Titan Company on Friday reported ore than 3000% jump in year-on-year (YoY) net profit at Rs 785 crore in June quarter compared with Rs 46 crore profit in the same quarter last year. The Tata Group firm said its quarterly revenues were the second-best, buoyed by a strong festive demand in a near normal Q1 that came after a gap of two Covid disrupted periods. Total income for the quarter soared 172 per cent a YoY to Rs 9,487 crore compared with Rs 3,519 crore in the corresponding quarter last year.
Titan said its jewellery business registered an income (excluding bullion sale) of Rs 7,600 crore compared with Rs 2,467 crore in the year-ago quarter, up 174 per cent YoY riding on a good Akshaya Tritiya sales and a better studded mix compared to the same quarter previous year.
Watches and wearables business reported its best quarterly income of Rs 785 crore, up 168 per cent over Rs 292 crore YoY. Eyecare business also reported its highest quarterly income of Rs 183 crore, up 173 per cent over Rs 67 crore YoY.
Other businesses comprising Indian dress wear and fragrances & fashion accessories reported 73 per cent YoY rise income at Rs 56 crore compared with Rs 14 crore YoY.