Titan Company Q2FY24 result: Net profit at Rs 916 cr; income up 37%

Titan Company Q2 result: The total income for Q2FY24 came in at Rs 12,653 crore, compared to Rs 9,224 crore y-o-y, registering a rise of 37.17 per cent

Titan Company reported a 9.70 per cent jump in its consolidated net profit in the quarter that ended on September 30 to Rs 916 crore, as compared to Rs 835 crore in the same quarter last year. However, as compared to Rs 756 crore in the previous quarter, the net profit was up 21.16 per cent.

The total income for Q2FY24 came in at Rs 12,653 crore, compared to Rs 9,224 crore y-o-y, registering a rise of 37.17 per cent. On a q-o-q basis, the total income was up 5.34 per cent. It was Rs 12,011 crore in Q1FY24.

The company's jewellery business reported total Income of Rs 8,575 crore, which is an increase of 19 per cent compared to Q2FY23.

C K Venkataraman, managing director, Titan Company, said, "All our consumer businesses achieved healthy growth for the quarter. The watches and wearables business crossed quarterly revenues of over 1,000 crore, an important milestone in their journey. The jewellery business continued to shine well growing nearly 27 per cent in consumer sales over last year. The store expansions in key markets are progressing well. We retain our focus on improving market share by offering differentiated products to our consumers touching their everyday lives in a meaningful way. The festive season in Q3 has started well and we are optimistic for our performance in the rest of the financial year."

At 2:49 pm, the shares of Titan Company were trading at Rs 3,259.50.