Conference Call with Titan Company Management and Analysts on Q2FY23 Performance and Outlook. Listen to the full earnings transcript.
Gems & jewellery company Titan Company announced Q2FY23 results: The Titan Company recorded a growth of 18% in revenues during the quarter compared to Q2 of FY22. Total income for the quarter was Rs.8,308 crore compared to Rs.7,028 crore in Q2 FY22 The Company also recorded profits of Rs.1,155 crore (before taxes) for the quarter in comparison to Rs. 868 crores in Q2FY22, a growth of 33% The Jewellery business registered an income of Rs. 7,203 crore in Q2FY23 compared to Rs. 6,106 crore in Q2FY22 (excluding bullion sale), a growth of 18% The watches & Wearables business reported an income of Rs. 829 crore with 21% growth in Q2FY23 compared to Rs. 687 crore in Q2FY22 The Wearables segment (included above) grew impressively by 246% to Rs.88 crore during Q2FY23 EyeCare business reported a quarterly income of Rs.167 crore with 4% growth in Q2FY23 compared to Rs.160 crore in Q2FY22 Businesses comprising Indian dress wear Fragrances & Fashion Accessories reported an income of Rs.73 crore in Q2FY23 compared to Rs. 46 crore in Q2FY22, a growth of 59% The jewellery business reported an EBIT of Rs.1,103 crore in Q2FY23 compared to Rs. 793 crore in the same quarter of the previous year. The watches & Wearables business reported an of EBIT Rs.123 crore in Q2FY23 compared to Rs. 92 crore in the same Q2FY22 EyeCare business reported a lower EBIT of Rs. 28 crore in the quarter compared to Rs. 37 crore in the same quarter of the previous year as the business invested in the advertisement and paid higher rentals on the network expansion Other businesses reported a loss of Rs.18 crore as compared to a loss of Rs.1 crore in the same quarter of the previous year as they have been investing in building the brands and scale Mr.C K Venkataraman, Managing Director of the Company stated: "The Company has continued its strong performance into Q2 across all business segments. Despite an uncertain macro environment, the current festive season starting from the end of September month and continuing till the end of October has been quite positive and consumer confidence remains upbeat. We have clocked a retail growth of 17-19% in larger business divisions of the Company namely - Jewellery, Watches & Wearables and EyeCare over a similar festive season timeline of the previous year. We remain relentlessly focussed on executing our growth plans in India and overseas and are optimistic about our performance in the remaining quarters of the current financial year." Result PDF