Jun 9, 2020
Titan Ltd’s Q4 net profit jumps 21 percent to Rs 357 crore
Jun 9, 2020
Tata Group’s watch and jewellery retailing arm, Titan Company Ltd, witnessed a 21 percent jump in its consolidated net profit at Rs 357 crore ($47.3 million) for the fourth quarter ended March 31, as against Rs 348 crore in the corresponding quarter last year.
The company’s revenue for the quarter was down 5 percent to Rs 4,469 crore, as against Rs 4,727 crore in the corresponding period of last fiscal.
Titan said that it was impacted significantly in the second half of March 2020, due to Covid-19 pandemic with the shutting down of all stores. It had 1,819 stores, as on March 31, 2020, nationally for all its brands.
Commenting on the results, C K Venkataraman, managing director of the company, in a statement said: “The company's good performance across all its divisions in the first two months of the quarter was negated considerably by the Covid-19 pandemic in the second half of March. With the safety of its customers and employees in mind, the company opted to shut its stores even before the lockdown was officially implemented.
“Our stores are now opening up with strict social distancing norms across the country, other than in containment zones, and response from customers over the last few weeks has been very encouraging. The company's strong brand equity and balance sheet along with numerous measures to eliminate wasteful expenditure is expected to help it prevail over the near term challenges,” he added.
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