Watches and jewellery maker Titan Company on Friday said second quarter profits rose 23.5 per cent to Rs 180.76 crore as it saw sales increase for its higher margin jewellery during the festive season. Revenue remained flat at Rs 2,675.77 crore.
Titan saw its jewellery brand Tanishq grow 39 per cent as it sold more diamond studded jewellery in the quarter, helping it realise higher margins than pure gold jewellery.
The company, however, saw its main watch business struggle as it found customers slow purchase of watches in its international markets.
Titan had reported profits of Rs 146.35 crore on sales of Rs 2,673.48 crore in the July to September period last year.
“All our retail channels grew. The festive season had commenced very well. For the Dussehra to Diwali festive period, Tanishq registered a growth of 39 per cent over last year,” said Bhaskar Bhat, managing director, Titan Company. He added that the firm has 1,316 retail stores across India.
Titan shares dipped by Rs 8.15 or 2.24 per cent on the BSE on Friday to close at Rs 368.20.