Titan Ltd posts Q1 net profit of Rs 18 crore
Tata group firm Titan Company Ltd reported a consolidated profit of Rs 18 crore ($2.5 million) for the June quarter, as against a net loss of Rs 297 crore it reported in the year-ago period.
The company’s revenue for the quarter rose to Rs 3,519 crore, as against Rs 2,020 crore it had reported in the corresponding period of the previous fiscal year.
Titan’s jewellery division was the highest contributor to the revenue for the quarter with an income of Rs 2,467 crore while watches and wearables business recorded an income of Rs 292 crore.
The eyewear business income stood at Rs 67 crore while the other divisions like Indian dress wear and accessories recorded an income of Rs 14 crore.
Commenting on the Q1 results, Titan Ltd’s managing director, C K Venkataraman, in a statement said: "While we started the quarter with strong business momentum, the second wave of the pandemic severely disrupted it and we quickly shifted our priorities to health and safety of our employees, business associates and customers.
"The learnings and experience of the past year helped us navigate this quarter’s turbulence much more efficiently," he added.
Titan Ltd ended the first quarter with a store count of 1,909 stores with a retail area crossing 2.5 million square feet for all its brands covering 303 towns.
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