Titan Q2 Results: Profit drops 25% due to gold duty loss
The custom duty on gold was lowered from 15% to 6% in the Union Budget 2024 announced in July. Industry executives said in case of such a fall in customs duty, companies who had purchased inventory earlier are going to bear losses because they had to subsequently sell at a reduced custom duty.
CK Venkataraman, managing director of the company, said that on account of the customs duty-related losses, and the need to invest in the growth of various businesses, the profitability last quarter was quite depressed.
The revenue from operations grew 32% year-on-year to Rs 13,215 crore in the period under review compared to Rs 10,025 crore last year. This includes Rs 884 crore sale of gold ingots in Q2FY25, compared to Rs 1,755 crore in the same quarter last year.
“After a muted Q1, Q2 witnessed encouraging growth across key businesses. Jewellery clocked healthy double-digit growth for the quarter… The quarter also witnessed analog watches growing 25%+ over last year with a commensurate uptick in volumes," said Venkataraman, in the earnings release.
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