Titan Company Limited (Titan), India’s leading consumer lifestyle Company, announced its results for the quarter and half year ended 30th September 2023. Titan (Standalone) recorded an income growth of 21% in Q2FY24 compared to Q2FY23. The corresponding PBT at, 1,261 crores was higher by 9% compared to, 1,155 crores achieved in Q2FY23.
At the Jewellery front, total Income on: 8,575 crores recorded an increase of 19% compared to Q2FY23. The India business grew by 21% in the same period led by ‘Festival of Diamonds’ (studded activation), Tales of Mystique collection, Rivaah X Tarun Tahiliani collection and well accompanied by regional campaigns.
The Business witnessed healthy double-digit growths in both buyers and average bill value per buyer during this period. EBIT came in at, 1,206 crores clocking an EBIT margin of 14.1% for Q2FY24 helped by better studded share in the portfolio.
Tanishq expanded its presence in Gulf Co-operation Countries (GCC) to enter Qatar with 2 new stores in Doha. Tanishq’s international presence now stands at 10 stores including the one store in New Jersey, USA. Zoya entered the state of Gujarat by opening its first store at Palladium mall, Ahmedabad during the quarter. With this expansion, the niche luxury jewellery brand is now present in 8 stores spread across the cities of Mumbai, New Delhi, Bengaluru, Gurgaon, Hyderabad, and Ahmedabad.
CK Venkataraman, Managing Director of the Company stated that, “All our consumer businesses achieved healthy growth for the quarter. The Watches and Wearables business crossed quarterly revenues of, 1,000+ crores, an important milestone in their journey.
Jewellery business continued to shine well growing nearly 27% 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.”
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