Titan Company Q1 Results FY2024, Profit at Rs. 756 Crores

On 2nd August 2023, Titan Company announced its quarterly results for the last quarter of FY2023.

Titan Company Financial Highlights:

- Total income up by 21% YoY, at Rs. 11,070 Crores.
- PBT was reported at Rs. 1002 crores, a drop by 2% YoY
- PAT dropped by 4% to Rs. 756 Crores

Titan Company Business Highlights:
 

- Total Income of the Jewellery segment was reported at Rs.9,070 crores recording an increase of 19% compared to Q1FY23. The India business grew by 20% in the same period driven by healthy demand during Akshaya Tritiya and an attractive gold exchange program. The Buyer growth was 14% and the average ticket sizes moved up by 6% compared to Q1FY23. 
- Watches & Wearables Business recorded a Total Income of Rs.890 crores, up by 13% compared to Q1FY23 backed by a strong growth of 81% in the Wearables segment.
- EyeCare’s business total Income of Rs.203 crores was up by 11% compared to Q1FY23. 
- Emerging Businesses’ Total Income of Rs.76 crores for the Emerging Businesses comprising Fragrances, Fashion Accessories (F&FA), and Indian Dress Wear (Taneira) grew by 37% compared to Q1FY23.
- Caratlane Trading Private Limited’s Total Income grew by 32% to Rs.640 crores as compared to Q1FY23. 
- Titan Engineering & Automation Limited’s business recorded a Total income of Rs.61 crores, lower by 32% compared to Q1FY23

Commenting on the results, Mr. CK Venkataraman, Managing Director of the Company stated that: "The year has started well for us with double-digit revenue growth across business segments. The Jewellery business remained the star performer with a 19% growth on a YoY basis. We are pursuing market share gain across categories and investing in various capabilities and retail network expansion. Our international foray is also shaping up well. We remain optimistic about our performance for the rest of the financial year."