On the back of a strong recovery in demand across its consumer businesses, Titan said that its "revenue excluding bullion sales grew by 78% in Q2 FY22 compared to Q2 FY21."
As per the audit report, Titan's Jewellery division witnessed a demand resurgence and made a strong recovery registering an income of Rs6,106cr with 77% growth in Q2 FY22 compared to Rs3,446cr in Q2 FY21 (excluding bullion sales in both periods). The Watches and Wearables business recorded an income of Rs687cr with 72% growth in Q2 FY22 compared to Rs400cr in Q2 FY21. The Eyewear business recorded an income of Rs160cr with 70% growth in Q2 FY22 compared to Rs94cr in Q2 FY2 l. The other segments of the Company comprising Indian Dress Wear and, fragrances & accessories recorded an income of Rs46cr in Q2 FY22 compared to Rs23cr in Q2 FY21.
CK Venkataraman, Managing Director of the Company said, "Titan's strong growth this quarter was underpinned by demand recovery being witnessed in all segments of the Company. Our stores were fully operational, returning to pre-pandemic normalcy in most parts of the country with a continued focus on the health and safety of our customers, business partners and our employees. Titan's store expansions have gained traction during the quarter, which was partially disrupted in the pandemic period. Our strong digital presence combined with trusted offline experience gives a positive outlook for the overall performance of the Company for the rest of the fiscal year."
The Company's retail chain (including CaratLane), spreads across 1,969 stores in 308 towns having an area exceeding 2.6 million sq. ft. In the 6 months from April 21 to September21 , the Company has added (net) 60 stores.
At around 1.07 pm, Titan was trading at Rs2391.20 per piece down 2.8% on Sensex.