jhunjhunwala: Here’s what Jhunjhunwala asked Titan management after Q1 results

NEW DELHI: Ace investor Rakesh Jhunjhunwala, who along with his better half Rekha Jhunjhunwala owns over 5 percent stake in , inquired about Fastrack’s growth outlook with the management post the Tata Group firm’s June quarter results.

Jhunjhunwala asked the management how Fastrack was growing, as it also introduced handbags recently.

To this, Titan’s Suparna Mitra, CEO, Watches & Wearables Division, said the Fastrack watches segment grew quite well in the quarter in comparison with June quarter of last year, adding that the growth stood at 120 percent.

“The big thrust has been the lower pricing economy of entry price products. We did a big campaign with stunners, which is an entry point product. Fastrack smart watches continue to do very well,” Mitra said.

She added that Fastrack has big winners in Fastrack walk and also two new Fastrack smart watches.

The company management also informed Jhunjhunwala that it has opened up a second Fastrack Prescription eyewear retail store, to cater to the youth segment. It plans to add 5-6 stores in Bengaluru city and take the number to 25 across the country. The company said it is expanding into the lifestyle segment.

The company reported a total income of Rs 183 crore for the June quarter, up 173 percent YoY, with a margin of 19.8 percent. The company said it had 56 new stores in the Eye Care segment in the June quarter, taking the total count to 789 stores.

Jhunjhunwala and Rekha held 5.05 percent stake in June quarter, which was worth 10,911.30 crore, as per Trendlyne.

Titan Company on Friday reported a 13-fold jump in year-on-year (YoY) net profit at Rs 793 crore in June quarter compared with Rs 61 crore profit in the same quarter last year. The Tata Group firm said its quarterly revenues were the second-best, buoyed by a strong festive demand in a near normal Ql that came after a gap of two Covid disrupted periods.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)

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