Titan Q3 Results: Profit rises 135% YoY to Rs 987 cr, beats estimates
Revenue from the sale of products came in at Rs 9,381 crore, up 34.80 per cent against Rs 6,912 crore in the corresponding quarter last year.
Revenue from the sale of products came in at Rs 9,381 crore, up 34.80 per cent against Rs 6,912 crore in the corresponding quarter last year.
The valuation is close to the market capitalisation of recently listed Warby Parker, an American online retailer of prescription glasses and sunglasses.
The move reflects an interest in European luxury companies in bulking up and tightening their grip on production capacity, as business bounces back strongly from pandemic disruptions following a resumption in social activities.
In terms of revenue, in the jewellery segment, which contributes a larger portion of its turnover, it has reported 78 per cent growth in Q2 FY22 compared to Q2 FY21.
Warby Parker is set to go public on Wednesday in a direct listing that could value the trendy eyewear retailer at about $5 billion.
Titan's jewellery division recorded an income of Rs 2,467 crore for the quarter as compared to Rs 1,182 crore in the same period last year.
The company that sells watches, jewellery and eyewear said it witnessed 98% recovery (excluding sale of raw gold) in the jewellery division in Q2 compared to the revenue of same quarter in last year despite the inauspicious period of 'shradh'. Sale of gold coins were high reflecting customer’s preference to invest in gold as asset.
With increasing sales, Lenskart plans to invest $50 million, or Rs 380 crore, in setting up its biggest manufacturing plant at an undisclosed location in India. Right now, it gets a significant supply through a plant in China besides a factory in Gurgaon.
However, the revenue projection for 2020-21 are a significant drop for the company, which has historically recorded 40%-50% growth year-on-year till fiscal 2019.
The Bluetooth-enabled smart sunglasses by Titan’s eyewear division will allow users to listen to music with 8-hour playtime. An in-built mic will give access to Siri and Google assistant and allow hands-free calling.
Its net sales rose to Rs 5,095.10 crore, a rise of 15.62 per cent as against Rs 4,406.57 crore in the corresponding quarter of previous financial year.