CHENNAI: Watches, wearables and jewellery company Titan Company Ltd on Friday said it closed the second quarter of FY24 with a higher net profit of Rs 940 crore.

In a regulatory filing, Titan Company said for the quarter ended September 30, 2023, it had earned a sales revenue of Rs 9,903 crore (Q2FY23 Rs 8,134 crore) and a net profit of Rs 940 crore (Rs 857 crore).

During the quarter under review, the company had booked Rs 1,757 crore (Rs 596 crore) as other operating revenue.

The company said it has sold gold ingots worth Rs 1,755 crore (Rs 482 crore) during Q2 of current fiscal.

According to C.K. Venkataraman, Managing Director, the revenue from all consumer business had logged growth with watches and wearables crossing the Rs 1,000 crore mark.

“Jewellery business continued to shine well growing nearly 27 per cent in consumer sales over last year. The store expansions in key markets are progressing well. We retain our focus on improving market share by offering differentiated products to our consumers touching their everyday lives in a meaningful way. The festive season in Q3 has started well and we are optimistic for our performance in the rest of the financial year,” he said.