Titan Company Limited reported earnings results for the second quarter and six months ended September 30, 2024. For the second quarter, the company reported revenue was INR 146,560 million compared to INR 126,530 million a year ago. Net income was INR 7,040 million compared to INR 9,150 million a year ago. Basic earnings per share from continuing operations was INR 7.94 compared to INR 10.31 a year ago. Diluted earnings per share from continuing operations was INR 7.93 compared to INR 10.31 a year ago.
For the six months, revenue was INR 280,420 million compared to INR 246,640 million a year ago. Net income was INR 14,190 million compared to INR 16,680 million a year ago. Basic earnings per share from continuing operations was INR 16 compared to INR 18.79 a year ago. Diluted earnings per share from continuing operations was INR 15.99 compared to INR 18.79 a year ago.
Titan Company Limited specializes in the design, manufacture and marketing of watches, jewellery, eyewear and fashion accessories. Net sales break down by product family as follows:
- jewellery items (88.5%): gold jewellery decorated with diamonds and precious stones, pure gold and platinum jewellery (Tanishq, Zoya, Mia, Carat Lane and Gold Plus brands);
- watches (7.3%): sold under own brands (Titan, Fastrack, Sonata, Favre Leuba, Xylys and Nebula), and under license brands (Tommy Hilfiger, Police, FCUK, Annie Klein, Kenneth Cole and Esprit);
- eyewear (1.7%): eyeglasses, sunglasses, frames, lenses and contact lenses (Titan Eye Plus, Titan, Fastrack and Glares brands).
The balance of net sales (2.5%) concerns the distribution activities of perfumes (Skinn by Titan brand), saris (Taneira Sarees brand) and fashion accessories, as well as the manufacture of precision engineering products and industrial machinery.
Products are marketed through a network of 1,909 exclusive stores located in India, over 7,000 multi-brand outlets and via the Internet.
At the end of March 2021, the group had 11 production sites in India.
India accounts for 99.5% of net sales.
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