Titan net profit jumps 65.6% to Rs 568 crore in March quarter

By: |
April 29, 2021 10:12 PM

It had posted a net profit of Rs 343 crore in the January-March 2020 quarter, Titan Company said in a regulatory filing.

Titan net profit jumps 65.6% to Rs 568 crore in March quarterTitan's total expenses were at Rs 6,821 crore, up 60.72 per cent as against Rs 4,244 crore a year ago.

Tata group firm Titan Company Ltd on Thursday reported an increase of 65.6 per cent in its consolidated net profit to Rs 568 crore for the fourth quarter ended March 31, helped by a strong growth in jewellery segment.

It had posted a net profit of Rs 343 crore in the January-March 2020 quarter, Titan Company said in a regulatory filing.

Its total income during January-March 2021 jumped 58.87 per cent to Rs 7,551 crore, compared with Rs 4,753 crore in the year-ago period.

In an investors presentation, the company said this was “led by strong growth of 70 per cent in jewellery division”.

The company’s revenue from jewellery segment was at Rs 6,678 crore in the March 2021 quarter, up 71.27 per cent as against Rs 3,899 crore of the corresponding quarter.

However, it also added that the base quarter (March 2020 quarter) was weak due to lockdowns in second half of March.

Watches & wearables and eyewear divisions have also made good progress on recovery during the year, it said.

“It was the highest-ever revenue (excluding bullion sale) recorded by the company for a quarter,” it said.

Titan’s total expenses were at Rs 6,821 crore, up 60.72 per cent as against Rs 4,244 crore a year ago.

For the financial year 2020-21, Titan’s net profit was down 34.8 per cent to Rs 974 crore. It was Rs 1,493 crore in the previous year.

The firm’s total income was Rs 21,830 crore, up 2.94 per cent. It was Rs 21,205 crore in 2019-20.

Meanwhile, in a separate filing, Titan Company Ltd has informed that its board in its meeting held on Thursday has recommended a dividend of Rs 4 per equity share of Rs 1 each of the company.

Shares of Titan Company on Thursday settled at Rs 1,506.30 apiece on the BSE, down 0.13 per cent from the previous close.

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