continue to ease. CaratLane Trading Private Limited continued to do well in both online and offline channels emerging as a strong omni player. For Q2 of FY22, it clocked revenue of Rs. 289 crore and a profit before tax of Rs . 10 crore compared to revenue of Rs. 148 crore and a loss of Rs. 4 crore in Q2 FY21.
