Titan Ltd revenue up 29% at Rs 3518 crore, net profit surges 67% to Rs 278 crore

By

Maverick Martins

Published
Nov 6, 2017

Tata group firm Titan Company Limited posted strong results in the second quarter ended September 30 for the financial year with revenue and profits soaring 29% and 67% respectively.
 

The jewellery and watches firm profits rose 67.45 per cent year-on-year Rs 278 crore (approx $43 million) for the quarter as against Rs 166 crore (approx $25.7 million) it had posted during the quarter last year. The revenue jumped 29.56 per cent to Rs 3,518 crore (approx 543.8 million) as compared to Rs 2,715 crore ($419.7 million) it reported in the same quarter last year.
 
Goods and Services tax (GST) had very little impact on the company’s performance in the quarter especially in the jewellery sector which witnessed a 37 percent jump in jewellery sales. Jewellery business alone recorded an income of Rs 2710 crore (approx $419 million) as compared to Rs 1987 crore (approx $307.2 million) last year while its watches business rose 8.8 percent contributing Rs 570 crore (approx $88.2 million) against Rs 523 crore (approx $80.9 million) in the previous year.

Bhaskar Bhat, Managing Director Titan Ltd in a statement said, “Our jewellery business was impacted by the new PMLA (Prevention of Money Laundering Act, 2002) regulations at the beginning of the quarter but the roll back, just before the festive season provided a boost to the business. The watches business also witnessed growth across most channels with the festive season buildup appearing very encouraging.
 
“The sunglass activation did well. Driven by the performance of all divisions, led by jewellery, the profit growth is very heartening. We are also happy that our fragrances brand Skinn now leads as the no 1 brand in several modern retail formats,” he added.
 
Titan Company ltd ended the quarter with 1415 stores across the country.