New Delhi: Jewellery major Titan Company reported a 24 per cent yearly rise in its consolidated income to Rs 10,837 crore for the quarter that ended September 30, 2023. A year ago, the company’s income stood at Rs 8,742 crore.
Titan’s consolidated net profit for the period in review jumped by 9.7 per cent YoY to Rs 916 crore against Rs 835 crore last year.
In terms of EBITDA, the jewellery retailer saw a 15.8 per cent increase to Rs 1,392 crore.
Segment-wise, the jewellery division saw a 19.1 per cent rise in income to Rs 8,575 crore followed by watches and wearables at Rs 1,092 crore and eyecare at Rs 188 crore.
Caratlane, in which Titan recently acquired an additional 27.2 per cent stake for Rs 4,621 crore, saw its income increase by a whopping 45.1 per cent YoY to Rs 650 crore for the September quarter.
The company also actively strengthened its retail network during the quarter. Titan Company added 12 new stores for Tanishq, 26 for Mia by Tanishq, 1 for Zoya and 13 for Caratlane.
For its watches segment, the retailer opened 10 new outlets under Titan World, 5 under Helios and 5 more stores for Fastrack. Additionally, for eyewear, Titan added a total of 5 new brand outlets.
