Titan Firm fell 2.11% to Rs 1206.70 after the corporate’s standalone internet revenue declined 37.8% to Rs 199 crore on 11% fall in internet gross sales to Rs 3892 crore in Q2 September 2020 over Q2 September 2019.
Revenue earlier than tax (PBT) in Q2 FY21 stood at Rs 238 crore, down by 44.5% from Rs 429 crore in Q2 FY20. The result’s after a provision of Rs 34 crore for dues from a dealer referring to commodity hedging. Whole tax expense declined by 64.2% to Rs 39 crore in Q2 FY21 over Q2 FY20.
Titan reported an 89% restoration in gross sales in Q2 of FY 2020-21 led by sharp restoration within the Jewelry division submit the numerous disruption brought on by the COVID-19 pandemic in India within the first quarter of the fiscal.
“With the lockdowns being lifted in most elements of the nation, the corporate was in a position to function most of its shops throughout all its divisions. Buyer walk-ins have began bettering at the same time as social distancing norms stay. The restoration price of income improved considerably within the quarter, with the speed being 55% for the Watches and Wearables division, 98% for the Jewelry division and 61 % for the Eyewear division,” Titan stated in an announcement.
“Whereas the shopper sentiment improved considerably within the quarter, there was larger willingness to spend on plain gold jewelry and gold cash slightly than pure discretionary gadgets, explaining the explanation why the restoration charges in Watches and Eyewear and even studded jewelry throughout the Jewelry division had been decrease, it added.
The corporate’s jewelry division recorded an earnings of Rs 3,446 crore for the quarter (excluding gold bullion gross sales) as in comparison with Rs 3,528 crore final yr, a decline of two%.
The watches and wearables enterprise recovered effectively within the quarter to file an earnings of Rs 400 crore in opposition to Rs 719 crore within the earlier yr, a decline of 44%.
The eyewear enterprise additionally improved with revenues declining by 39% within the quarter, recording an earnings of Rs 94 crore as in opposition to Rs 154 crore final yr.
Different segments of the corporate comprising Indian costume put on and equipment recorded an earnings of Rs 23 crore in comparison with Rs 44 crore within the earlier yr, a decline of 48%.
C Okay Venkataraman, managing director of the corporate acknowledged that “The restoration that the corporate has witnessed within the quarter has been very satisfying and the constructive client sentiment witnessed provides rise to hope that the festive interval could possibly be good for all of the divisions of the corporate. The corporate continues to achieve market share in its key companies aided by innovation and whole dedication displayed by its staff and the prolonged enterprise affiliate community. The give attention to value and capital employed has helped the corporate handle its backside line and money flows very effectively.”
On a consolidated foundation, the corporate’s internet revenue fell 44.4% to Rs 175 crore on a 10.3% decline in internet gross sales to Rs 4,127 crore in Q2 FY21 over Q2 FY20.
Titan Firm is engaged in making and promoting watches, jewelry, eyewear and others.
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