Second quarter results: Titan's consolidated profit up 8.34% to 301.11 crore

The turnover and profits were led by the largest segment of Titan, jewelry, sold mainly under the Tanishq brand.

Bengaluru: Titan Co Ltd, which specializes in watches and accessories, recorded a growth of 8.34%. while total revenues increased significantly over the quarter, compared to sales growth in all key product segments.

But the rate of growth of Tata Group's independent net income for the quarter was 5% year-on-year. Titan listed two reasons for this moderate growth rate: a provision of 29 million kronor for its investments in treasury transactions in inter-company deposits in the group IL & FS and certain non-performing offsets. recurring due to franchisees.

In June, the transport arm of the Infrastructure Leasing and Financial Services Ltd (IL & FS) group, IL & FS Transportation Networks Ltd (ITNL), deferred the repayment of 450,000 FCFA of small business inter-company deposits. India Development Bank (Sidbi), triggering a downgrading of ICRA's and CARE's rating on ITNL's debt securities. The IL & FS Group and its units subsequently failed to meet several other payment obligations.

Titan's consolidated net profit was 301.11 crowns in the second quarter, compared with 277.93 crores last year. Total income was Rs 4,595.13 crores during the quarter, an increase of Crs 3,603.01 for the same quarter of the previous year.

Revenues and earnings growth were driven by Titan's largest segment, jewelery sold primarily under the Tanishq brand. Revenues in the jewelery sector increased by 29.02% to reach $ 3,645.07 billion on an annual basis.

"The company performed well in all of its businesses in the second quarter, recording 26% growth over last year. The jewelery business resumed after a difficult first quarter and the watchmaking business had one of the best quarters with extremely healthy net profit growth in the first half. The eyewear sector has also resumed with the results achieved through our investments in the construction of the brand, "said Titan CEO Bhaskar Bhat in a statement on Friday to the BSE.