Titan Company on Friday reported a 2.85 per cent year-on-year rise in standalone net profit at Rs 314.38 crore for the quarter ended September.
It had posted a net profit of Rs 305.64 crore in the same quarter last year.
An analyst poll at ETNow had projected a net profit of Rs 359 crore.
Total income increased 26.38 per cent YoY to Rs 4,433.62 crore during the quarter under review as against Rs 3,508.04 crore in the same period last year.
Standalone profit before tax for Q2 FY19 stood at Rs 446 crore as against Rs 425 crore a year ago, registering a growth of 5 per cent.
“The growth in the profit before tax for the quarter was muted due to provision made to the tune of Rs 29 crore for investments made as part of treasury operations in inter corporate deposits in the IL&FS group and certain one-time franchisee compensations on store takeover in the jewellery segment,” the company said in a release.
The jewellery business recorded an income of Rs 3,582 crore as compared to Rs 2,788 crore last year. The business grew by 29 per cent over last year in Q2. The income from watches business recorded healthy growth for the quarter at Rs 676 crore against Rs 576 crore in the previous year, a growth of 17 per cent.
“The jewellery division continues to gain market share and watch business is seeing very good volume growth as well,” Titan said.
Bhaskar Bhat, Managing Director, in a release said, "The company has done well across all its businesses in the second quarter, delivering 26 per cent growth over last year. The jewellery business picked up this quarter after a soft first quarter and the watches business had one of its best quarters with an extremely healthy growth in bottom line for the first half. The eyewear business has picked up too with our investments in brand building showing results now.”
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ET Markets
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