Titan on Wednesday reported a 50 per cent rise in its profit after tax (PAT) in the quarter ended March 31, 2023, to Rs 734 crore from Rs 491 crore in the same quarter in FY22. The board of directors of the company also recommended a dividend of Rs 10 per share, according to the BSE filing of the company.
The company's revenue from operations rose 33 per cent during the period to Rs 9,704 crore from Rs 7,276 crore in FY22. The earnings before interest and taxes (EBIT) rose 37 per cent to Rs 1,053 crore in the quarter. Moreover, the EBIT margins were at 12 per cent.
"The wedding segment witnessed a comeback with growth rates marginally higher than the overall retail sales growth," it said in the announcement. The total income of the jewellery segment saw its total income rise 24 per cent to Rs 7,576 crore.
The company's watches and wearable segment saw a 40 per cent jump in its total income to Rs 871 crore.
"During the quarter, Titan moved into the Top 5 Smartwatch companies by market share in India (IDC Tracker Feb23)," the company announced.
In the eyecare segment, the total income was up 23 per cent to Rs 165 crore.
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"The business achieved a landmark milestone of Rs 1,000 crores in annual UCP retail sales value for the first time," it added.
