Consolidated revenue from operations soared 119.59% to Rs 3,004 crore in Q1 FY22 from Rs 1,368 crore in Q1 FY21. Pre-tax profit was at Rs 39 crore in Q1 FY22 as against a pre-tax loss of Rs 361 crore in Q1 FY21. The Q1 earnings were declared post trading hours today, 4 August 2021.

On a standalone basis, Titan Company's net profit stood at Rs 61 crore in Q1 June 2021 (Q1 FY22) as compared to a net loss of Rs 270 crore in Q1 June 2020 (Q1 FY21). Revenue from operations surged 122.22% to Rs 2,780 crore in Q1 FY22 from Rs 1,251 crore in Q1 FY21.

The revenue grew by 122.22% (excluding bullion sale) in Q1 FY22 as compared to Q1 FY21, primarily driven by base effect of zero sales in April 2020 last year. Most of the sales of May month were lost in both the years. The sales in June 2021 were marginally ahead of sales in June 2020 despite lower store operational days. Total income for the quarter stood at Rs 3,314 crore, including bullion sale of Rs 424 crore, registering a growth of 74% as compared to Q1 FY21's total income of Rs 1,901 crore, which included a bullion sale of Rs 601 crore.

The Jewellery division gained good traction in new customers and the mix in total buyers has reached the pre-pandemic levels. It has recorded an income of Rs 2,467 crore for the quarter as compared to Rs 1,182 crore in the same period last year (excluding bullion sale in both the years).

The Watches and Wearables business recorded an income of Rs 292 crore in the quarter against Rs 75 crore in the same period previous year. The Eyewear business recorded an income of Rs 67 crore in the quarter as against Rs 30 crore same period last year. The other segments of Titan Company comprising of Indian dress wear and accessories recorded an income of Rs 14 crore this quarter as compared to Rs 4 crore in the quarter of the previous year.

Despite a lockdown induced by the second wave of the pandemic in various parts of the country, the company's better preparedness compared to same period last year helped it achieve a profit before tax of Rs 82 crore this quarter as compared to a loss of Rs 335 crore last year. The Jewellery division achieved Earnings Before Interest and Tax (EBIT) of Rs 207 crore for the quarter as against a loss of Rs 54 crore in the previous year same quarter.

The Watch and Wearables division reported a loss of Rs 56 crore for Q1 FY22 as compared to a loss of Rs 164 crore in Q1 FY21. The Eyewear division reported a loss of Rs 13 crore this quarter over a loss of Rs 31 crore same period in the previous year.

Titan Company's retail chain (including CaratLane), is spread across 1,922 stores in 297 towns having an area exceeding 2.5 million sq. ft. The company added a net of 13 stores in this quarter - 4 in Jewellery, 6 in Eyeplus, 4 in CaratLane with a reduction of 1 in Watches respectively. Titan Engineering & Automation (TEAL), a principal subsidiaries of the company, got impacted due to supply chain disruptions caused by the second wave of the pandemic. It recorded revenues worth Rs 66 crore for the quarter as against and a loss of Rs 1 crore as compared to quarterly profit before tax of Rs 7 crore previous year. CaratLane continues to do well in both online and offline channels and has emerged as a strong omni player. It ended the quarter with revenues of Rs 157 crore, registering a growth of 274% Y-o-Y (year-on-year) and recorded a loss of Rs 9 crore as compared to a quarterly loss of Rs 19 crore in the previous year.

C K Venkataraman, the managing director (MD) of Titan Company, has stated that: While we started the quarter with strong business momentum, the second wave of the pandemic severely disrupted it and we quickly shifted our priorities to health and safety of our employees, business associates and customers. The learnings and experience of the past year helped us navigate this quarter's turbulence much more efficiently. As the lockdowns started getting relaxed in different parts of the country in the month of June, and with the rising vaccination level, we saw demand coming back steadily. Given the challenging economic backdrop during the quarter, I believe Titan delivered a satisfactory financial performance. With the strengthened digital presence and high percentage of vaccinated employees and associates making our retail store a safe place, we are optimistic about the overall performance of the company.

Titan Company is engaged in making and selling watches, jewellery, eyewear and others.

Shares of Titan Company declined 2.14% to close at Rs 1,799.80 on BSE. The stock hit a record high at Rs 1,858 during intraday trade.

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