During Friday’s trading session, the shares of one of the leading watch brands in India hit a 20 percent upper circuit at Rs. 149.45 on BSE, after the company reported Q2 FY25 results with a rise in the net profit of around 800 percent QoQ and 63.6 percent YoY.
With a market cap of Rs. 1,508.7 crores, the shares of Timex Group India Limited opened in the green at Rs. 149.45, as compared to its previous closing price of Rs. 124.55.
What’s the news:
The fluctuations in the share prices were observed after Timex Group India Limited (TGIL) announced the financial results for Q2 FY25, through the latest filings with the stock exchanges on Thursday post-market hours.
For Q2 FY25, Timex Group India reported revenue from operations of Rs. 174 crores, reflecting a significant growth of around 59.6 percent QoQ from Rs. 109 crores in Q1 FY25, as well as a growth of about 38 percent YoY from Rs. 126 crores in Q2 FY24.
This revenue growth was driven by aggressive growth in brand Timex and significant expansion across the fashion and luxury brands. The Q2 FY25 saw major growth in TGIL’s product portfolio and an aggressive push across both online and offline channels, further solidifying its position in the premium and luxury watch market.
Likewise, the company’s net profit for Q2 FY25 increased to Rs. 18 crores, representing a growth of around 800 percent QoQ from Rs. 2 crores in Q1 FY25, and a year-on-year increase of nearly 63.6 percent from Rs. 11 crores in Q2 FY24.
Segment Performance:
Timex, the flagship brand of TGIL, continued to drive growth on a higher base from the previous year, achieving a strong performance with 47 percent revenue growth.
The brand ‘Guess’ recorded significant growth of 59 percent in Q2 FY25, while Versace, a prominent luxury brand within the TGIL portfolio, demonstrated remarkable growth of 56 percent, solidifying its position in the luxury market.
The company’s e-commerce channel led the growth with an impressive 88 percent increase compared to the same quarter last year, while the luxury
segment saw substantial growth of 63 percent over the same period, indicating a rising demand for premium timepieces in India.
The trade channel also experienced a 25 percent growth, continuing its positive trajectory from the previous year.
Stock Performance:
The stock has delivered negative returns of nearly 16.4 percent in one year, while around 10.2 percent of positive returns in the last six months. So far in 2024, the shares of Timex Group India have given negative returns of about 14.4 percent.
About the company:
Incorporated in 1988, Timex Group India Limited primarily focuses on the manufacturing and trading of watches, along with offering related after-sales services. The company also provides information and technology support services to its group companies.
Its parent company is Timex Group Luxury Watches B.V. in the Netherlands, and the ultimate holding company is BP Horological Group L.L.C.
Written by Shivani Singh
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