Titan Net Falls 7% In March Quarter; Sales Down Marginally
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Titan on Tuesday reported a standalone net profit of ₹491 crore for the three months ended 31 March, down about 7%, compared with ₹529 crore in the year-ago period.
The quarter ended with a satisfactory performance despite partial lockdowns, volatility in gold prices and uncertainty in a fragile geo-political situation, Titan said.
Sales declined marginally during the said quarter to ₹6,749 crore as against ₹6,991 crore in the corresponding quarter of previous fiscal.
On Tuesday, Titan shares were down nearly 3% in noon deals at ₹2,386 apiece on NSE.
“Despite frequent disruptions in the quarter owing to Covid wave 3 and other geo-political factors, the quarter has been satisfactory in terms of growth and profitability,” said Titan MD CK Venkataraman.
Segment wise, the Jewellery business registered an income of ₹6,132 crore during the fourth quarter compared to, 6,397 crore in the same quarter previous year (excluding bullion sale), a decline of 4%.
Meanwhile, Watches & Wearables business revenue clocked 12% growth at ₹622 crore, while EyeCare business rose 6%.
“The Company is well prepared and looking forward to an exciting Ql with all its stores ramped up for a much-awaited Akshaya Tritiya festival this year. With 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 said.
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