Titan Company Ltd reported a strong set of earnings for the fiscal first quarter on Friday, with consolidated net profit rising 65 percent year-on-year to Rs 1,699 crore. The jewellery and watch company beat  estimates of Rs 1,267 crore.

The company had reported a net profit of Rs 1,030 crore in the same quarter of the previous fiscal.

The company's total revenue from operations rose 24.3 percent year-on-year to Rs 18,101 crore from Rs 14,564 crore, reported in the year ago period.

Titan's jewellery portfolio grew 43 percent to Rs 18,253 crore, (excl. Bullion and Digi-gold sales), driven by healthy festival and Akshaya Tritiya demand, while the watches portfolio grew 21 percent o Rs 1,543 crore, led by continued premiumisation and enduring consumer preference for analog timepieces and a single digit decline in the smart watches business.

The company's India business registered a year-on-year growth of 38 percent to Rs 16,943 crore, with Tanishq, Mia and Zoya business (combined) growing 38 percent to Rs 15,502 crore and Caratlane recording a 40 percent growth to reach Rs 1,441 crore.

The international jewellery business, meanwhile, 136 percent to Rs 1,309 crore with strong traction in North America and double-digit growth in the GCC region. Tanishq, Mia and Caratlane business (combined) growing 65 percent to Rs 913 crore, , while Damas (core) business clocked a revenue of Rs 396 crore.

The business achieved an EBIT of Rs 2,360 crore at a margin of 12.9 percent, with a net addition of 33 new stores in India and two new store openings in the GCC region.