The watches and wearables business also did quite well in the festive season with recovery close to last year levels. Eyewear segment has also witnessed good traction, it added.
On a standalone basis, the companys net profit declined 37.8% to Rs 199 crore on 11% fall in net sales to Rs 3892 crore in Q2 September 2020 over Q2 September 2019.
The companys jewellery division recorded an income of Rs 3,446 crore for the quarter (excluding gold bullion sales) as compared to Rs 3,528 crore last year, a decline of 2%. Titan reported an 89% recovery in sales in Q2 of FY 2020-21 led by sharp recovery in the Jewellery division post the significant disruption caused by the COVID-19 pandemic in India in the first quarter of the fiscal.
The watches and wearables business recovered well in the quarter to record an income of Rs 400 crore against Rs 719 crore in the previous year, a decline of 44%. The eyewear business also improved with revenues declining by 39% in the quarter, recording an income of Rs 94 crore as against Rs 154 crore last year.
Shares of Titan Company have surged 15.6% in last three months, outperforming the Nifty 50 index which added 13.25% in the same period.
Titan Company is engaged in making and selling watches, jewellery, eyewear and others. The companys retail chain (including CaratLane) stands at 1,832 stores, as on 30 September 2020 with a retail area crossing 2.4 million sq ft for all its brands covering 290 towns.
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