Titan Company net profit jumps 11 percent to Rs 364 crore
today Aug 7, 2019
Tata Group firm Titan Company Ltd witnessed 11 percent rise in its net profit for the first quarter to Rs 364 crore ($51.5 million) as against a net profit of Rs 328 crore it reported in the June 2018 quarter.
The company’s revenue for the April-June quarter rose by 16 percent to Rs 5,095 crore as against Rs 4,407 crore it had posted in the corresponding quarter of the previous financial year.
Titan’s jewellery segment was once again the highest contributor to the company’s overall revenue with Rs 4,164 followed by watches and eyewear segment contributing Rs 716 crore and Rs 149 crore, respectively.
Commenting on the results, Bhaskar Bhat, managing director at Titan Ltd in a statement said: "The macro-economic environment coupled with lower consumption has impacted some of our businesses. The retail growth in jewellery was driven by encouraging performance in the studded as well as wedding jewellery segments. However, there has been a weak consumer sentiment prevailing across, especially in jewellery with additional factors like price volatility and customs duty increase. The watches business has done well, with a growth of 20% while retaining its focus on healthy margins.”
“The company is gearing up on all fronts across its portfolio of brands and businesses to stimulate demand in the coming quarter through innovative campaigns and new product launches,” he added.
The company strengthened its retail presence with the addition of 45 stores, ending the quarter with 1,640 stores across all its businesses - watches, jewellery, and eyewear.
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