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Titan spurts after positive business update

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Titan Company jumped 3.74% to Rs 1327.55 after the company said it saw good traction across all its businesses in the festive season.

The company said its jewellery business witnessed a mid-teens growth (around 15%) for the 30 day festive season starting from Dussehra till Diwali over the corresponding period last year, with a decent recovery in studded jewellery sales.

The watches and wearables business also did quite well in the festive season with recovery close to last year levels. Eyewear segment has also witnessed good traction, it added.

On a standalone basis, the company's net profit declined 37.8% to Rs 199 crore on 11% fall in net sales to Rs 3892 crore in Q2 September 2020 over Q2 September 2019.

The company's jewellery division recorded an income of Rs 3,446 crore for the quarter (excluding gold bullion sales) as compared to Rs 3,528 crore last year, a decline of 2%. Titan reported an 89% recovery in sales in Q2 of FY 2020-21 led by sharp recovery in the Jewellery division post the significant disruption caused by the COVID-19 pandemic in India in the first quarter of the fiscal.

The watches and wearables business recovered well in the quarter to record an income of Rs 400 crore against Rs 719 crore in the previous year, a decline of 44%. The eyewear business also improved with revenues declining by 39% in the quarter, recording an income of Rs 94 crore as against Rs 154 crore last year.

Shares of Titan Company have surged 15.6% in last three months, outperforming the Nifty 50 index which added 13.25% in the same period.

Titan Company is engaged in making and selling watches, jewellery, eyewear and others. The company's retail chain (including CaratLane) stands at 1,832 stores, as on 30 September 2020 with a retail area crossing 2.4 million sq ft for all its brands covering 290 towns.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, November 19 2020. 13:06 IST
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