Titan Ltd’s Q4 net profit declines 7 percent to Rs 527 crore
Tata group firm Titan Company Ltd reported a 7 percent decline in its consolidated net profit at Rs 527 crore ($69 million) in the fourth quarter ended March 2022, as against a net profit of Rs 568 crore it reported in the year-ago period.
The company’s revenue for the quarter rose by 4 percent to Rs 7,872 crore, as against Rs 7,551 crore in the corresponding period of the previous fiscal year.
Titan's total expenses during the quarter were up by 5 percent at Rs 7,165 crore as compared to Rs 6,821 crore a year ago.
For the fiscal year 2022, Titan's consolidated net profit stood at Rs 2,198 crore, as against Rs 974 crore it reported in the financial year 2020-21.
Commenting on the results, C K Venkataraman, managing director at Titan Ltd in a statement said, “Despite frequent disruptions in the quarter owing to Covid-19 wave 3 and other geo-political factors, the quarter has been satisfactory in terms of growth and profitability. The company is well prepared and looking forward to an exciting Q1 with all its stores ramped up for a much-awaited Akshaya Tritiya festival this year.”
“With the international expansion in GCC markets and the first Tanishq store coming up in the US, we are gearing up to touch new horizons in FY23,'' he added.
During the year, Titan added 269 stores to end the financial year with a store count of 2,178 stores across 337 towns with an area exceeding 2.8 million square feet.
Copyright © 2022 FashionNetwork.com All rights reserved.