Titan Ltd Q3 net profit rises 12 percent to Rs 530 crore
Tata group firm Titan Company reported a 12 percent rise in consolidated net profit to Rs 530 crore ($72.8 million) for the third quarter ended in December 2020, as against a net profit of Rs 474 crore in the corresponding period last fiscal.
The company’s revenue for the quarter increased by 17 percent to Rs 7,659 crore, as against a total income of Rs 6,550 crore in the year-ago period.
Titan attributed the growth in sales and profit to strong festive season sales in the jewellery division. The jewellery division recorded an income of Rs 6,249 crore for the quarter.
The watches and wearables division contributed Rs 550 crore while the eyewear business added Rs 124 crore to the company’s overall revenue.
Commenting on the Q3 results, C K Venkataraman, managing director of Titan Company in a statement said: “We are very pleased to see the return to growth in top line for the company and the recording of the highest ever profits in any quarter amid the pandemic that has hit the world so hard. The recovery witnessed has been significantly better than what we had hoped just a few months back. We believe the focus on productivity and cash generation will help improve the company's margins in the future."
Titan Ltd is one of the leading players in the jewellery, eyewear, and watches segment with over 1,800 stores nationally for all its brands.
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