Titan Shines Amid Profit Dip with Strong Sales Growth

Titan, a prominent jewellery and watchmaker, reported a 23% drop in net profit to Rs 704 crore, despite a 25.82% sales increase to Rs 13,473 crore in Q2 2024. The 'gold rush' post-customs duty cut boosted jewellery sales, while watches and wearables displayed robust growth.

Leading jewellery and watchmaker Titan has reported a 23% decline in its consolidated net profit, marking a drop to Rs 704 crore for the quarter ending September 2024. This compares to a net profit of Rs 916 crore recorded in the same quarter last year, as per the company's regulatory filing.

Despite the profit dip, Titan's sales surged by 25.82% to reach Rs 13,473 crore during the reviewed quarter, up from Rs 10,708 crore a year ago. Total expenses also rose, recording a 20.23% increase, while the total income climbed by 15.83%.

In a positive outlook, Titan's jewellery segment saw a 15.25% growth, driven by a consumer 'gold rush' following a reduction in customs duty. This period also saw the opening of several new stores, contributing to a robust increase in sales.

(With inputs from agencies.)