Titan Ltd’s Q2 net profit up 3 percent to Rs 312 crore
today Nov 6, 2019
Tata Group firm Titan Company Ltd posted a three percent increase in its consolidated net profit at Rs 312 crore ($44.1 million) for the second quarter ended September 30 as against Rs 301 crore it posted in the year-ago period.
The company’s total income rose slightly to Rs 4,693 crore as against Rs Rs 4,595 crore in the year-ago period.
Titan attributed the muted growth in the third quarter to the ongoing economic slowdown which resulted in poor jewellery sales during the July-September quarter.
"The company has done well across all its businesses in the second quarter given the subdued market and consumer sentiments. The jewellery business has done better than most players in the industry. Both the watches as well as eyewear businesses have recorded good growth in July-September 2019," Titan’s managing director C K Venkataraman said in a statement.
On the outlook, Venkataraman said, “For the second half of the current fiscal, we are gearing up on all fronts to stimulate demand with innovative campaigns for new exclusive collections that are lined up for launch across all our brands."
Titan Ltd ended the September quarter with a store count of 1,668 stores for all its brands.
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