Titan Q2 Results: Titan Ltd reported a 25% drop in net profit for the quarter ending September 30, 2024, with profit at Rs 705 crore compared to Rs 940 crore in the same quarter last year. Despite this, the company’s total income grew by 24% year-on-year to Rs 12,458 crore, up from Rs 10,027 crore in Q2FY24. On November 5, Titan’s shares on the BSE closed slightly higher, up by 0.4% at Rs 3,235.
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The jewellery segment led the revenue growth, recording a 26% increase in total income to Rs 10,763 crore. Titan reported that its India jewellery business expanded by 25%, achieving an EBIT margin of 8.7% at Rs 932 crore. Excluding the impact of customs duty, EBIT rose to Rs 1,222 crore, reflecting an 11.4% margin.
The company attributed the rise in jewellery demand to a temporary reduction in gold prices due to customs duty cuts, which boosted consumer interest. This led to sustained buying into mid-September, with an increase in both buyer growth and average selling prices. Tanishq also expanded its footprint with 11 new stores in India during the quarter.
Titan’s consolidated EBIT declined by 17.5% to Rs 1,128 crore, down from Rs 1,367 crore in Q2FY24. The watch segment, however, showed strong growth, with analog watches reporting a 25%+ increase in sales and volume.
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Managing Director CK Venkataraman highlighted the company’s portfolio strategy, noting strong buyer growth across its brands. He acknowledged the quarter’s profitability challenges but expressed optimism for continued performance growth across Titan’s business segments.
