Titan Company, on October 28, reported standalone net profit at Rs 199 crore for Q2FY21 against a loss of Rs 270 crore quarter-on-quarter (QoQ) and a profit of Rs 320 crore year-on-year.
The numbers are broadly in line with market expectations as a CNBC-TV18 poll had estimated the number to the tune of Rs 200 crore.
The company's standalone revenue came at Rs 4,318 crore against Rs 1,862 crore QoQ and Rs 4,435 crore YoY.
A CNBC-TV18 poll had estimated the number to the tune of Rs 4,300 crore.
THE standalone EBITDA of the company came at Rs 294 crore against Rs 513 crore YoY.
EBITDA margin stood at 6.8 percent against 11.6 percent YoY.
CNBC-TV18 poll had estimated the EBITDA of Rs 360 crore and EBITDA margin of 8.4 percent.
Titan's jewellery business revenue grew 8.8 percent YoY to Rs 3,837 crore in Q2FY21 against Rs 3,528 crore in the corresponding quarter a year ago.
However, jewellery business EBIT fell 25.8 percent YoY to Rs 285 crore in Q2FY21 against Rs 384 crore in Q2FY21.
Jewellery business EBIT margin stood at 7.4 percent against 10.9 percent YoY.
Jewellery business revenue growth came in at 8.8 percent. A CNBC-TV18 poll had estimated it to decline by 2 percent.
The company said it saw an 89 percent recovery in sales in Q2FY21, led by sharp recovery in the jewellery division post the significant disruption caused by the COVID-19 pandemic in India in the first quarter of the fiscal.
With the lockdowns being lifted in most parts of the country, the company said it was able to operate most of its stores across all its divisions.
"Customer walk-ins have started improving even as social distancing norms remain. The recovery rate of revenue improved substantially in the quarter, with the rate being 55 percent for the watches and wearables division, 98 percent for the jewellery division and 61 percent for the eyewear division," Titan said.
"The recovery that the company has witnessed in the quarter has been very satisfying and the positive consumer sentiment witnessed gives rise to hope that the festive period could be good for all the divisions of the company," said C K Venkataraman, Managing Director of Titan.