Titan Company gains after good Q2 outcome

Titan Company rose 2.38% to Rs 868.20 at 09:37 IST on BSE after consolidated net profit rose 8.34% to Rs 301.11 crore on 27.53% rise in total income to Rs 4595.13 crore in Q2 September 2018 over Q2 September 2017.

The announcement was made after market hours on Friday, 9 November 2018.

Meanwhile, the S&P BSE Sensex was up 123.95 points or 0.35% at 35,282.50

On the BSE, 1.44 lakh shares were traded on the counter so far as against average daily volumes of 1.33 lakh shares in the past two weeks. The stock had hit a high of Rs 882.70 and a low of Rs 842.45 so far during the day.

The standalone profit before tax (PBT) for Q2 September 2018 is Rs 446 crore, against Rs 425 crores in Q2 September 2017, recording a growth of 5%. The growth in the profit before tax for the quarter was muted due to provision made to the tune of Rs 29 crore for investments made as part of treasury operations in inter corporate deposits in the IL&FS group and certain one-time franchisee compensations on store takeover in the jewellery segment.

The jewellery business had a good quarter following a subdued first quarter and recorded an income of Rs 3582 crore as compared to Rs 2788 crore last year. The jewellery business grew by 29% over last year in Q2. The income from watches business recorded healthy growth too, for the quarter at Rs 676 crore against Rs 576 crore in the previous year, a growth of 17%. The eyewear business grew by 19% in the quarter, recording an income of Rs 120 crore as against Rs 101 crore last year. Other segments of the company comprising accessories grew by 24% in Q2 recording an income of Rs 33 crore. The previous year income for this segment in Q2 was Rs 27 crore.

Titan Company's main business lines are watches, jewellery and eyewear.

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