Titan Ltd’s Q4 net profit jumps 14 percent to Rs 348 crore
Tata Group firm Titan Company witnessed a 14 percent surge in its net profit at Rs 348 crore ($50 million) for the fourth quarter of 2018-19 as against Rs 304 crore it had posted in the corresponding period last fiscal.
The company’s total income for the quarter rose to Rs 4,945 crore on the back of strong sales from its jewellery, eyewear and watches division as compared to Rs 4,126 crore in the same period of 2017-18.
For the financial year 2018-19, the company posted a net profit of Rs 1,389 crore as against Rs 1,102 crore in 2017-18. The revenue of the firm increased to Rs 19,961 crore from Rs 16,245 crore in 2017-18.
Commenting on the results, Bhaskar Bhat, managing director of Titan in a statement said: “The growth momentum of the past few years continued in 2018-19 backed by the strong revenue as well as profit growth across all key divisions. The jewellery business grew through the successful launch of design differentiated collections as well as tailwinds provided through regulatory developments over the last couple of years like GST.”
“Skinn, our perfume brand as well as Taneira, our Indian dress wear brand are scaling up in the coming year. Many steps are being taken to prepare the company for the future and set a foundation for healthy growth in the years to come,” he added.
During the year, Titan expanded aggressively across the country with a net addition of 115 stores for its watches, jewellery, eyewear and Indian dress wear businesses.
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