Titan Q1 profit jumps 31% to Rs 349 crore

Tata Group firm, Titan Limited, saw its net profit jump 31 percent to Rs 349 crore (approx $51 million) for the June quarter as compared to Rs 267 crore it had posted during the same quarter of the last financial year.
Titan Q1 profit jumps 31% to Rs 349 crore - Titan- Facebook

The company’s revenue also increased by 8 percent for the quarter to Rs 4,319 crore against Rs 3,992 crore it reported in the previous fiscal.
Commenting on the results, Bhaskar Bhat, Managing Director of the company in a statement said, “This has been a great quarter for us recording a growth of over 31% in PBT. All our core businesses have shown a healthy growth in profit in addition to market share gains. The modern retail formats for our watches business have recorded good growth.
“The jewellery industry went through a soft patch in the first quarter with a decline in imports of gold by 39%. Despite the single-digit revenue growth of our jewellery business in Ql, the profits grew by a healthy 16%. The company has put together plans to stimulate demand for all its product categories through innovative advertising campaigns and new product launches in the coming quarters,” Bhat added.
Titan added 27 stores across all its businesses in the first quarter, ending the period with 1520 stores for all its retail businesses - watches, jewellery, and eyewear.

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