Revenue from operations fell 5.2 percent year-on-year to Rs 4,428.75 crore during the March quarter
Jewellery-watch-to-eye wear maker Titan Company on June 8 reported a 21 percent year-on-year growth in standalone profit due to strong operating performance and low base in the year-ago period. But higher tax expenses (up 58 percent YoY) limited bottomline growth.
Standalone profit increased to Rs 357 crore in the quarter-ended March against Rs 294.6 crore in same quarter last year. In Q4FY19, the company had reported an exceptional item of Rs 70 crore on account of a provision for impairment of investment in a subsidiary Favre Leuba, Switzerland.
Revenue from operations fell 5.2 percent year-on-year to Rs 4,428.75 crore during the March quarter. "The company was impacted significantly in the second half of March due to COVID-19 pandemic with the shutting down of all stores," the company said.
Operating performance was strong due to lower total expenses (down 7.2 percent) and was ahead of analysts estimates. Earnings before interest, tax, depreciation and amortisation (EBITDA) shot up 32.5 percent year-on-year to Rs 603.6 crore, while margin expanded sharply to 13.6 percent during the quarter against 9.7 percent in corresponding period last year.
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Overall numbers beat analysts estimates. Profit was estimated at Rs 283 crore on revenue of Rs 4,390 crore. EBITDA was expected at Rs 428 crore with margin at 9.8 percent for the quarter.
