Titan Q2 Results Highlights: Net profit rises 9.7% to ₹940 crore; revenue growth

Titan Engineering & Automation Limited: The Business recorded a total income of ₹125 crores in Q2FY24, a growth of 2% compared to Q2FY23. The Automation Solutions order flow for the quarter nearly tripled compared to the same period last year resulting in a closing order book position of more than ,600 crores at the end of Q2FY24.

Titan Q2 Live updates: Titan’s Taneira’s business grew by 64% compared to Q2FY23. Growth of its Indian dress wear business was driven by festive collections and campaigns around Onam, Varamahalakshmi, Ganesh Chaturthi, Raksha Bandhan and Teej, actively promoted on digital platforms.

The ‘Pujo’ collection, a range of ‘Lal Paars’, spanning various clusters, crafts, and price points was launched during the quarter.

Titan Q2 LIVE Updates: Its women’s bags business under emerging business segment grew by 31% QoQ. The other fashion accessories business comprising of belts and wallets however was lower by 40% during this same period.

Titan Q2 results: The company’s ermeging business earned a total income of ₹93 crore. The segment witnessed a 27% YoY growth in the quarter under review. The Emergung Business of Titan includes  Fragrances, Fashion Accessories (F&FA) and Indian Dress Wear (Taneira). The F&FA business grew by 4% compared to Q2FY23. In subsegments, Fragrances grew 12%.

“All our consumer businesses achieved healthy growth for the quarter. The Watches and Wearables business crossed quarterly revenues of ₹1,000+ crores, an important milestone in their journey. Jewellery business continued to shine well, growing nearly 27% in consumer sales over last year. The store expansions in key markets are progressing well. We retain our focus on improving market share by offering differentiated products to our consumers touching their everyday lives in a meaningful way. The festive season in Q3 has started well and we are optimistic for our performance in the rest of the financial year,” said CK Venkataraman, Managing Director, Titan Company.

EyeCare segment reported a total income of ₹188 crore in Q2FY24, up by 13% YoY. The segment’s EBIT remained flat YoY at ₹28 crore, while it declined from ₹35 crore, sequentially. EBIT margin during the quarter was at 14.9%. 

Titan’s subsidiary Caratlane’s total income in Q2FY24 grew by 45% YoY to ₹650 crore. The company’s EBIT came in at ₹26 crore for Q2FY24 clocking a margin of 4%. The brand rolled out a ‘Request-In-Store’ feature during the quarter aimed at deepening the customer omni-channel experience. 

Titan’s Watches & Wearables segment recorded a total Income of ₹1,092 crore, up by 32% compared to Q2FY23 crossing ₹1,000+ crore of quarterly revenues for the first time in its journey. 

Analog watches revenue of ₹870 crores grew by 22% compared to Q2FY23 whereas the Wearables portfolio achieved revenue of ₹175 crore growing by 131% in the same period. 

Premiumization theme continued to work well for Titan and International brands (Helios) exhibiting strong double-digit growths in the analog segment. In Wearables, Fastrack brand nearly quadrupled in volumes contributing a significant share to the growth in Business. EBIT came in at ₹160 crore with an EBIT margin of 14.7% for Q2FY24.

Titan Company’s jewellery…