Published
May 3, 2023
Download
Download the article
Print
Text size

Titan Ltd Q4 net profit rises 50 percent to Rs 734 crore

Published
May 3, 2023

Tata-Group-owned Titan Company Ltd witnessed a 50 percent rise in its standalone net profit to Rs 734 crore ($89.8 million) for the quarter ended March, as against Rs 491 crore posted in the year-ago period.


Titan Ltd Q4 net profit rises 50 percent to Rs 734 crore - Tanishq- Facebook


The company’s revenue for the quarter rose by 25 percent to Rs 8,753 crore, as against Rs 6,977 crore reported in the corresponding period of the previous fiscal year.

During the quarter, the jewellery segment grew by 24 percent to Rs 7,576 crore while the watches & wearables segment grew by 40 percent to Rs 871 crore.

The company’s eyecare business recorded a growth of 23 percent to Rs 165 crore as compared to Q4FY22.

Commenting on the results, C K Venkataraman, managing director of Titan Ltd in a statement said, “The year gone by has witnessed several firsts in the history of Titan. The jewellery, watches & wearables and eyecare achieved landmark milestones of Rs 30,000 crore, Rs 5,000 crore and Rs 1,000 crore of annual consumer retail sales respectively for the first time in their retail journey.”

“During the year, Titan opened the first Tanishq store in USA and Titan Eye Plus store in Dubai. Titan also launched its accessories brand ‘Irth’. After a satisfying performance across all the segments during FY23, we are well prepared and looking forward to an exciting FY24,” he added.

Titan Ltd operates jewellery brands including Tanishq, Mia, CaratLane, and Zoya. It currently has around 750 jewellery stores across the country.

Copyright © 2024 FashionNetwork.com All rights reserved.