People’s expenditure on ‘hobbies’ has increased. A Tata Group company has benefited from this.Image Credit source: File Photo: Getty
Doing ‘hobby’ is not in everyone’s capability, that’s why it is often said in India ‘hobby is a big thing’. Generally the middle class is not kept in the category of ‘enthusiastic’ people and it is considered to be the jewel of the rich. But the way the Indian economy is expanding. The purchasing power of the middle class is increasing, people’s spending on ‘hobby’ has increased and its benefits Tata Group Has happened to a company. Its profit has increased by 50 percent in the January-March quarter.
In the fourth quarter of the financial year 2022-23, the standalone profit of Tata Group company Titan has been Rs 734 crore. This is 50 percent more than the profit of Rs 491 crore in the same quarter of the previous financial year 2021-22.
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Watch, purse, belt, glasses, jewelry business
Titan Company does the business of watches under this brand name. Apart from this, he has a business of jewelery under the brand name Tanishq, perfume under the brand name Skin, fashion accessories under the brand name Fastrack and spectacles under the brand name Titan Iplus. In the fourth quarter, the company’s income from operations increased by 33 percent to Rs 9,704 crore. It was Rs 7,276 crore in the same period of 2021-22.
Share holders also profit
The shareholders of Titan have also made huge profits. The company has announced a dividend of Rs 10 to every shareholder. The share price of the company closed at Rs 2,651 on Wednesday.
Highest growth of jewelery business
The jewelery business under Titan’s Tanishq brand grew by 24 per cent to Rs 7,576 crore during this period. While the company’s jewelery business within India has grown by 21 percent. The company’s business of watches and other wearables has earned a total income of Rs 871 crore. This is 40 percent more than the income of the same period last year.
Similarly, the revenue of the group’s eyecare brand ‘Titan Eyeplus’ has increased by 25 percent to Rs 165 crore. While the business of perfume and fashion accessories has increased by 31 percent. The company sells Indian dress wear under the brand name Taneria. Its growth has been 200 percent.