Titan Company Limited Q2 profit jumps 34% to Rs 857 crore.

Titan Company announced on Friday that strong consumer sentiment during the festive season helped it increase its standalone profit year over year by 33.7% to '857 crore during the July-September quarter from '641 crore in the same period last year. The company's standalone operating revenue increased during the quarter by 21.7%, from Q2FY22's reported $7,170 crore to $8,730 crore. 

The largest source of revenue for Titan, the jewelry industry, generated revenue of £7,203 crore in the second quarter of FY23, an increase of roughly 18% over Q2 FY22's profits of £6,106 crore. In comparison to Q2FY22, the watches and wearables company posted an income of $829 million, a 21% increase over the three-month period.

The eyecare unit also reported a quarterly profit of '167 crore, up 4% from Q2FY22. The company's other businesses, which also include Indian dress wear, fragrances, and fashion accessories, saw revenue climb by 59% to '73 crore in Q2FY23 from '46 crore in Q2FY22. 

"Across all business segments, the company maintained its outstanding performance in Q2 (FY23). The current festive season, which began at the end of September and ran through the end of October, has been positive despite uncertain macro conditions, and consumer confidence is still high, according to Titan Company managing director CK Venkataraman.

The company reported that during a previous year during the previous festive season, retail growth in its three primary business segments increased by 17–20%. On a net basis, the company added 105 shops throughout the year. As of September 2022, the Titan retail chain—which includes Caratlane—had 2,408 locations spread across 382 towns, covering an area larger than 3 million square feet.

"We are enthusiastic about our performance in the remaining quarters of the current financial year. We remain ruthlessly focused on executing our expansion goals in India and beyond."  the company stated.