Titan Company Q1 Results FY2023: PAT at Rs 1066 cr, revenues up 200% at Rs 8649 cr - 5 top takeaways
Titan Company Q1 Results FY2023: Highlights: Total income for the quarter was at Rs 8,649 cr, which was up nearly 200 per cent as compared to Rs 2,890 cr of Ql FY22
Titan Company Q1 Results FY2023: Titan Company recorded its second-best quarterly revenue in Q1FY23 buoyed by a strong festive demand in a near normal Ql that came after a gap of two Covid disrupted periods of Ql FY21 and Ql FY22, the company said in its filing to exchanges. In the process, Titan also recorded one of the highest profits of, 1,066 cr (before taxes) for the quarter in comparison to, 82 cr in Ql FY22.
Total income for the quarter was at Rs 8,649 cr, which was up nearly 200 per cent as compared to Rs 2,890 cr of Ql FY22 (excluding bullion sale).
Titan Company Q1 Results FY2023: Highlights
1) The jewellery business registered an income of Rs 7,600 cr in Ql FY23 compared to Rs 2,467 cr in Ql FY22 (excluding bullion sale), a growth of 208 per cent riding on a good Akshaya Tritiya sales and a better studded mix compared to the same quarter previous year. Jewellery business reported an EBIT of Rs 1,027 cr in Ql FY23 compared to Rs 207 cr in the same quarter of the previous year.
2) Watches & Wearables business reported its best quarterly income of Rs 785 cr with 169 per cent growth in Ql FY23 compared to Rs 292 cr in Ql FY22. Watches & Wearables business reported an EBIT of Rs 103 cr in Ql FY23 compared to a loss of Rs 56 cr in the same quarter of the previous year.
3) EyeCare business also reported its highest quarterly income of, Rs 183 cr with 173 per cent growth in Q1FY23 compared to Rs 67 cr in Ql FY22. EyeCare business reported an EBIT of Rs 36 cr in the quarter compared to a loss of Rs 13 cr in the same quarter of the previous year.
4) Other businesses comprising Indian dress wear and Fragrances & Fashion Accessories reported an income of Rs 56 cr in Ql FY23 compared to Rs 14 cr in Ql FY22, a growth of 300 per cent. Other businesses reported a loss of, 10 cr as compared to a loss of, 16 cr in the same quarter of the previous year.
5) The Company has added (net) 125 stores during the year. The Company's retail chain (including Caratlane) has 2,303 stores across 366 towns with an area exceeding 2.9 million sq. ft. as on June 2022.
Titan shares today ended at Rs 2428 on the NSE and were up nearly 0.2 per cent from the Thursday closing price.
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