Titan Q2 net profit drops 38% to Rs 199 crore, sales recover 89%

Consolidated revenue drops marginally by 2.6% to Rs 4,318 crore

Titan on Wednesday reported a 37.8 per cent fall in consolidated net profit at 199 crore for the quarter ended September as compared to Rs 320 crore a year ago.

Sales were in line with expectations reporting an 89 per cent rise backed by sharp recovery in jewellery division sales after being hit by Covid-19 lockdown disruptions.

The company’s consolidated revenue saw a muted drop of 2.6 per cent to Rs 4,318 crore, from Rs 4,435 crore a year ago.

The recovery rate of revenue improved in the quarter, with the rate being 98 per cent for the Jewellery division, 55 per cent