Timex Group India Q2 net profit rises 62 percent to Rs 11 crore

Luxury watchmaker Timex Group India Ltd reported a 62 percent increase in net profit to Rs 18 crore ($2.2 million) for the quarter ended September 2024, as against Rs 11 crore in the year-ago quarter.

The company’s revenue for the quarter rose by 38 percent to Rs 174 crore, as against Rs 126 crore in the corresponding quarter of the previous fiscal year.

Timex attributed the growth to product portfolio diversification coupled with an aggressive omnichannel push in the premium and luxury watch market.

E-commerce channel witnessed a year-on-year growth of 88 percent while the luxury segment recorded a substantial growth of 63 percent.

Commenting on the results, Deepak Chhabra, managing director of Timex India in a statement said, “Our focused strategy of brand premiumization, channel expansion, and consumer-centric marketing has enabled us to deliver historic revenue numbers this quarter.”

“Timex remains a key driver, but we are also seeing tremendous momentum across our fashion and luxury segments, with brands like Guess, Versace, Philipp Plein, and Nautica performing exceptionally well. With our expanded product portfolio and strategic retail initiatives, we are confident in our ability to maintain this growth trajectory for years ahead,” he added.

Timex India operates over 40 exclusive franchise stores under the umbrella of Just Watches and Timex World. It also retails via over 5000 offline trade stores and online marketplaces.