03-Nov-2023
2 mins read
Surpass Projections Titan Company Limited has exhibited an extraordinary financial performance in its second-quarter report for the fiscal year 2024. The enterprise observed a notable 9.7% jump in net profit, escalating to Rs 916 crore from Rs 835 crore during the same timeframe in the previous year. This positive financial revelation led to a more than 2% boost in the company’s share value, now standing at Rs 3,274.
The latest financial synopsis for the company indicates a significant elevation in revenue, with the consolidated figure touching Rs 12,529 crore, a steep increase of 36.73% from Rs 9,163 crore in the same quarter of the last year. Moreover, there was an appreciable growth of 5.31% compared to the revenue figures reported in the preceding quarter.
The company’s EBITDA stood at Rs 1,355 crore, witnessing a 9.8% growth. However, there was a marginal dip in the EBITDA margin, which went down to 11.6% from the prior year’s 14.1%.
The jewellery division, including star brands like Tanishq, shone brightly with a 19.1% increase in income over the year. The watch division followed suit, posting a 31.7% growth, thanks to the rising popularity of its timepieces and smart wearables.
Titan’s EyeCare division enjoyed a 12.3% growth spurt, while CaratLane, its online jewellery arm, dazzled with a 45.1% rise in income. Both segments expanded their retail presence, aligning with consumer trends.
Following the announcement of such strong quarterly results, Titan Company’s shares have moved in an upward trajectory, which underpins the confidence investors have in its ongoing and future performance.
The second-quarter financials of Titan Company not only shine due to seasonal effects but also demonstrate the company’s robust performance across its portfolio, suggesting a strong outlook for the upcoming quarters.